LONDON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s air care global market report 2023, the global air care market is poised for substantial growth, with an expected surge from $12.87 billion in 2022 to $13.62 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 5.8%. This upward trajectory is forecasted to continue, reaching $16.81 billion in 2027, maintaining a CAGR of 5.4%.
Environmental Imperative: Rise in Pollution Levels
The escalating pollution levels globally are anticipated to be a prime catalyst for the air care market's expansion. With a focus on reducing the detrimental impact of air pollution on human health and the environment, air care solutions play a crucial role. Recent data from the United States Environmental Protection Agency underscores the urgency, revealing a 5% increase in U.S. greenhouse gas emissions in 2021 compared to 2020 levels. The sector's role in climate change mitigation, public health improvement, and environmental protection positions it for sustained growth.
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Key Players Shaping the Market
Major players in the air care market, including The Procter & Gamble Company, Unilever plc, and S. C. Johnson & Son Inc, are pivotal in driving innovation and market trends. These players are crucial contributors to the sector's evolution and are continuously enhancing their offerings to meet consumer demands.
Trend Spotlight: Product Innovation Takes Flight
Product innovation stands out as a key trend in the air care market, with companies focusing on creating unique and effective solutions. Yankee Candle Company Inc, for instance, launched the well-living collection in February 2022, featuring wellness-inspired scents designed to uplift spirits. This emphasis on innovation not only enhances market presence but also provides consumers with diverse and appealing options.
Strategic Acquisitions and Expansion
Strategic moves, such as Phoenix Flavors and Fragrances' acquisition of Innovative Fragrances, highlight the industry's dynamic nature. These initiatives contribute to geographic expansion, improved solutions, and enhanced market competitiveness.
Regional Dynamics and Market Segmentation
In 2022, Europe led the air care market, while Asia-Pacific is predicted to be the fastest-growing region. The air care market is segmented by product type, price range, distribution channel, and application, providing a comprehensive understanding of its varied landscape.
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As the air care industry surges forward, businesses can leverage the insights from the Air Care Market Report to make informed decisions. Understanding market trends, consumer preferences, and regional dynamics can guide strategic planning and position companies for success in this evolving air care market.
Air Care Global Market Report 2023 by The Business Research Company provides insights on the air care market size, air care market segments, air care market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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