The global home fragrance market is projected to reach $27.63 billion by 2027, according to the Home Fragrance Market, 2023-2027 report by Fortune Business Insights. The market will see a CAGR of 3.1% during the forecast period.
The market size was $22.89 billion in 2019. The candle segment held 35.89% market share in 2019.
- The large presence of youth is leading to the surging residential sector as the youth are either staying on rent or owning properties that are likely to boost the demand for innovative home fragrance products across the globe.
- Private companies are trying to bring back the labor force with support from the government by offering lucrative incentives and allowances.
- Products adopted across households reduce unpleasant smell and spread positivity.
- Products bring a calming effect with their aromatic scent.
- Products aid in reducing stress and making surrounding relaxed by improving mental focus.
North America is expected to hold the highest position in the global market in the future due to the presence of luxurious homes.