DUBLIN, Nov. 16, 2023 /PRNewswire/ — The “Global Home Fragrance Market (by Product Type, Distribution Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global home fragrance market is anticipated to reach US$7.89 billion in 2023, growing at a CAGR of 5.30%, during 2022-2027
Home fragrances, including customizable plug-ins, aromatherapy diffusers, and scented candles featuring platform lids, have witnessed a surge in popularity among their target consumer base. This increased demand is primarily attributed to the expansion of product offerings, which is expected to be a key driving force behind the growing demand for home fragrances in the coming years.
The geographical regions covered in the analysis include North America (encompassing the US, Mexico, and Canada), Europe (including the UK, France, Germany, and the Rest of Europe), and the Asia Pacific (encompassing China, India, and the Rest of the Asia Pacific region).
North America has emerged as the dominant market player, driven by factors such as the increasing presence of fragrance-based companies, a growing population, and the rising adoption of room sprays within households. The US market within North America is further segmented based on product types, including Room Spray, Scented Candles, Reed Diffusers, and Others.
In Europe, Germany is expected to experience the fastest growth within the forecasted period. Meanwhile, in the Asia Pacific region, China has secured the largest market share. This can be attributed to increased expenditure on home furnishings, a growing air care market, and a strong consumer preference for pleasant aromas in their living spaces.
Driver: Surging Gen Z and Millennial Population
Because of the increasing Gen Z and millennial population, the residential market is booming because many of them rent or own homes, which would likely increase the demand for cutting-edge home fragrance items globally.
Additionally, the young population is more considered about the well-being and fragrances compared to the older generation, therefore, it is expected that an increase in the younger population would further contribute to the demand for home fragrances.
Moreover, manufacturers are creating new products to meet the rising demand for luxury candles, which is encouraging the growth of the global home fragrance market during the course of the projection period.
Challenge: High Competitive Pressure
Competitive pressure has intensified dramatically in the home fragrance sector, which has experienced strong growth and attractive profit margins. To compete effectively, manufacturers are improving production & distribution operations to ensure a high level of product quality and develop new products & solutions.
Manufacturers also support products with advertising, promotions, and other marketing vehicles to build awareness and trial of brands and products in conjunction with the sales force. This, in turn, is raising the key processors’ indirect expenditures and side-by-side suppressing revenues.
Trend: High Preference for Personalized Scented Candles
Currently, the global home fragrance industry has been trending with a high preference for personalized scented candles. The customers are now very cautious when choosing the shape, size, color, texture, and fragrances of candles as per the occasion for which it is required.
The freedom to design candles also helps manufacturers to expand their product portfolio and cater to the buying preference of consumers. Vendors are offering the extra benefit of designing the candles (such as allowing customers to add photos and quotes on the containers of candles) according to the taste and preferences of individual buyers. This has also shown a positive impact on the volume of home fragrance product sales and is expected to stimulate healthy competition in the global market.
By Product Type: The report identifies four segments of the global home fragrance market, in terms of product type: Scented Candles, Room Spray, Reed Diffusers, and Others.
Scented candles held a major share in the market. On the other hand, the reed diffusers segment is expected to grow at the highest CAGR in the forthcoming years as reed diffusers are relatively inexpensive as compared to other fragrance products, which makes them more lucrative products.
By Distribution Channel: According to the distribution channel, the global market has been categorized into four segments: Supermarket/Hypermarket, Online Stores, Convenience Stores, and Others.
The supermarket/hypermarkets held the largest share in the market. The market’s expansion is aided by the competitive advantages of supermarkets/hypermarkets such as longer opening hours, greater product assortment, and better adaptation to consumer shopping habits.
The global home fragrance market is highly fragmented, with a large number of small- and medium-sized manufacturers accounting for a insignificant revenue share of overall market.
The key players in the global home fragrance market are
- 3M Company
- Beaumont Products, Inc.
- Faultless Brands
- GALA Group GmbH (Korona Candles)
- Godrej Consumer Products Limited
- Henkel AG & CoKGaA
- NEST Fragrances, LLC
- Newell Brands Inc.
- Reckitt Benckiser Group plc
- Regent Holding Company, LLC (Illume, Inc.)
- S.CJohnson & Son Inc.
- Seda France Inc.
- The Procter & Gamble Company
For more information about this report visit https://www.researchandmarkets.com/r/19xf9w
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Originally published at https://www.prnewswire.com/news-releases/global-home-fragrance-market-report-2023-2027-insights-and-forecasts-into-the-highly-fragmented-market-with-a-large-number-of-small–and-medium-sized-players-301990815.html
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