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Home Fragrance Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033

  • PUBLISHED ON
  • 2024-05-31
  • NO OF PAGES
  • 287
  • CATEGORY
  • Retails & Consumer
Market Overview

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.

Consumers are increasingly conscious of the ingredients used in their home fragrance products. There is a rising demand for natural and organic options that are free from harmful chemicals. Essential oils and plant-based ingredients are gaining popularity in this context. Home fragrance brands are offering customizable options to cater to individual preferences.

This includes the ability to mix and match scents, create personalized labels or packaging, and choose from a variety of fragrance intensities. Customization allows consumers to create a unique scent experience that aligns with their personal taste. Brands are exploring new ways to deliver fragrances beyond traditional candles and diffusers.

This includes the use of smart diffusers that can be controlled via smartphones, scent capsules for home automation systems, and wearable scent devices that allow individuals to carry their favorite fragrances with them. Home fragrances are no longer limited to traditional scents like floral or vanilla. Brands are introducing a wide range of unique and unconventional fragrance profiles to cater to different preferences. This includes complex blends, exotic spices, herbal notes, and even unisex or gender-neutral scents.

Home Fragrance Market: Key Trends

• Sustainability and Eco-Friendly Practices

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.

• 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.

Europe has a well-established home fragrance market, and it is anticipated to continue growing during the forecast period. Factors contributing to this growth include the increasing popularity of luxury scented candles, reed diffusers, and room sprays. Moreover, the demand for natural and eco-friendly home fragrance products is also expected to drive market expansion.

The home fragrance market in the Asia Pacific region is projected to experience significant growth, driven by factors such as rapid urbanization, rising disposable incomes, and changing consumer lifestyles. As more consumers in countries like China and India become aware of home fragrance products, the demand for scented candles, air fresheners, and other home fragrance items is expected to rise.

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.

Factors such as rising urbanization, increasing consumer spending on luxury items, and a growing interest in home décor contribute to market expansion. The region's preference for oud-based fragrances and traditional incense also influences the demand for home fragrance products.

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.

Ginori 1735 will be introducing two new fragrances under the collection named 'La Compagnia Di Caterina.' This collection will include scented candles in various sizes and colors, as well as incense burners and room diffusers. These additions will enhance United Perfumes' home fragrance portfolio, catering to the discerning tastes of fragrance enthusiasts.

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


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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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