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Home Fragrance Market size was valued at USD 12.44 billion in 2019 and is poised to grow from USD 13.1 billion in 2023 to USD 18.8 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

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. 'Procter & Gamble', 'Reckitt Benckiser Group', 'Henkel AG & Co. KGaA', 'L Brands Inc.', 'Estée Lauder Companies Inc.', 'Newell Brands Inc.', 'Yankee Candle Company Inc.', 'Bath & Body Works Inc.', 'S.C. Johnson & Son Inc.', 'Nestlé S.A.', 'Unilever Group', 'Church & Dwight Co. Inc.', 'The Clorox Company', 'California Scents', 'The Hershey Company', 'Glade', 'Diptyque Paris', 'Jo Malone London', 'Molton Brown', 'Archipelago Botanicals'

Rising proportion of young adults to support the market growth: A significant portion of employment is held by the young population, which is expected to have a favorable effect on growth. They are blamed for this since they rent and buy homes and apartments on a massive scale. In terms of combining technology or coming up with appealing appearances and designs, a sizable number of brands producing items aimed specifically at the youth demographic are anticipated to play a significant influence in assisting the candle and home fragrance to gain traction.

Increasing popularity of innovative home fragrance products: Numerous cutting-edge products have entered the market as a result of the rise in startups around the globe. Scented candles are one of the segments of the home fragrance market that are expanding the quickest. The market for scented candles is expanding quickly, and this growth can be ascribed to a number of factors, including the rising popularity of aromatherapy, which helps people relax, and the growing popularity of candles as items for home décor. One of the key market trends for home fragrances has been the rise of personalized home fragrance candles, which is anticipated to positively impact the industry's expansion in the years to come. Customers now have the ability to select the shape, size, color, texture, and scent of candles based on their distinct tastes and preferences. In addition to giving clients the choice to select their own fragrance, some suppliers also let them add pictures and quotes to the candle containers.

Based on the region, the European region currently dominates the 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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Global Home Fragrance Market

Product ID: SQMIG30K2045