New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Candles instantly make a room feel warmer and more welcoming, making customers feel at ease. Scented candles can help to create a positive and relaxing atmosphere. Sculpture-scented candles or candles with organic shapes are among the consumer trends for 2020. According to the Dubrovnik Times, because certain scents have been shown to improve mood, many people have begun using candles as part of their self-care routine in 2021.
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Increasing Disposable Income of the Younger Generation Drives the Global Market
According to Straits Research, “The global scented candles market size is projected to reach USD 589.93 million by 2031, registering a CAGR of 4.3% during the projected period (2023–2031).” Candles fall under the home decoration category, and home decoration is among the top 10 items millennials purchase during quarantine to make their homes more comfortable. According to a Harvard College consulting group report, the pandemic caused the young generation to move back in with their families, which increased their disposable income. Before the pandemic, only 10% of Generation Z had no formal employment, education, or training. According to a March 2020 analysis by the Becker-Friedman Institute, consumers under 30 and households without children, representing the majority of Generation Z, reduced their expenditure significantly. HCCG survey results indicate that 29% of respondents have maintained or even increased expenditures since the pandemic's start.
Shifting from Traditional Paraffin Wax Candles to Healthier Alternatives Creates Tremendous Opportunities
A heightened awareness of the toxicity of aromatic candles has prompted consumers to switch from traditional paraffin wax candles to vegetable-based alternatives. Eco-friendly and decorative candles are anticipated to create new opportunities for the market for Scented candles. According to attitude and behavior data from Comscore Plan Metrix Multi-Platform, in August 2020, 74.2 million consumers completed home renovations in the previous year, a nearly 20% increase from the same month in 2019. This expenditure on interior decoration will increase the demand for candles and other home décor products.
Regional Analysis
North America is the most significant global scented candles market shareholder and is predicted to exhibit a CAGR of 2.81% over the forecast period. The growing demand for self-care products across the region has bolstered auxiliary scent products like scented candles. According to a blog post by glass packaging manufacturer Glassnow in 2021, retailers have been focusing on keeping a consistent supply of seasonal scents on hand to keep sales steady all year round. The blog post also stated that retailers stock up on pumpkin spice, apple, and cinnamon fragrances in the fall and cinnamon, vanilla, and peppermint fragrances in the winter, particularly during the hectic Christmas season.
Europe is estimated to exhibit a CAGR of 3.4% over the forecast period. In recent years, the European candle market has increased in size. According to the Centre for the Promotion of Imports from Developing Countries (CBI), it comprised approximately two-thirds of the global candle market as of December 2020. Approximately one-fifth of total imports were accounted for by developing nations, and this proportion was rising continuously. Recent coronavirus outbreaks and global responses have substantially impacted international trade and the European market for various goods and services, including home decoration and home textiles (HDHT). With their dim light and calming aromas, scented candles contribute significantly to the "home sweet home" trend by enhancing the ambiance of any room.
Key Highlights
- Based on product, the global scented candles market is categorized into container-based, pillar, and others. The container-based segment is the highest contributor to the market and is predicted to exhibit a CAGR of 3.4% during the forecast period.
- Based on distribution channels, the global scented candles market is segmented into hypermarkets and supermarkets, convenience stores, and online. The hypermarkets and supermarkets segment dominates the global market and is estimated to exhibit a CAGR of 2.8% during the projected period.
- North America is the most significant global scented candles market shareholder and is expected to exhibit a CAGR of 2.81% over the forecast period.
Competitive Players
The key players in the global scented candles market are Estée Lauder Companies Inc., Newell Brands, MVP Group International, Inc., L Brands, Village Candle, Portmeirion Group PLC, NEST New York, Lalique Group SA, Diptyque Paris, Thymes, LLC.
Market News
- In April 2023, Friday Collective™, a brand within the Newell Brands portfolio, launched its collection at Target online and in stores, including three new exclusive fragrances, 'Free To Be,' 'Sunroof's Open,' and 'Free Spirit.' The bold lifestyle brand carries a range of scented candles that channel optimism and joy with vibrant colors and unexpected fragrance combinations to perfectly set a vibe, get a boost, or reset your mood.
- In April 2023, The Yankee Candle Company, Inc. announced the creation of a new, limited-edition collection with the iconic bag and luggage lifestyle brand Vera Bradley. Just in time for Mother's Day celebrations, the unique collection will launch on April 10th and invite families to gift a loved one charming floral patterns and true-to-life fragrances.
Global Scented Candles Market: Segmentation
By Product
- Container-based
- Pillar
- Others
By Distribution Channel
- Hypermarkets and Supermarkets
- Convenience Stores
- Online
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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