2022 Global Home Fragrance Market Analysis Report: A $9.7 Billion Market by 2027
DUBLIN, October 28, 2022 /PRNewswire/ — The report “Global Home Fragrance Market: Analysis by Product Type, Region Size and Trends with Impact of COVID-19 and Forecast to 2027” has been added to from ResearchAndMarkets.com offer.
The Global Home Fragrance Market in 2021 was valued at US$7.12 billion. The market should reach US$9.70 billion by 2027. The market is expected to grow at a CAGR of approx. 5.3% over the forecast period 2022-2027.
Home fragrances are personal care items that release an aroma to cover up unpleasant odors. In addition, these scents help reduce fatigue and soothe tension. There are many types of home fragrance diffusers, including reed diffusers, smart diffusers, essential scented candles, air pockets, and vaporizers. Also, they are available in a variety of designs, colors, and types, which enhance the aesthetics of homes.
Home fragrances, such as customizable plug-ins, aromatherapy diffusers, and aroma candles with platform lids, are among the creative offerings that have increased their demand among target customers. Hence, expanding the scale of product offerings is one of the major factors that will drive the demand for home fragrances in the coming years.
North America held the major share of more than 30% in the market owing to the increasing penetration of fragrance-based businesses, rising population, and increasing adoption of room sprays in homes. The US market is further divided based on product type i.e. room spray, scented candles, reed diffusers and others.
In Europe, Germany is expected to be the fastest growing region during the forecast period. Whereas, in the Asia Pacific Region, China held nearly 52% market share due to increased spending on furnishings, growth in the air care market, and strong consumer preference for pleasant aromas in their surroundings.
The global home fragrance market is highly fragmented, with a large number of small and medium manufacturers operating in the market. Some of the strategies of the major players in the home fragrance market are product launches, mergers, acquisitions, and collaborations.
For example, in 2022, Newell Brands announced the launch of a new brand, Friday Collective. The bold lifestyle brand has launched a line of scented candles that convey optimism and joy with vibrant colors and unexpected scent combinations.
While in 2022, Henkel and the Chip Integration Technology Center (CITC) announced that the organizations had formalized an agreement to collaborate on the development of high-temperature chip attach solutions.
Market Segmentation Analysis:
- By Product Type: The report presents the bifurcation of the market into four segments based on product type: scented candles, room sprays, reed diffusers and others. In 2021, scented candles held a significant market share of 38.5%. On the other hand, the reed diffuser segment is expected to grow at the highest CAGR in the coming years, as reed diffusers are comparatively inexpensive compared to other fragrance products, making them more lucrative products.
- By Distribution Channel: The report further provides segmentation based on distribution channel: Supermarket/Hypermarket, Online Stores, Convenience Stores and Others. Supermarkets/hypermarkets held the highest share of over 30% in the market. Market expansion is facilitated by the competitive advantages of supermarkets/hypermarkets such as longer opening hours, greater assortment of products and better adaptation to consumer shopping habits.
- Growth Drivers: The global home fragrance market has been growing over the past few years, driven by factors such as rapid urbanization, improving consumer confidence index, accelerating channels commerce, the growing adoption of aromatherapy candles and many other factors. With the rapid urbanization and increasing disposable income of the people, it is observed that sales people, as well as domestic buyers, prefer to buy home fragrance products online as it gives them access to a wide range of products. , thus reducing their time spent on purchases. Thus, the acceleration of e-commerce channels has contributed positively to the growth of the market.
- Challenges: However, the market has faced some challenges in particular, strong competitive pressure, retail consolidations, etc.
- Trends: The market is expected to grow at a rapid rate over the forecast period, owing to various latest trends such as technological innovations in diffusers, high preference for personalized scented candles, etc. In daily life, several scents appear and a sense of smell plays an important role in the physiological effects of mood, stress and work capacity. The demand for home fragrances is strong because according to a study conducted by Mood Media, “75% of all emotions generated every day are due to smell”. Consequently, the plethora of fragrances on the market are now an interface between sensory gratification, well-being and mental stimulation.
- Rapid urbanization
- Improved consumer confidence index
- Rise of Gen Z and Millennials
- Acceleration of e-commerce channels
- Growing adoption of aromatherapy candles
- Retail Consolidations
- High competitive pressure
- Allergic reaction to a person with health complications
- Technological innovations in diffusers
- High preference for personalized scented candles
- Growing use in stress relief
Key Players of the Global Home Fragrance Market are:
- Reckitt Benckiser Group plc
- The Procter & Gamble Company
- Henkel AG & Co. KGaA
- Brands Newell Inc.
- 3M Company
- Godrej Consumer Products
- SC Johnson & Son Inc.
- Impeccable brands
- Beaumont Products, Inc.
- Regent Holding Company, LLC (Illume, Inc.)
- GALA Group GmbH (Korona candles)
- Seda France Inc.
- NEST Fragrances, LLC
For more information about this report visit https://www.researchandmarkets.com/r/tzad3e
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