Fragrance Wax Melts Market 2020 - Industry Analysis, Size, Share, Strategies, Demand Analysis and Projected huge Growth by 2026 | Yankee Candle, Reckitt Benckiser, SC Johnson, Rimports Limited

The Fragrance Wax Melts Market is expected to reach USD 7.24 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with increasing demand for air freshness and hygiene in residential and commercial buildings. Based on statistics, the lack of exposed flames and harmful emissions, make wax melts an eco-friendly and reliable option which will further drive its demand over the expected years. The market for wax melts is anticipated to witness a significant rise over the forecast period on account of the growing demand for air fresheners and aromatherapy. The ever-increasing consumer awareness regarding health and environmental hazards, which has risen due to the usage of aerosol sprays, will spur the product's demand over the forecast period.

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Key participants include Yankee Candle, Reckitt Benckiser, SC Johnson, Rimports Limited, Scentsy, Michaels Stores, East Coast Candles, AFFCO, Candles by Victoria, Walmart Stores, Scentchips, and ScenSe, among others.

Fragrance wax melts, also known as Wax Tarts, are becoming more and more prevalent in the home fragrance market. They are available in several fragrances and designs. They can be presented as pot pouri or even ornaments, as well. Wax melts also give an excellent cold scent throw, which means it spreads fresh fragrance before they are warmed up. They are placed in an oil burner or a tart warmer that can be used for home fragrance or aromatherapy. They can be slowly warmed up from a lamp light or any electric heating source as well.

APAC is forecasted to be the fastest growing market at a CAGR of 12.3% during the forecast period on account of increased preference for air care products in India, China, and Japan. Significant demand from end-users, such as aromatherapy and home decor, are some of the principal driving factors responsible for the market expansion in the region.

For the purpose of this study, Reports and Data have segmented the global Fragrance Wax Melts Market on the basis of Product, Fragrance type, application, Business type and region:
Product Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
o Beeswax
o Para-soy
o Paraffin
o Wax Blends
o Soy
o Palm

Fragrance type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
o Vanilla
o Chocolate
o Jasmine
o Sandalwood
o Lavender
o Others

Application Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
o Aromatherapy
o Home
o Offices
o Commercial Buildings

Business Type Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
o Online
o Offline

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Regional Outlook (Volume, Kilo Tons; and Revenue, USD Million; 2016-2026)
o North America (United States, Canada and Mexico)
o Europe (Germany, France, UK, Russia and Italy)
o Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
o South America (Brazil, Argentina, Colombia)

Further key findings from the report suggest
o Wax melts are used as a home fragrance product and are easily available in different shapes, colors, and sizes. Moreover, growing product usage in commercial buildings, such as offices, shopping malls, and market complexes, will increase market development over the forecasted period.
o Shifting inclination of consumers in developed countries towards natural products produced through environmentally sustainable methods is kindling up the demand for lavender essence.
o The Lavender fragrance segment accounted for the largest market share of 46.49% in 2018.
o Increasing consumption of premium products and improved standard of living of consumers, particularly in developing countries, are creating abundant growth opportunities for lavender oil manufacturers.
o The online business type accounted for a higher share of 68.85% in 2018. Online retail stores organize events to increase sales through themed promotions, during birthdays, Christmas, which are supporting the sale of the wax melts through online retail stores.
o The effortless shopping experience along with the dominance of private label brands and growing internet penetration is spurring consumers to buy fragrance wax melts online.
o The Yankee Candle Company co-operated with U.S.-based IT company, Aptos, Inc., in July 2016 for streamlining and optimizing its multi-channel retail operations. This strategic move is expected to help the company establish its global reach.
o Aromatherapy is an alternative medication therapy used to treat several disorders. The medical applications include skin-related problems, pain management, and cardiovascular diseases, cold & cough digestion problems, respiratory disorders, anxiety, immune system functioning, wound healing and insomnia.
o The aromatherapy application is expected to grow with the highest CAGR of 12.3% during the forecast period.
o The aromatherapy industry is gaining popularity especially in countries, such as Malaysia, Thailand, and India, as a vast number of people are opting for spa, rejuvenation, and other related services to reduce stress owing to busy lifestyles. It is proving to be a significant factor for market growth over the next few years.
o Other regions such as North America accounted for a market share of 22.30% in 2018. Due to the presence of manufacturers in this region, the market is expected to grow steadily.

Reasons to buy this market intelligence report:
o Detailed market evaluation both at regional and global levels.
o Significant changes in market scenario, along with an extensive competitive analysis
o Classification of the industry based on product type, application, and region
o Market segments segregated on the basis of type, application, and geography
o Comprehensive analysis of the historical data and contemporary market scenario to infer industry size, volume, share, growth, and sales
o Investigation of significant developments in the market dynamics
o Market segments and regions

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