Product ID: SQSG30K2002
Report ID: SQSG30K2002 | Region: Global | Published Date: August, 2022 | Pages: 242 | Tables: 66 | Figures: 75
Home Fragrance Market size was valued at USD 12.44 billion in 2021 and is poised to grow from USD 13.1 billion in 2022 to USD 18.8 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).
Home fragrances are personal care items that release aroma to cover up unwanted odors. Additionally, these scents aid in lowering weariness and easing tension. Some of the most popular scents among consumers are floral, fantasy, fruity, fresh & clean, and gourmand. Additionally, there are many other types of diffusers for home fragrances on the market, including reed diffusers, smart diffusers, candles with essential oils, air pockets, and sprays. Additionally, they come in a range of patterns, hues, and fashions that improve the appeal of homes. Furthermore, some of the cutting-edge products that have increased demand among the target clients for home scents include customizable plug-ins, aromatherapy diffusers, and fragrant candles with platform lids. As a result, one of the major drivers fueling the demand for the global home fragrance market is the expanded size of product variety. Additionally, the booming rise of the spa industry, which is frequently utilized to relax and de-stress its clientele, has made a substantial contribution to the rising demand.
US Home Fragrance Market is poised to grow at a sustainable CAGR for the next forecast year.
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The Global Home Fragrance Market is segmented based on product type, distribution channel, and region. Based on Product Type, it is categorized into Candles, Room Sprays, Reed Diffusers, Essential Oils, and Incense Sticks. The Candles segment is further sub-segmented into Unscented Candles and Scented Candles. Based on Distribution Channel, it is categorized into Offline and Online. The Offline segment is further sub-segmented into Supermarkets/Hypermarkets and Convenience Stores. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Home Fragrance Market Analysis by Product Type
On the basis of product type, the room sprays segment is currently dominating the global home fragrance market. This is because the sprays are more affordable than other product kinds and come in a variety of scents, including lavender, jasmine, and rose, as well as with different features to meet the demands of different consumers. For example, the Godrej Aer Matic Spray is a refillable adjustable automated spray that may be changed between four various smells over the course of a few minutes.
Due to the significant demand for candles in traditional and spiritual practices, the candle segment is projected to grow significantly and be the market leader over the forecast period. The use of scented candles as a popular home aroma is also expected to increase this segment's consumption. It is also projected to have a strong effect as consumers become more aware of the many advantages of using scented candles, including how it can make them feel calm, invigorated, and how it may increase their mental capacity.
Home Fragrance Market Analysis by Distribution Channel
On the basis of distribution channel, the offline segment is currently dominating the global home fragrance market. The offline stores are the most dominating because of the presence of a wide variety of candle and home fragrance under one roof, making it a more appealing alternative to a larger number of consumers than offline businesses.
The online segment is predicted to increase significantly due to the increasing popularity of smartphones and the growing number of working professionals who choose to save time by using an online channel.
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Based on the region, the European region currently dominates the global home fragrance market. In terms of revenue, Europe accounted for the largest market share for home fragrances in 2021, and it is anticipated that the region would continue to dominate during the projected period. The per capita spending on homecare goods, such as perfumes, and an increase in the area's level of life are two of the main causes of this rapid expansion. Due to an increase in demand for home fragrance items, nations like the United Kingdom and France are leading the regional market. Electric air fresheners, candles, and wax melt sales all saw considerable growth in the UK over the past few years. The products are bought more frequently and have an increased average selling price. Additionally, consumers in these nations purchase home fragrance goods frequently, which is fueling the local industry. Additionally, there are more retailers and manufacturers in the area, which has increased the supply of home fragrance in Europe. For instance, businesses developed the notion to replenish the scented candles, which extends the life cycle of candles more than conventional scented candles. One such company is ESTEBAN Paris. These elements are projected to accelerate market expansion in the area.
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Home Fragrance Market Drivers
Home Fragrance Market Restraints
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The presence of numerous domestic and foreign competitors has made the market for home fragrances competitive and fragmented. Companies active in the worldwide home fragrances market use a variety of important strategies to acquire a competitive edge, including geographic expansions, new product launches, mergers, and acquisitions. A positive influence on gaining greater traction is anticipated to come from manufacturers shifting their focus to the creation of less toxic to humans natural/organic candle and home fragrance products.
Home Fragrance Market Top Players Company Profiles
Home Fragrance Market Recent Developments
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According to the analysis, the global home fragrance market is currently led by countries in the European region, due to an increase in demand for home fragrance items in this region. Along with this, the candles segment is projected to lead the market due to the significant demand for candles in traditional and spiritual practices, over the forecast period.
|Market size value in 2021||USD 12.44 billion|
|Market size value in 2030||USD 13.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Home Fragrance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Home Fragrance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Home Fragrance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Home Fragrance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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