Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Scented Candle Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The scented candle market has grown strongly in recent years. It will grow from $3.91 billion in 2023 to $4.14 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The expansion observed in the historical period can be attributed to trends in aesthetics and decor, the increasing emphasis on wellness and stress relief, seasonal and holiday demand fluctuations, the popularity of gifting and personalization, and the evolution of fragrance preferences.
The scented candle market is expected to see strong growth in the next few years. It will grow to $5.22 billion in 2028 at a compound annual growth rate (CAGR) of 6%. The anticipated growth in the forecast period can be attributed to the emphasis on wellness and mindfulness practices, ongoing innovation in fragrances, the continued influence of seasonal and occasional demand, the rising popularity of personalization and customization, and a growing commitment to sustainability and eco-friendly practices. Major trends expected in this forecast period include a heightened focus on holistic well-being, an inclination toward natural and botanical scents, the introduction of limited edition offerings, unique fragrance combinations, and the incorporation of therapeutic and mindfulness practices.
The scented candle market is anticipated to experience growth due to changes in lifestyle leading to stress and related ailments. For instance, data from Champion Health Inc. in January 2023 indicates a rise in depression among 17% of individuals in the UK during the summer of 2021, compared to 10% before the pandemic. Anxiety, affecting 40 million individuals (19.1% of the population), is the most prevalent mental disorder. Consequently, the demand for scented candles is driven by lifestyle changes causing stress and related ailments.
The scented candle market is poised for growth due to the rapid expansion of the e-commerce sector. Notably, data from the United States Census Bureau in November 2023 reveals a 7.6% increase in e-commerce sales for the third quarter of 2023 compared to the same period in 2022. E-commerce sales constituted 15.6% of total revenues during this period. Hence, the scented candle market is driven by the rapid growth of the e-commerce sector.
Major market players are concentrating on product innovations. For instance, Shefar, a Japan-based direct-to-consumer fragrance brand, introduced the Liela and Mullan Candles product line in November 2022. These scented candles, inspired by the concept of 'the girl of your dreams,' were crafted with a balanced formula, ensuring both intense aroma and efficient combustion with low soot emission. The Liela Candle combines jasmine, vanilla, and sandalwood for an elegant yet not overly sweet fragrance, while the Mullan Candle blends citrus, floral, and patchouli scents for a refined and soothing ambiance.
Strategic partnerships are becoming a prominent approach among major companies in the scented candle market. These partnerships leverage each other's strengths and resources to achieve mutual benefits. For instance, in June 2021, Moose Tracks Ice Cream collaborated with Wax Poetic Candle Bar to create a unique scented candle inspired by ice cream. The vanilla-scented Moose Tracks Candle captures the essence of the original Moose Tracks flavor, featuring organic cotton wicks with a 70-hour burn time. Such partnerships, fostering innovation and creativity, contribute to the diversification of scented candles.
In December 2021, Dusk Group, an Australia-based specialty retailer of home fragrance products, acquired Eroma for $28 million, significantly expanding its online operations and strengthening its position in the home fragrance sector. Eroma, an Australia-based company specializing in scented candle kits, adds depth to Dusk's product offerings.
North America was the largest region in the scented candle market in 2023. The regions covered in the scented candle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the scented candle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Product Type: Jar; Pillar; Tea Light; Tumbler; Vase; Other Product Types
2) By Raw Material: Wax; Liquid Dyes; Soy; Glass; Other Raw Materials
3) By Fragrance: Fruit; Flower; Spice; Blends; Other Fragrances
4) By Sales Channel: Online Retails; Offline Retails
Key Companies Mentioned: California Exotic Novelties; Colonial Candles Inc.; CoScentrix LLC; Diptyque Paris; Himalayan Trading Post Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- California Exotic Novelties
- Colonial Candles Inc.
- CoScentrix LLC
- Diptyque Paris
- Himalayan Trading Post Inc.
- Lee Naturals LLC
- Magnolia Scents by Design LLC
- Mel's Candles LLC
- Net-a-Porter Holdings Limited
- Newell Brands Inc.
- Northern Lights Candle Co. LLC
- Amy's Country Candles LLC
- BeCandle LLC
- Bolsius International BV
- Brandt Kaarsen BV
- Bridgewater Candle Company LLC
- Voluspa Inc.
- Paddywax Candles Inc.
- Nest Fragrances LLC
- Homesick Candles LLC
- Capri Blue Candles LLC
- Chesapeake Bay Candle Company LLC
- Yankee Candle Company Inc.
- Thymes Fragrances LLC
- Mrs. Meyer's Clean Day
- Trapp Candles
- Illume Candles
- Village Candle
- Millefiori Candles
- Stonewall Candle Company
- WoodWick Candle Company LLC
- DW Home LLC
For more information about this report visit https://www.researchandmarkets.com/r/bxznkf
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