Key Drivers of the 2024 Home Fragrance Market: Rise of the E-Commerce Industry
Home Fragrance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The home fragrance market has experienced significant growth in recent years, projected to increase from $7.68 billion in 2023 to $8.43 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.7%. This growth during the historical period can be attributed to changes in consumer preferences, an increase in disposable income, the expansion of e-commerce and retail, cultural and regional influences, and the prevalence of gifting culture.
What Is the Future Market Size of the Global Home Fragrance Market and Its Yearly Growth Rate?
The home fragrance market is projected to experience robust growth in the coming years, reaching $12.05 billion by 2028, with a compound annual growth rate (CAGR) of 9.3%. This anticipated growth during the forecast period is driven by the rising demand for natural and organic products, the increasing popularity of home entertaining, health and safety concerns, rapid urbanization, and the expansion into multi-sensory experiences.
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What Are the Main Factors Driving Home Fragrance Market Expansion?
The growing expansion of the e-commerce industry is expected to drive the growth of the home fragrance market in the future. E-commerce, which stands for electronic commerce, involves the buying and selling of goods and services over the internet. It enhances the home fragrance market by offering consumers convenient online access to a wide variety of products, enabling them to explore, compare, and personalize their selection of scents for their living spaces.
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Who Are the Main Competitors Driving the Home Fragrance Market Forward?
Key players in the home fragrance market include 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
How Are New Trends Transforming the Home Fragrance Market Size?
Leading companies in the home fragrance market are innovating new products, such as candle-infused seasonal fragrances, to gain a competitive advantage. Candle-infused fragrances are scents that are integrated into candles during the manufacturing process, providing a unique aromatic experience for consumers.
What Are the Key Segments Within the Global Home Fragrance Market?
1) By Product Type: Candles, Room Sprays, Reed Diffuser, Essential Oils, Incense Sticks
2) By Fragrances: Lemon, Lavender, Jasmine, Rose, Sandalwood, Vanilla, Other Fragrances
3) By Distribution Channel: Supermarkets And Hypermarkets, Online Stores, Convenience Stores, Other Distribution Channels
4) By Form: Liquid, Dry, Solid
5) By End-User: Home Care, Healthcare, Hospitality, Museums, Commercial, Other End-Users
Western Europe’s Role as the Foremost Player in the Home Fragrance Market
Western Europe was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Home Fragrance Market Definition?
A home fragrance is a blend of organic compounds that releases a distinctive aroma, becoming an essential aspect of home design alongside furniture and decor. These fragrances are designed to scent the air or mask unwanted odors, contributing to a pleasant interior atmosphere. Home fragrance products are affordable, aromatic, help maintain air quality, and provide a means of eliminating unpleasant smells.
The Home Fragrance Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Home Fragrance Market Report: Trends, Opportunities, Strategies, and More
The Home Fragrance Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into home fragrance market size, home fragrance market drivers and trends, home fragrance competitors' revenues, and home fragrance market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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