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Home Fragrance Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Home Fragrance Global Market
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According to The Business Research Company's, The home fragrance market size has grown strongly in recent years. It will grow from $7.68 billion in 2023 to $8.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to shift in consumer preferences, rise in disposable income, e-commerce and retail expansion, cultural and regional influences, gifting culture.
The home fragrance market size is expected to see strong growth in the next few years. It will grow to $12.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to demand for natural and organic products, popularity of home entertaining, health and safety concerns, rapid urbanization, expansion into multi-sensory experiences. Major trends in the forecast period include seasonal and limited-edition offerings, customization and personalization of fragrances, innovative diffuser technologies, collaborations with lifestyle and interior brands, unique and exotic scents, eco-friendly packaging.
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Market Drivers and Trends:
The increasing demand for natural essential oils in home fragrance products is expected to propel the growth of the home fragrance market. The use of natural essential oils is becoming increasingly popular as people place a greater emphasis on their health and well-being, as well as a favorable impression of aromatherapy. It is classified as a supplemental medicine that is used to improve one's health and well-being. According to the European Federation of Essential Oils (E.F.E.O.), an FDA-regulated body, world essential oil production accounts for approximately 600,000 hectares of the 1.6 billion hectares of agricultural production. Approximately one million farms produce in the industry, accounting for 0.06 percent of all farms worldwide (1.600 million). According to Fragrance Creators Association, the fragrance industry contributed $22.4 billion to the U.S. economy, in response to the global pandemic. Therefore, the increasing usage of essential oils in fragrance products by manufacturers is driving the growth of the home fragrance market.
Technological innovations are shaping the home fragrance market. Technological innovations are the discovery of knowledge that advances technology. For instance, in February 2021, Glade, an American brand of household air fresheners owned by S. C. Johnson & Son, launched a new energy-efficient PlugIns Scented Oil PLUS, a device with a new smart-light technology to make it work more efficiently in homes. This device is used to fill any room with Glade's popular and seasonal fragrances and with its rest mode, this scented oil warmer allows people to save energy and fragrance at the same time. In another instance, in December 2021, Pura, a US-based innovative smart home fragrance technology company, partnered with Kenneth Cole for the development of two new smart home scent diffuser brands, Aim to Teas and Go Fig-ure. Pura utilized scientific tools to relate perfumes with well-being while producing these aromas, giving them a wholly new sensation and deeper significance.
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Major Key Players of the Market:
Procter & Gamble, Minnesota Mining and Manufacturing Company, Henkel AG & Co. KGAA, Reckitt Benckiser Group PLC, The Estee Lauder Companies Inc., S. C. Johnson & Son Inc., Newell Brands Inc., Bath & Body Works LLC, Chanel SA, doTERRA International LLC, MINISO Co Ltd, The Yankee Candle Company Inc, Now Health Group Inc., Godrej and Boyce Mfg. Co. Ltd, Faultless Starch Company, Village CandleInc., Airwick Inc, Scentair Technologies Inc., Esteban Paris Parfums, NEST Fragrances LLC, Ripple Fragrances Pvt. Ltd, Bridgewater Candle Company, Flame & Wax Inc, Air Essentials Inc, Illume Inc., Seda France Inc., Bougie Et Senteur, Korona Candles S.A, Copenhagen Candle Company, Puzhen Life Co. Ltd
Home Fragrance Market 2024 Key Insights:
• The home fragrance market size is expected to see strong growth in the next few years. It will grow to $12.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Demand For Essential Oils To Drive Market Growth
• Technological Advancements Driving Innovation In Home Fragrance Market
• Western Europe was the largest region in the home fragrance market in 2023
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