The Home Fragrance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Home Fragrance Global Market Report 2024, The home fragrance market size has grown strongly in recent years. It will grow from $7.68 billion in 2023 to $8.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to shift in consumer preferences, rise in disposable income, e-commerce and retail expansion, cultural and regional influences, gifting culture.
The home fragrance market size is expected to see strong growth in the next few years. It will grow to $12.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to demand for natural and organic products, popularity of home entertaining, health and safety concerns, rapid urbanization, expansion into multi-sensory experiences. Major trends in the forecast period include seasonal and limited-edition offerings, customization and personalization of fragrances, innovative diffuser technologies, collaborations with lifestyle and interior brands, unique and exotic scents, eco-friendly packaging.
The increasing demand for natural essential oils in home fragrance products is expected to propel the growth of the home fragrance market. The use of natural essential oils is becoming increasingly popular as people place a greater emphasis on their health and well-being, as well as a favorable impression of aromatherapy. It is classified as a supplemental medicine that is used to improve one’s health and well-being. According to the European Federation of Essential Oils (E.F.E.O.), an FDA-regulated body, world essential oil production accounts for approximately 600,000 hectares of the 1.6 billion hectares of agricultural production. Approximately one million farms produce in the industry, accounting for 0.06 percent of all farms worldwide (1.600 million). According to Fragrance Creators Association, the fragrance industry contributed $22.4 billion to the U.S. economy, in response to the global pandemic. Therefore, the increasing usage of essential oils in fragrance products by manufacturers is driving the growth of the home fragrance market.
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The home fragrance market covered in this report is segmented –
1) By Product Type: Candles, Room Sprays, Reed Diffuser, Essential Oils, Incense Sticks
2) By Fragrances: Lemon, Lavender, Jasmine, Rose, Sandalwood, Vanilla, Other Fragrances
3) By Distribution Channel: Supermarkets And Hypermarkets, Online Stores, Convenience Stores, Other Distribution Channels
4) By Form: Liquid, Dry, Solid
5) By End-User: Home Care, Healthcare, Hospitality, Museums, Commercial, Other End-Users
Major companies operating in the home fragrance market are developing new products such as candle-infused seasonal fragrances to gain a competitive edge in the market. Candle-infused fragrances refer to scents that are incorporated into candles during the manufacturing process. For instance, in November 2023, The Yankee Candle Company Inc., a US-based scented candles manufacturing company, launched Bright Lights Collection, a festive assortment featuring five winter seasonal fragrances designed to capture the magic of the holidays. Holiday Cheer has notes of cardamom, blackberry wine, and vanilla sugar. Magical Bright Lights features scents of frozen pear, mint leaf, jasmine, and vanilla. Each candle is designed to enhance the atmosphere during holiday gatherings. The collection boasts festive labels, natural fiber wicks, and a premium soy-wax blend infused with essential oils for a clean and enduring burn. The Shimmering Christmas Tree candle has scents of dewy greens, warm spices, and fir balsam. The exclusive Marshmallow Eggnog candle features creamy eggnog, white marshmallow, milk, and sweet vanilla.
The home fragrance market report table of contents includes:
1. Executive Summary
2.Home Fragrance Market Characteristics
3.Home Fragrance Market Trends And Strategies
4.Home Fragrance Market analysis
5.Home Fragrance Market Size And Growth
6.Home Fragrance Segmentation
7.Home Fragrance Regional And Country Analysis
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27. Home Fragrance Competitive Landscape And Company Profiles
28. Home Fragrance Key Mergers And Acquisitions
29. Home Fragrance Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Procter & Gamble
- Minnesota Mining and Manufacturing Company
- Henkel AG & Co
- KGAA
- Reckitt Benckiser Group PLC
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