The home fragrance market is poised for significant expansion, anticipated to grow from $7.68 billion in 2023 to $8.43 billion in 2024, at a CAGR of 9.7%. This growth is driven by changing consumer preferences and the rise in disposable income. By 2028, the market is expected to reach $12.05 billion, with a CAGR of 9.3%, influenced by the demand for natural products and innovative diffuser technologies.
Major Driver In The Home Fragrance Market
The rising demand for natural essential oils in home fragrance products is expected to be a driving force behind the growth of the home fragrance market. With an increasing emphasis on health and well-being, natural essential oils are gaining popularity, especially in the context of aromatherapy. The European Federation of Essential Oils (E.F.E.O.), an FDA-regulated body, highlights that world essential oil production occupies around 600,000 hectares out of the total 1.6 billion hectares of agricultural production. Approximately one million farms globally, constituting 0.06% of all farms, contribute to the essential oil industry. In response to the global pandemic, the Fragrance Creators Association notes that the fragrance industry made a substantial contribution of $22.4 billion to the U.S. economy. Thus, the increasing incorporation of essential oils by manufacturers in fragrance products is a significant driver behind the growth of the home fragrance market. To gain a comprehensive perspective, it is essential to explore the market size values for the years 2023, 2024, and 2028.
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Home Fragrance Market Competitive Landscape
Procter & Gamble, Minnesota Mining and Manufacturing Company, Henkel AG & Co. KGAA, Reckitt Benckiser Group PLC, The Estee Lauder Companies Inc., S. C. Johnson & Son Inc., Newell Brands Inc., Bath & Body Works LLC, Chanel SA, doTERRA International LLC, MINISO Co Ltd, The Yankee Candle Company Inc, Now Health Group Inc., Godrej and Boyce Mfg. Co. Ltd, Faultless Starch Company, Village CandleInc., Airwick Inc, Scentair Technologies Inc., Esteban Paris Parfums, NEST Fragrances LLC, Ripple Fragrances Pvt. Ltd, Bridgewater Candle Company, Flame & Wax Inc, Air Essentials Inc, Illume Inc., Seda France Inc., Bougie Et Senteur, Korona Candles S.A, Copenhagen Candle Company, Puzhen Life Co. Ltd
Home Fragrance Market Segmentation
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
By Geography:The regions covered in the home fragrance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Western Europe was the largest region in the home fragrance market in 2023.
The Home Fragrance Global Market Report 2024 furnishes information about the global home fragrance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
