Hyderabad, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Home Fragrances Market Report (2023-2028)," the market is estimated at USD 13.01 billion in 2023. It is expected to register a CAGR of 4.56% during the forecast period.
Home fragrances are scented products that mask unwanted odors and create a pleasant atmosphere at home. Aromas like eucalyptus, jasmine, and lavender are used to relieve stress and enhance mood. The demand for home fragrance diffusers is on the rise to combat stress and as a means to focus more on mental health. The increased spending capacity and concerns for healthy living are attracting consumers toward this growing market. Market players offer a variety of designs and scents that cater to customer preferences and use social media and e-commerce channels to boost their sales. The growing preference for natural and clean ingredients is expected to present more opportunities in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 13.01billion |
| Market Size (2028) | USD 16.26 billion |
| CAGR (2023-2028) | 4.56% |
| Study Period | 2018-2028 |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increased spending capacity of consumers. |
| Concerns about healthy living. |
Who are the Top Companies in the Global Home Fragrances Market?
The market is competitive. There are many local and international players who are focused on market strategies like geographical expansions, new product launches, and mergers and acquisitions.
The significant players in the global home fragrances market are,
- SC Johnson & Sons Inc.
- Reckitt Benckiser Group PLC
- The Procter & Gamble Company
- Newell Brands Inc.
- Godrej Group
- Henkel AG & Co. Kgaa
- Doterra International LLC
- Now Health Group Inc.
- Puzhen Life Co. Ltd
- Bath & Body Works Inc.
Other Reports That Might Be of Your Interest:
- Air Freshener Market Report - The global air freshener market is expected to register a CAGR of 4.05% during the forecasted period.
- GCC Fragrance and Perfumes Market Report - The GCC fragrance and perfumes market size is expected to grow from USD 3.01 billion in 2023 to USD 3.58 billion by 2028, at a CAGR of 3.58% during the forecast period (2023-2028).
Key Highlights from the Global Home Fragrances Market Report:
Growing Interest in Home Decor
- Home fragrance products like candles and diffusers are popular among consumers. These products come in various designs, scents, and materials to address the different preferences and needs of customers.
- Aromatherapy and at-home natural remedies for mental well-being are driving the popularity of scented candles and diffusers. Consumers are willing to spend more on organic and natural home products due to growing health awareness.
- Manufacturers and retailers are using innovation, technology, and sustainable production to stand out in the market. R&D investments aim to create products that meet both emotional and functional needs.
North America is the Largest Market
- The United States is a huge market for home fragrances due to high per capita income and interest in value-added home decor.
- Aromatherapy, using home fragrance products, is popular among young adults in the region. The focus on mental health and wellness, along with spa therapy preferences, are driving the market's growth.
- Market players use unique strategies to expand their customer base and market share, like product portfolios and online boutiques.
What are the Latest Developments in the Global Home Fragrances Market?
- In February 2022, P&G's Febreze launched Ember, a luxury fragrance with a citrus scent and notes of wood.
- In January 2022, Henkel combined its laundry, home care, and beauty care businesses into Henkel Consumer Brands.
Mordor Intelligence has Segmented the Global Home Fragrances Market Based on Type, Distribution Channel, Category, and Geography.
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Sprays
- Diffusers
- Scented Candles
- Other Types
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Supermarkets/Hypermarkets
- Convenience Stores/Grocery Stores
- Online Retail
- Other Distribution Channels
- By Category (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Mass
- Premium
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- United Arab Emirates
- South Africa
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Home Fragrances Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Europe Flavor and Fragrance Market Report - The European flavors and fragrances market is valued at USD 3.87 billion in 2023. It is projected to witness a CAGR of 4.67% over the next five years.
- North America Flavor and Fragrance Market Report - The North American flavor and fragrance market is anticipated to register a CAGR of 4.5% in the upcoming five years.
- Middle East & Africa Flavors and Fragrances Market Report - The flavor and fragrance market in the Middle East & Africa is projected to register a CAGR of 6.75% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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