The global scented candles market size is expected to gain momentum backed by the growing demand for eco-friendly scented incense products worldwide. This information is published by Fortune Business Insights in its upcoming report, titled “Scented Candles Market, 2024-2032.” The report further mentions that the market is experiencing massive growth owing to the rising hospitality sector and the manufacturers developing innovative products to cater to the growing consumer demand. For instance, in June 2021, Moose Tracks Ice Cream announced its collaboration with Wax Poetic Candle Bar, a Michigan-based candle manufacturing company, to develop a unique candle with scent perfect for ice cream lovers. The candle with hints of peanut butter cups enthralls the consumer with a scent of vanilla.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
Information Source: https://www.fortunebusinessinsights.com/scented-candles-market-104388
Top Company in the Scented Candles Market:
- Amy’s Country Candles
- CALWAX
- SEVENTH AVENUE APOTHECARY
- Primacy Industries
- Candle Delirium, Inc.
- Regent Holding Company, LLC.
- com
- Newell Brands
- Estee Lauder Inc.
- Trapp
- Others
Market Segmentation:
Based on category, the market is bifurcated into mass and premium.
- On the basis of category, the premium segment is expected to experience substantial market growth during the forecast period. This is due to the growing demand for premium quality scented products worldwide.
On the basis of material, the market is divided into blended wax, paraffin wax, soy wax, and others. Moreover, based on distribution channel, the market is classified into hypermarkets & supermarkets, convenience stores, online stores, and others. Finally, based on region, the market is segregated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
What does the Report Include?
The market report for scented candles includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Rising Hospitality Sector to Aid Growth
Although the COVID-19 pandemic has led to reduced travel and leisure activities owing to the lockdown restrictions announced globally, the hospitality sector is anticipating a positive growth. According to the hospitality industry site Tophotelnews, around 775 hotels opened in the U.S. by the end of 2020. Factors such as chances for covering basic operational costs and hope for the situation to get better owing to availability of vaccines are expected to drive the hospitality sector. Therefore, the rising hospitality sector is expected to favor the global scented candles market growth during the forecast period.
REGIONAL INSIGHTS
Europe – The region is expected to hold the largest global scented candles market share in terms of revenue during the forecast period. This is attributable to the presence of large production capacities in countries such as Germany, Poland, and Denmark. Besides, increasing adoption of trend decoration materials at home spaces will propel the demand for the product in the region.
Asia-Pacific – The market is expected to experience substantial growth in the region during the forecast period. This is owing to the rising infrastructural facilities such as shopping malls and residential complexes that will surge the demand for unique scented candles foe aesthetic purposes in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Product Innovation by Key Players to Amplify Their Market Positions
The market is experiencing healthy competition between key players that are striving to establish their footprint by developing advanced scented candles products. Moreover, other companies are focusing on maintaining their presence by adopting strategies such as collaboration, merger and acquisition, and partnership to gain a competitive edge over their rivals.
Industry Development:
- June 2020 – Stonewall Kitchen LLC announced the acquisition of Village Candle, a brand of parent company Village Candle Inc. The company is expected to introduce new gentleman’s collection that includes blends such as leather, incense, juniper, and honey.
