According to a recent report by Future Market Insights (FMI), the global scented candles market is expected to surpass a valuation of US$ 3.6 Bn in 2022, with sale growing at a 4.1% CAGR through 2032.
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To improve sales, manufacturers are introducing limited edition fragrances and seasonal scents. For instance, DIPTYQUE is offering a set of 5 limited edition scented candles. These candles are further being marketed as gifting solutions.
Besides average size candles, players are offering miniature limited-edition candles, which are being adopted at ideal gifting solutions. Some scents that are being promoted as limited editions include berries, roses, pine tree, jasmine, musk, fig tree, wood fire, and mimosa.
Besides this, with evolving consumer preferences, personalization is gaining a center stage in the market. In response to this, companies are enabling consumers to customize and personalize their candles by letting them choose the scenets and allowing them to add messages and notes. Such developments are expected to create opportunities for growth in the market.
Besides scents, companies are focusing on enhancing their packaging designs as the visual appeal of the product plays a major role in shaping consumer preferences. Leather bag inspired box, print box packaging, and eco-friendly sustainable packaging are some packaging options offered by the manufacturers.
2018-2021 Scented Candles Historic Outlook in Comparison to 2022-2032 Forecast
Demand for scented candles is forecast to surge at s steady 4.1% CAGR, in comparison with the 3.9% CAGR registered between 2017 and 2021.
Scented candles are being used by individuals for festivities and recreational purposes. Growing focus on home décor among millennials is compelling them to explore home fragrance product options.
Besides this, the increasing acceptance of scented candles as gifting solutions is spurring demand in the market. Driven by this, manufacturers are launching gifting bundles that include scented candles in different shapes and fragrances. This trend is expected to bode well for the market in the forthcoming years.
To keep up with the growing demand, players are focusing on incorporating the best ingredients and distinctive true-to-life scents that are made with premium-grade paraffin wax and soy wax blends.
The players are also undertaking efforts to provide consumers with their preference of fragrance, functionality, burn time that better fits their space and requirements. Such developments are expected to continue driving sales of sceneted candles over the forecast period, opines FMI.
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Key Takeaways:
- In terms of product type, container-based candles are expected to dominate the market.
- Based on the shape, sales of round scented candles will grow at a 3.4% CAGR.
- Demand for multi wick candles will increase at a 5.2% CAGR through 2032.
- Sales through online channels are projected to grow at a healthy 6.9% CAGR over the assessment period.
- The U.S. will continue dominating the North America scented candles market, driven by high demand for limited edition candles.
- Sales in the U.K. scented candles market will increase at a 3% CAGR over the forecast period.
- India will emerge as a lucrative market, with sales projected to increase at a 2.9% CAGR over the assessment period.
Competition Landscape
Leading players operating in the global scented candles market are investing in promotional strategies, advertisements, and new product launches with limited edition scents to gain a competetitve edge in the market.
Key players operating in the market profiled by FMI include Newell Brands, MVP Group International, Estee Lauder Companies, NEST New York, Thymes, LLC.,L Brands, Portmeiron Group Plc., The Yankee Candle Co. Inc., The White Barn Candle Co.,Village Candles, Bridgewater Candles.,etc.
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