Global Wax Melts Market Size, Share & Industry Trends Analysis Report By Pack (Multi, and Single), By Application (Household, and Commercial), By Product (Paraffin, Soy Wax, Palm Wax, Beeswax), By Regional Outlook and Forecast, 2023 - 2029
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Market Report Description
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.
Asia Pacific is growing at a faster rate due to the growth of e-commerce sectors and the awareness of the wax components and how they affect the environment. Consequently, APAC is anticipated to capture approximately 2/5th share of the market by 2029. The shifting consumer preferences in developing nations would increase spending on high-end personal care items like skincare, perfume, and scented wax melts, leading to a considerable market share in APAC. Because of the significant e-commerce expansion, the online retailing industry has expanded. The rising demand for goods like wax melts for decoration and the rising costs of house renovations also fuel other uses. The main reason influencing the online purchase of goods like wax melts in various colors is the advent of new opportunities for consumers to shop online. Some of the factors impacting the market are usage in home décor, rising use and popularity of aromatherapy, and candles have a wider consumer reach.
Home décor has been gaining popularity throughout many emerging nations due to the growing affluent population. In addition, consumers are becoming more environmentally conscious, which has changed their preferences for eco-friendly home décor items. The demand is anticipated to surge due to consumers' growing desire for distinctive and trendy home décor items, which can also enhance their mood and ambiance. Soy wax, a renewable plant-based material that is biodegradable and responsibly obtained, is the only material used to produce aromatherapy melts. This all-natural wax is manufactured without dyes and with essential oils to give the space an aromatherapy feels. This would enhance the need for aromatherapy wax melts and further fuel the market expansion.
However, evenings spent by candlelight are tremendously helpful for preserving the natural sleep cycles. Limiting blue light by cutting off from technology at a specific time each day is part of excellent sleep hygiene. Additionally, because of their many benefits, people have been using candles for a long time and are unaware of wax melts, which is predicted to limit the market growth.
Based on product, the market is segmented into paraffin, soy wax, palm wax, beeswax and others. The paraffin wax segment held the highest revenue share in the market in 2022. This is due to their low cost and abundant availability; paraffin wax melts are a preferred option among customers. As it can hold a lot of scents and works with many kinds of wax melt warmers, this kind of wax is frequently employed in the candle industry. Market participants are focusing on combining paraffin wax with cutting-edge scents that appeal to their target audiences in order to meet the growing consumer demand.
On the basis of pack, the market is divided into single pack and multi pack. In 2022, the multi pack segment witnessed the largest revenue share in the market. This is because more people are trying to create tranquil and relaxing settings in their homes and workplaces, and the need for multi-pack wax melts for aromatherapy has been rising. As a result, key players can increase revenue by encouraging customers to buy in bulk by providing multi-pack wax melts. This can be particularly effective with marketing discounts or other incentives to boost sales and support the segment's expansion.
By application, the market is classified into household and commercial. The commercial segment garnered a significant revenue share in the market in 2022. This is because the need for multi-pack candles has steadily risen for commercial uses like aromatherapy. This trend can be ascribed to a number of things, including the rising popularity of scented candles as decorative items, the greater focus on self-care, and the growing knowledge of the advantages of aromatherapy, which are anticipated to drive the market segment's growth in the projected period.
|Market size value in 2022||USD 3.2 Billion|
|Market size forecast in 2029||USD 4.6 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 5.5% from 2023 to 2029|
|Number of Pages||172|
|Number of Table||350|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Pack, Product, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This is due to their increasing popularity among millennials, which favors the regional market. Millennials strongly emphasize mental health and are willing to pay top dollar for scented wax melts. In addition, the pandemic and related lockdown measures are to blame for the rise in sales of home scent goods. People looked for ways to mentally escape during the pandemic while staying at home, raising the need for home scented items, and benefiting the region's market.
Free Valuable Insights: Global Wax Melts Market size to reach USD 4.6 Billion by 2029
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.
Scope of the Study
Market Segments Covered in the Report:
- Soy Wax
- Palm Wax
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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
- Candles By Victoria
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What would be the size of this Market by 2029?
The Market size is projected to reach USD 4.6 billion by 2029.
What are the key driving factors and challenges in this Market?
Usage in home décor are driving the Market in coming years, however, Candles have a wider consumer reach restraints the growth of the Market.
What are the major top companies in the competitive landscape?
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.
Which segment is leading the Market in 2022?
The Household segment is leading the Market by Application in 2022 thereby, achieving a market value of $2.8 billion by 2029.
Which region dominated the Market in 2022?
The North America market dominated the 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.