NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The scented candle market is likely to hold a valuation of US$ 5.64 billion by 2033. As of 2023, the market value is US$ 3.76 billion. As individuals worldwide seek comforting and pleasant home environments, the scented candle market is expected to expand by 4.10% CAGR from 2023 to 2033.
The current times have seen a rise in soothing and mindfulness activities across the world. This has benefitted markets like that for scented candles as they provide the required ambiance for these practices. As more people recognize the benefits of creating a calming and relaxing environment, scented candles have become a go-to choice for enhancing self-care routines and promoting well-being.
Apart from personal usage, scented candles also have applications in various commercial settings. They are utilized in spas, wellness centers, and massage therapy studios to create a pleasant customer environment. The demand for scented candles has also been experiencing a surge recently due to its incorporation into the home décor industry. Scented candles not only increase the room's aesthetic appeal but also create a welcoming environment for the households.
The significance of scented candles in the general population is also increasing because of their applications in modern therapies like aromatherapy. Short video platforms and social media influencers have made it simple to learn about the therapeutic advantages of scented candles. This has further accelerated the growth of the scented candle market in the global market.
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Post-pandemic, the demand for products offering a soothing and calm experience has experienced a significant surge. This growing trend toward personal care and mental well-being has also benefitted the markets for products like scented candles. Scented candles are gaining tremendous popularity, especially in urban areas, where people desire mindfulness and relaxation
“Numerous techniques are there to promote the health benefits of scented candles in the general population. Key players can target marketing campaigns, such as influencer collaborations, social media promotions, and experiential marketing events. New entrants can create brand awareness and generate buzz around their scented candle offerings”, says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways from the Scented Candle Market Report:
- The scented candle market is expected to grow by 4.10% for the forecast period of 2023 to 2033.
- Container-based candles dominate the global scented candle market, with an overall revenue share of 56.60%.
- When it comes to shape, round candles capture a significant 56.30% share of the global scented candle market revenue.
- China is the leading market for scented candles, with a remarkable growth rate of 7.80% CAGR from 2023 to 2033.
- China is followed by Japan (6.20%), Singapore (4.80%), and Australia (4.50%) in terms of scented candle market growth.
Competitive Analysis of the Scented Candles Market:
With only a few international brands catering to a niche audience, there is ample room for new players to establish their presence and leverage effective marketing strategies to capture consumers' attention. Local businesses can position themselves in this market by tapping into the growing consumer demand for wellness and self-care products.
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Key Companies in the Scented Candle Market
- MVP Group International, Inc.
- Newell Brands
- Estee Lauder Companies
- NEST New York
- Thymes, LLC
- L Brands
- Portmeirion Group Plc
- The Yankee Candle Co. Inc.
- The White Barn Candle Co.
- The Village Candle
- Bridgewater Candles
Recent Developments:
- In January 2023, Diptyque launched a new line of scented candles inspired by nature. The line features scents like pine needles, fig leaves, and jasmine, offering a refreshing and botanical experience.
- In March 2023, Yankee Candle released a new line of scented candles made with sustainable soy wax. The line offers a variety of scents, including lavender, vanilla, and citrus, catering to environmentally conscious consumers seeking eco-friendly options.
- In February 2023, Bath & Body Works introduced a new line of scented candles inspired by aromatherapy. The line includes scents like eucalyptus, peppermint, and lavender, providing a calming ambiance for relaxation.
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Scented Candle Market by Category
By Product Type:
- Container-Based Scented Candles
- Pillar Scented Candles
- Others
By Consumer Orientation:
- Male
- Female
By Shape:
- Round
- Flower
- Heart
- Oval
- Others
By Number of Wicks:
- Single Wick
- Multi Wicks
By Sales Channel:
- Hypermarkets / Supermarkets
- Specialty Stores
- Independent Departmental Stores
- Convenience Stores
- Online Retailers
- Wholesalers & Distributors
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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