Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Home Fragrance Market - Global Outlook and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global home fragrance market size is expected to reach a value of $11.945 billion by 2028 from $9.15 billion in 2022, growing at a CAGR of 4.54% during 2022 to 2028.
The global home fragrance market is highly fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There is a significant number of global and domestic vendors across the geographies.
While large organizations with a considerable budget have pricing, flexibility in approach, and the ability to customize solutions as their top criteria, smaller organizations do not emphasize reporting as much.
Further, pricing is the top criterion, while expertise and testimonials are at the bottom. Vendors compete in terms of brand value, customization ability, price, skilled workforce, and technological capability.
MARKET TRENDS
Rising Preference For Personalized Scented Candles
Nowadays, candles have become household accessories to have in the home. The candle industry has experienced a big boom in the past few years.
The personalization of candles is becoming more popular, and people are looking for personal stamps on a product with the freedom to design and customize products according to their preferences. People looking to customize candles with their own aromatic choices have been creating opportunities for home fragrance market players to offer new products to consumers.
Shift In Focus Toward Sustainability
Modern consumers are highly concerned about environmental maintenance, which makes them adopt sustainable choices. Therefore, eco-friendly home fragrance packaging boxes have more preference over the rest of the products in the competition. Also, sustainable packaging will be aided by eco-friendly packaging for home fragrance products made of natural and organic materials, such as jute bags and corrugated hemp boxes.
Rising Penetration Of E-Commerce Channels
E-commerce sales have steadily risen for years, and the increase in internet penetration has supported the growth worldwide. Due to the rising disposable incomes and changing lifestyles in several regions, the demand for home fragrances has significantly increased.
E-commerce platforms such as Amazon, eBay, and Shopify are gaining huge traction among consumers for purchasing home fragrances such as luxury candles, reed diffusers, room fresheners, etc. E-commerce retailers market artistically designed home fragrances, especially candles with elaborate shapes and sculptural crafting. This has created a spike in consumer interest in purchasing home fragrances and boosted the global industry.
Potential Health Risks
Several fragrances can lead to health problems. According to Healthdirect, around one in three people report health problems when exposed to fragrance products. These health problems can include headaches, asthma attacks, hay fever, nausea, migraine, seizures, breathing problems, rashes, congestion, and dizziness. Inhaling essential oils that are diffused is generally safe for most people.
Some people might react to the fumes and get an asthma attack. In addition, essential oils can cause severe lung infections, known as pneumonitis, for some people. Therefore, such factors with the potential for health risks are anticipated to hinder the growth of the home fragrance market during the forecast period.
Key Winning Imperatives in the Global Home Fragrance Market
- A candle's personalized and emotional appeal is an increasingly significant factor in a consumer's purchasing decisions.
- Eco-friendly packaging for home fragrance products with nature-friendly and organic components, such as corrugated hemp boxes and jute bags, will support the growth of sustainable packaging for home fragrance products.
- Aromatherapy helps in easing stress, depression, and anxiety and boosts the feeling of relaxation, and improves sleep.
Market Segment Highlights
- The candle market dominated the global home fragrance market, accounting for over 37% share in 2022.
- The liquid form segment held the largest global home fragrance market share in 2022.
- The supermarkets & hypermarkets distribution channel dominated the global home fragrance market and was valued at over USD 4 billion in 2022.
- North America dominated the global home fragrance market in 2022, valued at over USD 3 billion.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 233 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $9150 Million |
| Forecasted Market Value (USD) by 2028 | $11945.12 Million |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Market Opportunities & Trends
- Preference for Personalized Scented Candles
- Focus on Sustainable Packaging
- Advent of Aromatherapy
Market Growth Enablers
- Penetration of E-Commerce Channels
- Popularity Among Gen Z & Millennial Populations
- Rapid Urbanization
- Increased Mental Health Problems
Market Restraints
- Highly Competitive & Fragmented Market
- Potential Health Risks
Key Company Profiles
- Procter & Gamble
- S.C. Johnson & Son
- Godrej Consumer Products
- Reckitt Benckiser Group
- Newell Brands
Other Prominent Vendors
- Henkel
- Faultless Brands
- Beaumont Products
- ILLUME
- GALA GROUP
- Voluspa
- Seda France's
- NEST
- The Estee Lauder Companies
- Bougie et Senteur
- Circle E Candles
- Esteban
- Broken Top Brands
- Bridgewater Candle Company
- The Copenhagen Company
- Pure Source India
- Asian Aura
- Odonil
- ScentAir
- P.F. Candle Company
For more information about this report visit https://www.researchandmarkets.com/r/ccv3v7
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