According to a new report by Expert Market Research titled, “Global Home Fragrances Market Share, Size, Report and Forecast 2024-2032″, the global home fragrances market size reached a value of almost USD 7.41 billion in 2023. Aided by the growing consumer demand for pleasant aroma in the surrounding areas and rising disposable income, the market is projected to further grow at a CAGR of 5% between 2024 and 2032.
Home fragrances, encompassing a diverse range of products from scented candles to essential oils and diffusers, serve to elevate the aesthetics and aura of living spaces. Their allure lies not just in masking odours but in creating an atmosphere that resonates with the inhabitants’ emotions and sentiments. Beyond their primary function, these products have also seamlessly integrated with contemporary interior design, rendering them not just olfactory stimulants but also visual embellishments.
One of the significant home fragrances market trends is the gravitation of consumers towards natural and organic fragrances. Given the modern consumer’s affinity for sustainability and natural wellbeing, there has been a growing preference for fragrances sourced from natural extracts and essential oils. This shift is not merely a testament to their eco-friendliness but is equally indicative of their perceived therapeutic benefits.
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The factor favouring the home fragrances market growth is the population’s heightened awareness of mental health and wellbeing. As urban dwellers seek a break from their busy and hectic schedules, the tranquillity and serenity offered by certain fragrances have garnered considerable attention. Lavender’s calming properties or eucalyptus’s invigorating aroma, for instance, have become go-to choices for many households.
An in-depth home fragrances market analysis highlights the burgeoning demand from the luxury residential sector. As affluent homeowners invest heavily in curating sophisticated living spaces, there is a significant emphasis on incorporating fragrances that complement the interior aesthetics. Furthermore, the advent of smart diffusers, which can be controlled remotely or through smart devices, focus on the blend of luxury with convenience.
Additionally, the retail sector has played a pivotal role in boosting the home fragrances market size. With dedicated outlets, both online and offline, showcasing a plethora of choices catering to varied consumer preferences, accessibility has been considerably enhanced. From season-specific aromas to those that cater to specific moods, the consumer is spoilt for choice, and this abundance in options supports the market’s growth trajectory.
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Market Segmentation
The market can be divided based on product, distribution channel, and region.
Market Breakup by Product
• Sprays
• Diffusers
• Candles
• Others
Market Breakup by Distribution Channel
• Supermarkets and Hypermarkets
• Convenience Stores
• Online
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global home fragrances market. Some of the major players explored in the report by Expert Market Research are as follows:
• Reckitt Benckiser Group PLC
• Proctor & Gamble Company
• Seda France Inc.
• S. C. Johnson & Son, Inc.
• 3M Company
• Newell Brands Inc.
• Others
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