Market Size of Home Fragrances Industry
|Market Size (2023)||USD 13.01 Billion|
|Market Size (2028)||USD 16.26 Billion|
|CAGR (2023 - 2028)||4.56 %|
|Fastest Growing Market||South America|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Home Fragrances Market Analysis
The Home Fragrances Market size is estimated at USD 13.01 billion in 2023, and is expected to reach USD 16.26 billion by 2028, growing at a CAGR of 4.56% during the forecast period (2023-2028).
- The increasing spending capacity of consumers and the rising concerns among individuals about healthy and hygienic living styles are the key factors bolstering market growth. The growing penetration of social media platforms and online retail channels is another significant factor boosting the sales of home fragrance products through e-commerce channels. Due to the increasing focus on creating a visually appealing and comfortable living space, consumers are spending on luxury home décor products like scented candles and diffusers.
- In recent years, owing to stressful lifestyles and the growing focus on improving mental health, there has been a rise in the demand for home fragrance diffusers for aromatherapy to uplift the mood by improving air quality and creating a pleasant environment.
- Moreover, manufacturers offer these products in various designs, colors, scents, and materials to cater to the preferences of individual customers. They also focus on personalizing products and introducing aesthetically pleasing products made with natural ingredients such as oils.
- Consumers nowadays are willing to spend more on household and toiletry products with natural and clean ingredients. Therefore, the market is anticipated to witness an increased demand for home fragrances during the forecast period. Market players are also adopting innovative strategies to capture a larger market share.
- For instance, in 2022, Godrej Consumer Products, an Indian-based consumer goods company, launched a new TVC campaign called "If Bathrooms Could Talk" for its bathroom fragrances called Godrej Aer Power Pocket. The TVC, which Creativeland Asia conceptualized, was produced using cutting-edge graphics and animation techniques, making it visually attractive to grab consumers' attention.