Home Fragrance Market Growth & Trends
The global home fragrance market size is expected to reach USD 20.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.9% from 2023 to 2030. The increasing expenditure on home decoration is posing lucrative opportunities for home fragrance market. The use of home fragrance items to treat health issues like anxiety, depression, and attrition is growing as more consumers become aware of the scientifically established advantages of certain scents on mental health. This has also become the prominent factor to propel the market growth.
The customer desire for pleasant scent in their surroundings and the expanding air care industry have increased spending on these items, increasing demand for the worldwide market. The industry is also expected to be driven in the future years by rising demand for aromatherapy in homes. Spas are forced to use more scented candles than other scents since they can burn for the longest period possible and have lead-free wicks without additional colors and toxin-free characteristics. This is boosting the demand for home fragrance in the residential sector.
The sprays segment accounted for the maximum share of the market. The growing demand for these products in countries including the U.S, Germany, U.K, France, Spain, Italy, and other European countries owing to the incorporation of natural and eco-friendly ingredients, such as essential oils and plant extracts in sprays is expected to fuel the demand in the near future. For instance, Bath & Body Works, the popular bath and body retailer launched a new collection of home fragrance sprays called “Wildflower Blooms” in March 2021. The collection includes a variety of floral scents, such as lavender, honeysuckle, and jasmine.
The supermarkets and hypermarkets segment accounted for largest market share of the home fragrance market in 2022. Supermarkets and hypermarkets have a wide reach and are present in various regions, making them a convenient option for consumers to purchase home fragrance products. Moreover, supermarkets and hypermarkets often offer competitive pricing and promotions, making it an affordable option for consumers. In addition, retailers often use their large marketing budgets to promote home fragrance products through in-store displays, advertising, and promotional activities, further increasing consumer awareness and driving sales.
Asia Pacific is expected to emerge as the fastest growing regional market over the forecast period. The growth is attributed to an increase in awareness, disposable income, and concerns over indoor air quality. Consumers are ready to spend money on these products due to improvement in their standard of living, which is attributed to rise in the middle class population.
The home fragrance market is consolidated in nature with the presence of a large number of international players and a few regional players like 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, and Bath & Body Works LLC.
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Home Fragrance Market Report
Home Fragrance Market Report Highlights
- Europe is expected to contribute a majority of the share to become the largest division in the global revenue in 2022. The demand for home fragrance for aromatherapy and decorative purposes in the European region is accelerating the market growth
- The scented candles segment is projected to register the fastest growth during the forecast period. Due to the development of high-end scented candles made with premium ingredients, such as essential oils and natural waxes
- During the forecast period, the online segment is expected to grow the fastest. The increasing availability of a wide range products of different brands, free delivery, and seasonal discount on e-commerce platforms are among the major reasons driving the segment
