The Latin America, Middle East and Africa Wax Melts Market would witness market growth of 7.3% CAGR during the forecast period (2023-2029).
The wax melts adhesives have experienced significant expansion in recent years because of the shifting preference toward synthetic wax. Additionally, throughout the forecast period, demand for natural waxes is expected to rise due to rising consumption of these materials and decreased use of microcrystalline and polyethylene waxes because of their potentially harmful effects. Wax melts are being used more frequently in a variety of domestic applications, including home fragrance products. Wax melts come in a wide range of sizes, colors, and shapes.
Over the forecasted period, it is anticipated that more commercial buildings, including office buildings, market complexes, and shopping malls, would incorporate wax melts. Market growth has been positively impacted by the introduction of innovative products as a result of increased market rivalry. For participants, the expanding supply and demand gap is anticipated to present profitable growth prospects. Market participants' aggressive marketing tactics, which they use to outperform rivals, are expected to fuel additional market expansion.
Dubai is amongst the world's most popular tourist destinations. Massive buildings in the region, such as the Burj Khalifa and Burj Al Arab, are highly known and draw people to these places. In addition, the region is home to many hotels, expensive spas, and upscale restaurants. The travel and tourism industry made a direct contribution to the UAE's gross domestic product (GDP) in the amount of 18.7 billion dollars in 2016, which is approximately equivalent to 5.2% of the GDP overall. From 2017 to 2027, the industry is anticipated to grow at a 5.1% annual rate, accounting for 5.4% of the net GDP in that year. The region's hotel industry is anticipated to grow along with the tourism industry. These factors are driving the market's expansion in the LAMEA region.
The Brazil market dominated the LAMEA Wax Melts Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $85.8 Million by 2029. The Argentina market is exhibiting a CAGR of 7.8% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 7% during (2023 - 2029).
Based on Pack, the market is segmented into Multi, and Single. Based on Application, the market is segmented into Household, and Commercial. Based on Product, the market is segmented into Paraffin, Soy Wax, Palm Wax, Beeswax, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Wax Melts Market is Projected to reach USD 4.6 Billion by 2029, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Yankee Candle Company (Newell Brands, Inc.), The Bridgewater Candle Company, NEST Fragrances, S. C. Johnson & Son, Inc., East Coast Candle Co., Michaels Stores, Inc., Scentsy, Inc., Bramble Bay Candle Co., Wax Warmups and Candles By Victoria.
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