Home Fragrances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Home Fragrances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The home fragrances market is expected to witness substantial growth during the forecast period owing to factors, such as increasing the discretionary income of consumers, which is increasing the inclination of consumers toward various fragrance products.

Key Highlights

• Home fragrance products are made up of different types of aromas, such as eucalyptus, jasmine, and lavender, which help liven up the mood, thereby creating a stress-free environment.
• The home fragrances market is booming driven by new aesthetically pleasing products, personalization of products, and usage of natural ingredients such as oils in the products. The market is also witnessing an increased demand for natural essential oils in home fragrance products, which is expected to further drive the growth of home fragrance products during the forecast period.
• Countries, such as the United States, China, and India, are witnessing an increase in demand for home fragrance products due to the high disposable income of consumers and urbanization. Increased number of retail outlets and online portals are also attributing to the market growth as these stores offer the ease to select fragrance products, along with the availability of a variety of products.

Key Market TrendsGrowing Emergence of Customized Scented Candles

Scented candles are the one of the fastest-growing and largest categories for the home fragrance industry. The demand for scented candles is increasing rapidly and the growth can be attributed to factors, such as increasing demand for aromatherapy, which reduces stress, and rising use of candles as home decor products.

The emergence of customized home fragrance candles has been identified as one of the prominent home fragrances market trends, which is likely to have a positive influence on the growth of the market in the upcoming years. Companies are offering customers the freedom to choose the shape, size, color, texture, and fragrances of candles according to their unique taste and personal preferences. Some vendors are also allowing customers to add photos and quotes on the containers of candles, along with the option to choose the desired fragrance. The adoption of such strategies may enhance customers’ buying experience and boost the sales of home fragrances during the forecast period.

Europe to Dominate During the Forecast Period

Europe held the highest market share, in terms of revenue for home fragrances, in 2019, and it is expected that the region will continue to maintain its dominance during the forecast period. Some of the major factors attributed to this strong growth are the per capita expenditure for homecare products, such as fragrances, and an increase in the standard of living in the region. Countries, such as the United Kingdom and France, are driving the regional market due to a rise in demand for home fragrance products.

In the United Kingdom, the sales of electric air fresheners, candles, and wax melts increased significantly in the last few years. The products have a higher average selling price and a higher frequency of purchase as well. Furthermore, people in this country are frequent buyers of home fragrance products, which is driving the market in the country as well.

The region is also witnessing an increase in the number of sellers and manufacturers, which has led to a rise in the availability of home fragrance in Europe. For instance, companies, such as ESTEBAN Paris, came up with the idea to refill the scented candles, which increases the lifecycle of candles more than regular scented candles. These factors are anticipated to fuel the market growth further in the region.

Competitive Landscape

The home fragrances market is competitive with the presence of a large number of local and international players, thus making it fragmented in nature. Geographical expansions, new product launches, and mergers and acquisitions are some of the key strategies adopted by companies operating in the global home fragrances market to gain a competitive edge. Some of the leading market players are S.C. Johnson & Son Inc., Reckitt Benckiser Group PLC, The Procter & Gamble Company, Newell Brands Inc., NEST Fragrances LLC, Illume Inc., Henkel AG & Co., and Beaumont Products Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

S.C Johnson & Sons Inc.
Reckitt Benckiser Group PLC
The Procter & Gamble Company
Newell Brands Inc.
Bath & Body Works LLC
The Estee Lauder Companies Inc.
NEST Fragrances
Illume Inc.
Seda France
Bougie Et Senteur
Henkel AG & Company KGaA
Godrej Aer
Faultless Brands
Air Essentials
ScentAir

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