Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Scented Candles market.
Trusted Business Insights presents an updated and Latest Study on Scented Candles Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Scented Candles market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Scented Candles Market
The global scented candles market size was valued at USD 310.7 million in 2018. The market is being driven by growing awareness regarding application of the product in various types of aromatherapies and candle massages. Scented candles play a crucial role in these therapeutic procedures by creating a relaxing ambience, which helps in achieving a meditative state of mind. The incorporation of essential oils in these products to infuse fragrance helps in soothing the senses and re-energizing ones spirit. Additionally, each fragrance serves a unique therapeutic significance, creating demand for customized scented candles to attain relaxation in a specific health state.
These products are available in over 2000 different fragrances, among which the prominent scented candles are based on odors resembling blueberry, chocolate, caramel, roses, lavender, vanilla, lemon, cherries, cedar, and balsam. Most premium products are composed of three different fragrance layered together, which includes top note, the initial impression, middle note, the main body of the scent and base note, the final impression. For instance, Farmstand Festival, a product by The Yankee Candle Company overall has a welcoming fragrance of an autumn market which is an amalgamation of mulled fruits, rich berries, and rustic scent of weathered woods. Its top note resembles elderberry and blackberry, middle note smells like bayberry and mahogany, and the base is that of barn wood.
The organic aromatic scented candles have a healthy concentration of various essential oils, each of which has a unique effect on the user and helps in combating certain mental or physical issue. Thus, organic aromatic scented candles have become an essential component of various therapeutic procedures. For instance, lemon scented candles help in uplifting the spirit, brightening the mood, and enhancing ones concentration. Long term use of these candle helps in improving ones digestion, circulation and immunity, providing relieve from arthritis and skin related issues, and alleviating headache and fever.
Millennials are focused towards not only owning a property but also giving it a personal touch of style and makeover. Scented candles play an important role in setting up this tone of home decor. The subtle colors of the candle add a finishing touch to a space and add a different charm to different rooms. They create a warm welcoming environment in ones house. Lighting candles at different heights to highlight certain features of the room is a popular trend. Similarly, increasing use of different colored candles along with fresh flowers to compliment the color and texture of the furniture has gained massive popularity. Additionally, candles can be one way to include exquisite candle holders in the decor.
Product Insights of Scented Candles Market
The container-based segment contributed a revenue share of more than 55% in the global scented candle market in 2018. The availability of these scented candles has been high as they does not require any other candle holder or stand and thus, offers a convenience to the buyers. In comparison to other product forms, they burn better as the liquid wax remains in the container and is ignited later, leading to zero wastage of wax.
These container-based scented candles have become a prominent choice among the millennials for gifting it to friends and relatives during celebration and festivals. These scented candles have special significance as gifts which show the givers wishes for one to always remain enlightened even during the darkest of times.
Distribution Channel Insights
The convenience stores segment accounted for the largest share in 2018. Large number of convenience stores in India, China, Japan, and Australia is propelling the segment. In June 2019, it was reported that over 700 new convenience stores would be opened in various cities of China including Beijing, Xi’an, Wuhan, and Shanghai. The major companies benefiting from this are Bianlifeng and Suning Xiaodian. It is further estimated that by 2020 Xi’an alone will have over 3000 stores. Japan can be seen to be sharing a similar status. The country has over 50,000 convenience stores, among which more than 7000 are present in Tokyo itself.
The online distribution channel segment is expected to witness a CAGR of 9.2% from 2021 to 2026. As the internet has been taking the world with a revolution, e-commerce has been largely influencing the sales of scented candles. Some of the largest online sellers include Candle Warehouse, Amazon, Nordic Nest, Prosperity Candle, and Candles Scandinavia Group AB. Most major manufacturers looking at the trend have strategized to incorporate online distribution channel and to strengthen it.
Regional Insights of Scented Candles Market
North America was the largest region, accounting for more than 35% of the global market revenue in 2018. The region is projected to account for a major share of the market over the forecast period on account of increasing number of spa and massage parlors in U.S. and Canada. Asia Pacific is expected to be fastest growing market at a CAGR of 9.0% from 2021 to 2026. The shifting trend towards gifting scented candles on celebratory occasions and festivities in countries including China, India, Japan, Thailand, Australia and New Zealand is expected to drive the market for scented candles over the forecast period.
Market Share Insights of Scented Candles Market
Key players in the market include Newell Brand, KORONA Candles Sp. z o.o., gala-kerzen.de., The Very Good Candle Company, Goose Creek Candle, The Copenhagen Candle Company LTD, Broken Top Candle Company, Bridgewater Candle Company, and Kringle Candle Company. The well-established companies have strong international distribution networks. To strengthen the customer base and distribution channel further, the manufacturers have been acquiring other strong players in the market, which is creating an unfathomable synergy and helps in achieving time efficient growth and competency.Another common strategy observed among the players is that manufacturers have been trying to have a complete command over the entire value chain, in order to improve the overall quality.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Scented Candles Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global scented candles market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
Hypermarkets & Supermarkets
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