Wilmington, Delaware, United States, July 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2022, the global industry was estimated to be worth $9.0 billion USD. It is expected to increase at a 5.4% CAGR from 2023 to 2031, reaching US$ 14.5 billion by the end of 2031.
The upsurge in work-from-home tradition, increased emphasis on ambiance and décor, and health and self-care patterns are significant factors driving the growth of the home fragrance industry. As a result of the current explosion of e-commerce and e-tailing, these items are now easily accessible to end customers.
Companies are increasingly concentrating on the development of novel home fragrance equipment that can be managed via a smartphone. This provides firms with a probability to develop sophisticated goods that will stimulate market expansion during the projection period.
The world's youth population accounts for a sizable proportion of global employment, which is expected to boost growth. This is because they rent and buy flats and residences on an enormous level. For instance, based on UNICEF data released in October 2019, South East Asia is expected to have the highest youth labor force, with roughly 100,000 individuals entering the workforce every day. Furthermore, a huge number of brands producing products aimed at young consumers, in terms of combining technology or creating appealing styles and designs, are projected to play an important role in assisting the candle and home fragrance industries to gain momentum.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 9.0 Bn | |
| Estimated Value | US$ 14.5 Bn | |
| Growth Rate - CAGR | 5.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Product Type, Category, Mode of Function, Product Form, Ingredients, Price, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | 3M Company, Bridgewater Candle Company, Chanel, Esteban Paris, Godrej Consumer Products Limited, MINISO, Newell Brands, Procter & Gamble, Reckitt Benckiser Group, S.C. Johnson & Son Inc., Copenhagen Candle Company Ltd, Other Key Players | |
Key Takeaways from the Market Report
- In 2022, North America held a 40% share.
- The market is gaining traction and is expected to grow at a CAGR of 5% in Asia Pacific over the forecast period.
- The diffusers segment is gaining traction and is expected to grow at a CAGR of roughly 5.1% throughout the projected period.
- In 2022, the oil segment is estimated to account for more than 50% of the worldwide market.
- In 2022, Europe held a 45% share of the global market.
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Home Fragrance Market: Prominent Drivers and Trends
- Bluetooth-enabled room sprays or diffusers can be controlled via smartphone apps and are increasing in popularity. 'Spray now' switches spray fragrance instantly; a 'on and off' button turns the gadget on and off; and a spray intervals' button adjusts spray time. This provides simplicity and customization by decreasing the effort required to scent and freshen the environment, as well as improving the overall user experience. Additional market catalysts include scheduled spray, personalized scent intensity, alerts, and guidance based on previous client behavior.
- Customers all around the world utilize home fragrance diffusion systems for aromatherapy to assist enhance air quality while establishing a pleasant environment, consequently improving mood. In addition, the usage of essential oils in diffusers is thought to assist customers to benefit from the novel temperature-controlled dispersing technique. Because of changing lifestyles and increased media coverage, home fragrance has gained popularity over the review period, specifically among the urban population in both industrialized and developing nations.
Home Fragrance Market: Regional Analysis
- According to the most recent home fragrance industry projection, Europe is the dominating region in the world's landscape owing to a rise in health awareness and a wellbeing attitude taken by consumers who place a greater emphasis on stress alleviation through aromatherapy. This shift has resulted from increased knowledge of the significance of smell, atmosphere, and olfactory enjoyment through numerous marketing initiatives, news stories, and influencers.
- The Asia Pacific home fragrance business is predicted to increase rapidly due to increasing spending desire from middle class groups, and very population nations such as India and China. In emerging nations such as India, China, and Thailand, home fragrance goods have consistently been a part of customs and practices.
- The North American market is expanding in popularity, with customers adopting home fragrance goods to induce relaxation, decrease stress, and improve overall well-being, which is expected to increase demand for this item.
Competitive Landscape
Transparency Market Research has profiled the following players in its global Home Fragrance market report:
- Royal DSM stated on March 31, 2021, that it has achieved a deal to acquire Amyris, Inc.'s flavor and fragrance (F&F) bio-based intermediates business. The acquisition broadens DSM's aroma ingredient portfolio by adding bio-based compounds for the flavor, fragrance, and cosmetics sectors.
- On November 8, 2021, ITC's Engage, one of India's fragrance brands, unveiled the launch of an artificial intelligence (AI) tool dubbed "Fragrance Finder." A technologically assisted experience assists in the selection of scents depending on the consumer's replies on personality, gender identification, and consumption occasion.
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Home Fragrance Market: Key Segments
Product Type
- Incense Sticks
- Sprayers
- Diffusers
- Fresh Gel
- Essential Oils
- Potpourris
- Others (Reed Diffusers, Home Fragrance Lamps, Scented Wax Melts, etc.)
Category
- Warm
- Woody
- Oriental
- Fresh
- Floral
- Others
Mode of Function
- Conventional
- Automated
Product Form
- Oil
- Gel
- Liquid
- Flammable Solids
- Others (Oil Burner, etc.)
Ingredients
- Natural
- Synthetic
Price
- High
- Medium
- Low
Distribution Channel
- Online Sales
- Company Owned Websites
- E-commerce Websites
- Offline Sales
- Hypermarkets/Supermarkets
- Specialty Stores
- Drug Stores
- Other Retail Stores
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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