According to a new report, published by KBV research, The Global Wax Melts Market size is expected to reach $4.6 billion by 2029, rising at a market growth of 5.5% CAGR during the forecast period.
The Single segment is showcasing a CAGR of 6.1% during (2023 - 2029). This is owing to the fact that consumers can purchase a single wax melt as it is more affordable than buying many waxes melts in bulk. A single wax melt purchase also enables customers who want to use wax to test out a new scent or brand before making a larger investment and do so without taking a significant financial risk. Additionally, some customers might wish to swap up their fragrance options frequently; purchasing a single wax melt can do this without committing to a bigger number.
The Household segment is leading the Global Wax Melts Market by Application in 2022 thereby, achieving a market value of $2.8 billion by 2029. This is due to their many uses around the house, and wax melts are a well-liked substitute for scented candles. Essentially, they are scented wax bits that melt in a wax warmer to release the aroma into the air. Wax melts can eliminate bad smells, freshen up a space, foster a calm environment, and improve the ambiance of any area. They are frequently utilized to create a warm and welcoming atmosphere in living areas, bedrooms, baths, and kitchens.
The Palm Wax segment has shown the growth rate of 5.9% during (2023 - 2029). This is because palm wax is being utilized more in place of wax made in factories. They are less hazardous to the environment than paraffin wax and have a similar burn quality. Palm wax melts are an excellent option for creating distinctive and exotic scents because they have a reputation for holding a lot of fragrance oil. Also, the use of more intricate fragrance combinations that incorporate floral, herbal, and fruity components are becoming more popular, which is aiding the segment's expansion.
The North America market dominated the Global Wax Melts Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.6 billion by 2029. The Asia Pacific market is exhibiting a CAGR of 6% during (2023 - 2029). Additionally, The Europe market would witness a CAGR of 5.2% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/wax-melts-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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