10.28.22
The global home fragrance market is expected to reach $9.7 billion by 2027—growing at a a CAGR of approx. 5.3% during the forecasted period. The market was valued at $7.1 billion in 2021.
The data comes from a new report by Research and Markets, the Global Home Fragrance Market Analysis. It includes trends, and the impact of the Covid-19 pandemic.
Home fragrances include leading brands, such as Nest New York, and its new luxe Birch Candle, shown above. Also shown are new room sprays by Bath & Body Works in "Midnight Snow" and "Falling Flurries."
Home fragrances are popular due to their ability to ease tension, the report says. The different types of home fragrances include candles, sprays, and diffusers.
North America held a market share above 30%, due in part to the growing number of fragrance-based companies.
In Europe, Germany is expected to be the fastest growing region in the forecasted period.
The global home fragrance market is highly fragmented, with a large number of small- and medium-sized manufacturers operating in the market. Examples inlcude Newell Brands' new brand, Friday Collective, which launched this year.
The bold lifestyle brand includes "a range of scented candles that channel optimism and joy," the report says, "with vibrant colors and unexpected fragrance combinations."
Market growth drivers include consumer confidence in aromatherapy, accelerating e-commerce channels, a rising adoption of aromatherapy candles, and other factors.
The report also says market demand is strong due to new research on scent and its effect on our emotions. In a study conducted by Mood Media, "75% of all emotions generated every day are due to smell."
The report states, "the plethora of fragrances on the market now is an interface between sensorial gratification, wellness, and mental stimulation."
