Scented Candles Market Size Worth $3.37 Billion By 2030: IndustryARC

The Global Scented Candles market size is predicted to reach $3.37 billion by 2030, growing at a CAGR of 4.3% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The primary factors influencing the market growth are the increasing consumption of organic and eco-friendly candles, increased investment in home interiors, rising uses of scented candles for therapeutic uses, rising number of vegans across the globe, Growing Health Consciousness, search for alternative protein sources, finds IndustryARC in its recent report, titled “Scented Candles Market – By Product Type (Jars, Pillars, Tea Light, Tumbler, Vase, Others), By Materials (Wax, Liquid Dyes, Soy, Glass, Others), By Wax Type (Synthetic Wax, Paraffin Wax, Vegetable Wax), By Fragrance (Fruits, Flower, Spices, Blends, Nature Others),  By Category (Mass, Premium), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Stores, Specialty Stores, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”

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Asia-Pacific to Register Highest Growth:

The Asia Pacific region is predicted to develop at a quicker rate for the worldwide scented candles market due to growing infrastructure facilities associated with grocery stores and shopping malls in countries such as China and India, which is expected to support revenue from such items in the area. According to the United States Department of Agriculture’s study the number of conventional grocery stores in India reached 16.77 million in 2022, up from 12.70 million in 2017. Furthermore, rising population income and expenditure on different travel and tourist activities are projected to drive demand for diverse scented candles in the region’s restaurants and hotels.

Scented Candles Market 2023-2030: Segmentation

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Scented Candles Market Report – Key Takeaways:

Seasonal and Limited-Edition Scented Candles will drive growth

Many scented candle brands release seasonal collections and limited-edition offerings tied to holidays, special occasions, or particular themes. These collections create a sense of urgency and exclusivity, encouraging consumers to make purchases before the products are no longer available. Seasonal scents and packaging can also evoke nostalgic and festive feelings. By launching new and exclusive scents with each seasonal or limited-edition collection, brands encourage customers to return and purchase again. Customers who loved a specific seasonal scent from a previous year might be more likely to come back to purchase it again, fostering brand loyalty and repeat business.

Increasing Uses of scented candles for Aromatherapy

Candles can be used for therapeutic purposes. Aromatherapy is a popular form of therapy that uses candles with essential oils to promote relaxation, reduce stress, improve mood, and alleviate certain physical and emotional symptoms. Some essential oils, such as lavender or chamomile, have been demonstrated to have a relaxing impact on the mind and body, and can help to reduce anxiety and promote peaceful sleep. Some essential oils, such as peppermint and eucalyptus, have a stimulating impact and can assist to enhance energy and attention. This drives adoption of scented candles.

Rising use of scented candles for decorative purposes

Scented candles are often used for decorative purposes. They come in a wide variety of styles, colors, and scents, making them a versatile decoration that can be used in any room or setting. Grouping candles together can create a visually stunning display, whether it’s a cluster of votive candles or a few pillar candles of varying heights. This is creating demand from the consumer sector.

Concerns about the harmful compounds emitted by candle smoke may stymie industry growth.

One major issue associated with scented candles is that they may release harmful substances into the air when burned. Compounds found in candle smoke, such as formaldehyde and benzene, have been linked to various health concerns, including respiratory problems and cancer. As consumers become more conscious of the potential health risks associated with scented candles, the growth of the market may be impacted. Customers may become more cautious about using scented candles in their homes, and some may even stop using them altogether.

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Key Opportunity Analysis:

Growing demand for Organic and Eco Friendly Candles

The increasing demand for organic and eco-friendly candles, also known as green candles, has led to manufacturers expanding their range of products to include materials such as beeswax and soy wax instead of paraffin. Beeswax and soy wax candles are also known to be non-toxic while burning. However, the rising popularity of organic candles has also resulted in market fragmentation. This trend is also observed in the scents incorporated in candles, with manufacturers switching from chemical fragrances to natural, plant-based alternatives. Some manufacturers are also focusing on producing candles that can eliminate smoke; Smoke Odor Exterminator Candles are a notable example.

Investing in home furnishings Increasing the popularity of scented candles

Investing in home furnishings, particularly scented candles, has become a popular trend in recent years. As people spend more time at home, they are looking for ways to create a warm and inviting atmosphere. Scented candles provide a simple and cost-effective way to enhance the ambiance of any room. With the increased popularity of organic and eco-friendly candles, manufacturers are turning to natural components such as beeswax and soy wax. This has created chances for investors to support companies that make and sell such goods.

Growing Demand for Scented candles for Festive occasions

The popularity of scented candles has grown, particularly during holiday seasons such as Christmas, Thanksgiving, Halloween, and Diwali. Candles are a simple and inexpensive method to create a festive atmosphere in any situation. As a result, an increasing number of people are using scented candles to enhance their celebrations. The popularity of scented candles during holiday seasons provides a chance for businesses to profit on this trend. Manufacturers can captivate customers and increase sales by introducing fresh smells and packaging designs. Shops can also design eye-catching displays to highlight their candle collections and stimulate spontaneous purchases.

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The Report also covers the following Areas:

Scented Candles Market Size and Forecast

Scented Candles Market Trends

Scented Candles Market Analysis by Product Type

Scented Candles Market 2023-2030: Key Highlights

CAGR of the market during the forecast period 2023-2030

Value Chain analysis of key stake holders

Detailed analysis of market drivers and opportunities during the forecast period

Scented Candles Market size estimation and forecast

Analysis and predictions on end users’ behavior and upcoming trends

Competitive landscape and Vendor market analysis including offerings, developments, and financials

Comprehensive analysis of challenges and constraints in the Scented Candles Market

Covid and Ukrainian Crisis Impact:

The scented candle industry has been affected by the Covid-19 outbreak and subsequent economic crisis in both the home and commercial segments. As scented candles are typically considered a luxury item, individuals with limited disposable income have been deterred from buying them. Additionally, the downturn in the hotel industry, which is a major purchaser of scented candles, is expected to persist for several years.Due to these factors, manufacturers of scented candles are expected to face pricing pressure and may need to compete on product pricing in order to remain competitive.

The supply chain interruption caused by the Russia-Ukraine war has hampered the growth of the Scented Candles Market. The interruption has raised freight rates, caused container shortages, and reduced warehouse space available. As a result, inflationary difficulties have arisen in the aftermarket.

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List of Key Market Players in Scented Candles Market:

The Scented Candles Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

Portmeirion Group PLC.

Johnson & Son, Inc.

Newell Brands, Inc.

MVP Group International Inc.

Estée Lauder Companies, Inc.

Conscious Candle Company

The Yankee Candle Company

Bolsius International BV

Welburn Candles Pvt Ltd

CoScentrix

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