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Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Scented Candles Market Information by Product Type, Category, Distribution Channel, and Region – Forecast till 2027”, the Scented Candles Market is all set to acquire a growth rate of 5.80% from 2020 to 2027 and touch USD 4.22 Billion by 2027.
Market Synopsis
A scented candle is developed using fragrant oils blended into the wax and emanates a pleasant aroma when it burns. It gives an aesthetic touch to a room, or any room in the house, creating an ambiance of well-being and healthfulness.
One of the major advantages of scented candles is that they help relieve anxiety and stress. When exposed to the pleasant aroma of essential oils present in scented candles, our hormones are triggered, which in turn helps ease worries and anxiety.
Market Competitive Landscape:
The affluent companies in the scented candles market are
September 2022
Boy Smells, the popular brand famous for its range of scented candles, has launched its line at SEPHORA. While the brand has been available via small-scale retailers, this move into Sephora will be a huge step for them towards rapid growth.
Market USP Covered:
Market Drivers:
The scented candles market stands to benefit from the soaring awareness about the various use of the product in aromatherapies as well as massages. Scented candles market has been making huge profits worldwide, given the expanding application scope in several therapeutic procedures and the mounting number of people taking interest in meditation and yoga. This is deemed to be favorable for the worldwide industry in the following years. Besides, players are focusing on integrating essential oils in scented candles for more fragrance that re-energizes the spirit.
A rising number of millennials worldwide are becoming homeowners, with emerging interest in adding a personal note to the décor and the ambience. As a result, they are increasingly buying luxury items like scented candles to establish a personalized tone at home. The availability of these candles in a variety of colors add to the appeal of the space while different designs and fragrance enhance the warmth of the home environment. In view of these factors, the demand and sales of scented candles are bound to escalate robustly in subsequent years.
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Market Restraints:
Scented candles are known as luxury items that are more expensive than regular ones. The exorbitant price can be a big restraint for the market growth in the years to come.
Moreover, the lack of awareness about the product among consumers and their inclination towards cheaper quality and lesser priced candles will also negative affect the worldwide market. The said poor-quality candles are not eco-friendly and give out synthetic fragrances.
COVID 19 Analysis
The COVID-19 outbreak’s notable impact has led to various repercussions on the health status of people across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets. Luxury items are considered non-essential, a fact that will be unfavorable for the scented candles market in the years to come.
Market Segmentation
By Product Type
Paraffin Wax, Synthetic Wax, Animal Wax, and Vegetable Wax are the major product types that have been discussed in the MRFR study.
By Category
Category-wise, the segments include premium and mass. Premium category has taken the lead in the market and generates massive demand thanks to the rising purchasing capacity of people. Moreover, premium scented candles are made of soy wax or beeswax, which are primarily non-toxic and therefore, witness booming sales across the world.
By Distribution Channel
Store-based and non-store based are the major distribution channels considered in the report. Store-based channels in the market are supermarkets & hypermarkets along with specialty stores, and more. The top segment is supermarkets & hypermarkets while the non-based or online channels can achieve faster growth in the near future.
Regional Insights
North America attained the leading position in 2019, garnering the highest share in the global market for scented candles. The region houses several players that manufacture a variety of candles. The US has emerged as a profitable market in recent years, with Canada and Mexico following suit. Robust seasonal demand owing to Halloween and the high awareness level about the use of a variety of scented candles in massages and aromatherapies have added considerably to the market value in the region. These candles are seen as essential items during therapeutic procedures as they help create a relaxing atmosphere, and are therefore, generating demand among people interested in meditation and similar activities.
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Asia Pacific is touted to procure the fastest CAGR in subsequent years, thanks to the soaring number of manufacturers of scented candles as the demand escalates. The demand is significantly high among the exploding urban population with rising disposable incomes. The growth in the millennial consumers and surging focus on home care should also foster the sales of scented candles in the ensuing years. Consumers in India and Japan are increasingly adopting luxury lifestyles and are therefore, opting for aesthetic products that improve the décor and the ambience of their homes. Expansion of the middle-class population with growing preference for dine-out joints that have luxury decorations can also enhance the market share over the following years.
Read Our Related Report –
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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