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 Billion in 2022, with sale growing at a 4.1% CAGR through 2032.
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.
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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.
The future of the scented candle market looks bright, with a growing focus on self-care, a thriving wellness movement, and the influence of social media trends all contributing to a fragrant and profitable future.
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.
“Scented candles are being promoted as décor accents for homes as they provide ambient light and a luxurious visuals. Many of the scented candles are also being promoted as anxiety and stress reducer fragrances. Such developments are expected to augment the growth of the market through 2033,” says an FMI analyst.
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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 competitive edge in the market.
Key players operating in the market profiled by FMI include
- 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
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Scented Candles Market By Category
Product Type:
- Container Based Scented Candles
- Pillar Scented Candles
- Others
Shape:
- Round
- Flower
- Heart
- Oval
- Others
No. of Wicks:
- Single Wick
- Multi Wicks
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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