Home Fragrance Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033
- PUBLISHED ON
- 2023-05-31
- NO OF PAGES
- 287
- CATEGORY
- Retails & Consumer
Home Fragrance market size was valued at USD 9,800 million in 2022 and is projected to reach USD 15,829 million by 2033, growing at a CAGR of 8.7% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 9,800 million |
Market Forecast in 2033 | USD 15,829 million |
CAGR % 2023-2033 | 8.7% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Reckitt Benckiser Group PLC; The Procter & Gamble Company; Seda France; S. C. Johnson & Son, Inc.; Newell Brands Inc.; Voluspa; Scent Air; NEST Fragrances; The Estée Lauder Companies Inc.; Bougie & Senteur; Bath & Body Works LLC |
Home Fragrance Market- Description
The home fragrance market refers to the industry that produces products designed to enhance the scent and ambiance of homes. These products include scented candles, diffusers, room sprays, wax melts, and other fragranced items. The demand for home fragrance products has been on the rise in recent years. People are placing more emphasis on creating pleasant and inviting atmospheres in their homes, leading to a higher interest in home fragrances.
Home Fragrance Market: Key Trends
• Sustainability and Eco-Friendly Practices
• Online Presence and E-commerce
The home fragrance market has seen a significant shift towards online sales and e-commerce. Consumers are increasingly comfortable purchasing fragrance products online, thanks to improved product descriptions, customer reviews, and convenient delivery options. Online platforms also provide an avenue for smaller or independent fragrance brands to reach a wider audience.
Home Fragrance Market- Geographical Analysis
The home fragrance market in North America is expected to witness steady growth due to factors such as rising consumer interest in home décor and increasing awareness of aromatherapy. Additionally, the growing trend of using scented candles, diffusers, and other home fragrance products to create a pleasant ambiance is likely to drive market growth.
Latin America is witnessing a growing interest in home fragrance products, and the market is expected to expand in the coming years. Factors such as increasing consumer disposable income, changing lifestyles, and a focus on home aesthetics contribute to the market's growth. Additionally, the region's rich cultural heritage and traditions related to scents and fragrances play a role in driving market demand. The Middle East and Africa region is expected to experience moderate growth in the home fragrance market.
Home Fragrance Market- Recent Developments
• In 2022, United Perfumes, a fragrance group specializing in luxury brands, has recently expanded its international distribution portfolio through a partnership with Ginori 1735, a luxury lifestyle company under the Kering Group. United Perfumes, known for its licensing and distribution work with prestigious fragrance brands like Anya Hindmarch Smells, Ostens, and Cire Trudon, is now further developing its home fragrance offerings.
Home Fragrance market: Segmental Analysis
Product
• Scented Candles
• Sprays
• Essential Oils
• Incense Sticks
• Others
Distribution Channel
• Supermarkets & Hypermarkets
• Specialty Store
• Convenience Stores
• Online
• Others
End-User
• Men
• Women
Home Fragrance Market: Key Companies
• Reckitt Benckiser Group PLC
• The Procter & Gamble Company
• Seda France
• S. C. Johnson & Son, Inc.
• Newell Brands Inc.
• Voluspa
• Scent Air
• NEST Fragrances
• The Estée Lauder Companies Inc.
• Bougie & Senteur
• Bath & Body Works LLC
Home Fragrance Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Quality Assurance Process
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Home Fragrance market size was valued at USD 9,800 million in 2022 and is projected to reach USD 15,829 million by 2033, growing at a CAGR of 8.7% during the forecast period.
What are the drivers shaping various markets?
Consumers are increasingly concerned about the environmental impact of their purchases. Home fragrance brands are focusing on sustainability by using eco-friendly materials, recyclable packaging, and adopting sustainable production practices. This includes using natural waxes, responsibly sourced ingredients, and reducing carbon footprints.
Who are the key competitors of market Players?
Some of the major players operating within the market are Reckitt Benckiser Group PLC; The Procter & Gamble Company; Seda France; S. C. Johnson & Son, Inc.; Newell Brands Inc.; Voluspa; Scent Air; NEST Fragrances; The Estée Lauder Companies Inc.; Bougie & Senteur; Bath & Body Works LLC
What are the top performing segments, and countries / regions of each of the markets?
Latin America is witnessing a growing interest in home fragrance products, and the market is expected to expand in the coming years. Factors such as increasing consumer disposable income, changing lifestyles, and a focus on home aesthetics contribute to the market's growth.
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