PUBLISHER: Grand View Research | PRODUCT CODE: 1446603
PUBLISHER: Grand View Research | PRODUCT CODE: 1446603
The global natural home fragrance products market size is expected to reach USD 7.32 billion by 2030 and it is projected to grow at a CAGR of 9.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rise in investment for home decor presents promising prospects for the market. As awareness grows regarding the therapeutic benefits of certain scents on mental health, consumers are increasingly turning to natural home fragrance products items to alleviate issues like anxiety and depression. This trend significantly drives market growth by catering to the demand for holistic wellness solutions.
In addition, the pandemic had an impact on the kinds of fragrances that people were buying. Demand increased for scents like lemon, eucalyptus, and lavender that were considered to promote hygiene. In addition, scents like vanilla and sandalwood that are associated with relaxation were also in demand.
Aromatherapy, which involves the use of natural essential oils to promote physical and psychological well-being, is a key factor driving consumer preference for natural oils in home decor. Many consumers incorporate aromatherapy practices into their daily routines to enhance relaxation and improve mood. A study published in the Journal of Alternative and Complementary Medicine, in 2021, found that 64% of participants reported using essential oils for relaxation and stress relief purposes, while 58% used them to improve sleep quality.
A rising millennial population and increased consumer spending are the major factors propelling the demand for wax melts. In addition, key players are expanding into new locations and product portfolios to spread awareness regarding the brand and the usage of candles. For instance, in January 2022, Diptyque launched a candle and wax melts collection. The company is excessively promoting its products through endorsements and Key Opinion Leaders (KOL) to garner demand from consumers across China due to the rising population and the changing consumer preferences with regard to fashion and home decor.
Social media platforms like Instagram and Pinterest have become powerful tools for popularizing natural essential oils in home decor, contributing to the rise of the natural home fragrances market. Influencers and wellness bloggers leverage these platforms to share DIY recipes, diffuser blends, and home decor inspiration featuring natural oils. Through visually engaging content and personal recommendations, they educate and inspire consumers to incorporate natural fragrances into their homes, driving awareness and demand for natural home fragrance products.
Retailers are responding to consumer demand for natural essential oils by expanding their product offerings. For example, major retailers like Amazon, Walmart, and Target have seen an increase in sales of essential oil diffusers and natural home fragrance products.
The home fragrance market is consolidated in nature with the presence of a large number of international players and a few regional players like Diptique; Jo Malone London; Yankee Candle; Byredo; Voluspa; NEST Fragrances; Scentsy, Inc.; Bridgewater Candle Company and more such players.