Scented Candles Market to Touch USD 4.8 Billion by 2030, Attaining a CAGR Of 5.80% Between 2023 and 2030 – Report by Market Research Future (MRFR)

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New York, USA, May 01, 2023 (GLOBE NEWSWIRE) — Scented Candles Market Research Report Information by Product Type (Synthetic Wax, Paraffin Wax, Vegetable Wax and Animal Wax), By Category (Mass and Premium), By Distribution Channel (Store-Based and Non-Store-Based), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

Scented Candles Market Overview :

Scented Candles Market Research Report Information By Product Type, By Category, By Distribution Channel, and By Region – Market Forecast Till 2030, the scented candles market is projected to grow from to USD 4.8 billion by 2030, with CAGR of 5.80% by 2023 – 2030

Market Scope

Scented candles are ideal for adding aroma and covering offensive odors in rooms like the kitchen or bathroom. Candles with scents ranging from fruity to floral and from baked goods to “woodsy” are readily available.

Competitive Dynamics

Major market players are investing a lot of money in R&D to expand their product offerings, which will spur further market growth for scented candles. With significant industry changes including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the scented candle sector must provide products that are affordable.

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Report Scope

Key Companies in the scented candles market includes –

• Candle-lite
• Reckitt Benckiser Group plc
• Zhong Nam Industrial
• The Procter & Gamble Company
• Empire Candle Co. LLC
• L Brands Inc.
• BeCandle
• Newell Brands
• Johnson & Son Inc
• Conscious Candle Company
• The Yankee Candle Company
• Bolsius International BV
• Welburn Candles Pvt Ltd
• Colonial Candle
• Brandt Kaarsen

Market USP

Market Drivers

The use of eco-friendly candles, the growth of spas and massage parlors, consumer awareness of these products, and the consumption of candles for home decoration are a few of the key market factors influencing the growth of the scented candles market. The market is expanding considerably due to increased spending in interior design. Increased disposable income, growing employment, and steady investment growth are some factors that affect new residential construction activity. A big factor in the rise in demand for new homes is continued political aid, such as easily accessible loans and tax exemption schemes. Investment in house interiors has increased as a result. Scenting candles substantially improves how aesthetically pleasing interior house designs are. In recent years, several countries have made substantial advancements toward ecologically and energy-friendly housing.

Urbanization and liberalization policies, as well as the expansion of the e-commerce sector, have made cross-border trade simpler and contributed to the rising B2B and B2C business trends. Moreover, the rise of e-commerce is a significant trend in the market.  With the development of technology and an increase in Internet usage, online sales and purchases of products and services have increased. The potential for expansion of the e-commerce business has expanded due to the consistent shift in consumer spending and purchasing habits. A larger customer base has been created by the advancement of modern technologies like artificial intelligence, information and communication technology, and others, creating prosperous growth chances for significant industry suppliers. The rise of social media, expanding Internet usage, and increasing smartphone adoption have all helped customers choose the finest home decor, including scented candles, and have made it easier for them to access a variety of items.

Browse In-depth Market Research Report (110 Pages) on Scented Candles Market: https://www.marketresearchfuture.com/reports/scented-candles-market-2495

COVID-19 Analysis

 Table scaping, or the artistic placement of decorations or other things on a tabletop, is a fad that emerged in response to the COVID-19 epidemic. At the dinner table, several customers were observed attempting the art of dressing. The market’s expansion has been significantly fueled by this tendency.

Market Segmentation

Product Type Insights

According to market statistics for scented candles in 2022, the paraffin wax sector controlled the bulk of the market. One of the most widely utilized forms of wax in the candle production industry is paraffin wax. Commercially, it is available as solid slabs, pellets, or flake forms. Wax loses its usual white hue and turns transparent when it is turned into a liquid.

Category Insights

The premium category led market growth in 2022 and is anticipated to increase at the fastest rate from 2022 to 2030. Soy wax, beeswax, and coconut wax, which are more expensive alternatives to paraffin, are frequently used in premium candles. The rise in consumer disposable income has resulted in an increase in consumer expenditure. As customers are willing to spend more on home furnishings, the market for luxury scented candles is expected to grow.

Distribution Channel Insights

Since consumers spend a significant percentage of their income at small convenience and department shops in emerging countries, the store-based segment led the scented candles market revenue in 2022 and is anticipated to expand at the fastest rate over the forecast period, 2022–2030. During the Christmas season, people prefer to purchase festive goods at real stores. Because they can smell the perfume before purchasing scented items, customers also have the choice of physical verification through offline channels.

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Regional Analysis

With a market share of over 45.80% and a USD 1.5 billion market for scented candles in 2022, North America is predicted to develop at a substantial CAGR. The rise is attributed to a new trend where individuals in countries like New Zealand, India, China, Japan, and Australia send these candles as gifts to friends and family members on important occasions like birthday parties, Thanksgiving meals, and festivals. Additionally, several well-known businesses and brands provide top-notch products.

The second-largest market share for scented candles is held by Europe. The candles are used at eateries, lodging facilities, and other tourist attractions. Additionally, scented candle aromatherapy is common in this area. In Europe, the aromatherapy market is expanding. The market for scented candles ultimately increases due to the popularity of aromatherapy. Additionally, the region’s fastest growing market for scented candles was in Germany, while the UK retained the greatest market share.

Due to religious festivals and events, the Asia Pacific scented candles market is anticipated to develop at the quickest CAGR between 2022 and 2030. During festivities, the scented candles give the atmosphere a distinctive smell. Asia-Pacific scented candles are seeing rapid market growth in India. Additionally, the region’s fastest-growing market for scented candles was in India, while the market for scented candles in China had the biggest market share.

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