Wax Melts Market is forecast to reach $5.2 billion by 2025, after growing at a CAGR of 12.5% during 2020-2025. Growing wax is expected to flourish in residential and commercial buildings, including offices, shopping malls, residential houses and market complexes. An additional growth factor for wax melts industry is also the availability of multiple types of fragrances coupled with attractive packaging.
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By Material – Segment Analysis
The main ingredients which is used to manufacture wax melts is paraffin mixtures. Due to swings in petrol prices, especially crude oil, is projected to impact the price of paraffin. Difficulties in sourcing of raw materials along with its volatile price fluctuation is somehow constraining the growth the market growth in forecast period.
Geography – Segment Analysis
In the forecast period, North America dominates the market for wax melts. It is predicted that the positive outlook for air care and aromatherapy, along with increasing consumer awareness of environmental and health threats attributable to the use of aerosol sprays, would encourage brand demand. In addition, changing lifestyles, hygiene concerns, and hectic work schedules have led consumers to use more fragrance products that are expected to increase the size of the market in the coming years. On the other hand, due to increased consumer awareness of synthetic ingredients in fragrance products, Europe is expected to forecast steady growth. In addition, harmful aerosol emissions coupled with strict regulations on the use of aerosol fresheners are anticipated over the forecast period to shift consumer preference to wax melts.
Drivers – Wax Melts Market
Rising concern towards air care and hygiene in commercial and residential.
The growing concern for air care and hygiene in commercial and residential buildings is at the forefront of driving growth on the global wax melts market. In addition, wax melts do not emit harmful flames and are safe and environmentally friendly. This is another factor in the market that fuels an upward trend. Moving ahead, wax melts on the basis of strong demand for air fresheners and aromatherapy is expected to see massive revenues. Increasing awareness among rising ranks of discerning consumers about environmental and health hazards, posed primarily by aerosol sprays, will further boost wax melts demand.
Challenges – Wax Melts Market
Rising cost of raw materials is constraining the market growth.
The main ingredient i.e. paraffin which is high getting consumed in manufacturing of wax melts is now affecting the market caused by the price of paraffin which is fluctuating due to the price of petrol, especially crude oils. On the other side, the growth in demand of alternatives including reed diffusers and scented candles is also becoming the major factor in reduction of wax melts market in forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Wax Melts market. In 2019, the market of Wax Melts has been consolidated by the top five players accounting for xx% of the share. Wax Melts Market top 10 companies are Yankee Candle, Scensei, S.C. Johnson, Reckitt Benckiser, Walmart, Rimports Limited, Scentsy, Michaels, Candles by Victoria, AFFCO and East Coast Candles, among others.
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