The global wax melts market is expected to reach USD 6.13 billion by 2025, according to a new report conducted by Grand View Research, Inc. The growing usage of air care and hygiene will drive the demand for wax melts in residential and commercial buildings over the upcoming years. Furthermore, the absence of harmful emissions and exposed flames, make wax melts an eco-friendly and safer option which will further fuel its demand over the upcoming years.
Wax melts are expected to witness significant rise over the forecast period on account of increasing demand for air fresheners and aromatherapy. The growing consumer awareness regarding environmental and health hazards, which has grown due to the usage of aerosol sprays, will drive the product’s demand over the forecast period.
Growing requirement for long lasting fragrances coupled with low cost of the product as compared to alternatives, such as reed diffusers and aerosol fragrance products, will increase market size over the upcoming years. Furthermore, the availability of various scents and product sizes will promote industry growth over the next nine years.
Further key findings from the report suggest:
- The global wax melts industry demand is expected to grow significantly owing to the positive outlook towards aromatherapy and air care in countries including the U.S., China, Germany, and the UK
- Asia Pacific is projected to be the fastest growing market at a CAGR of 12.3% from 2016 to 2025 on account of high preference for air care products in Japan, China, and Australia. Significant growth of end-user sectors, such as home décor and aromatherapy, are some of the major driving factors for market expansion in the region.
- The aromatherapy industry is gaining popularity especially in countries, such as Thailand, Malaysia, and India, as a large number of people are opting for rejuvenation, spa, and other related services to relieve stress owing to busy lifestyles. The abovementioned factor is expected to promote industry growth over the next nine years.
- The industry is fragmented in nature as a result of the presence of numerous large and small scale manufacturers in the U.S. and the UK. Key participants include Yankee Candle, Scentsy, SC Johnson, Reckitt Benckiser, and Rimports Limited.
- In July 2016, The Yankee Candle Company collaborated with U.S.-based IT company, Aptos, Inc., for streamlining and optimizing its multi-channel retail operations. This strategic move is likely to help the company strengthen its global reach.