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Scented Candle Market 2024 - Growth by Regional Segments, Upcoming Business Strategies, Industry Revenue And Forecast by 2033
Scented Candle Market
According to The Business Research Company's, The scented candle market size has grown strongly in recent years. It will grow from $3.91 billion in 2023 to $4.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to aesthetic and décor trends, wellness and stress relief, seasonal and holiday demand, gifting and personalization, evolution of fragrance preferences..
The scented candle market size is expected to see strong growth in the next few years. It will grow to $5.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to wellness and mindfulness practices, innovation in fragrances, seasonal and occasional demand, personalization and customization, sustainability and eco-friendly practices.. Major trends in the forecast period include holistic well-being focus, natural and botanical scents, limited edition offerings, unique fragrance combinations, therapeutic and mindfulness practices..
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Market Drivers and Trends:
Changes in lifestyle that are leading to stress and related ailments are expected to propel the scented candle market going forward. Stress refers to any form of change that creates physical, emotional, or psychological distress. The body reacts to anything that demands attention or action by causing stress. Numerous changes have occurred in people's lives as a result of the COVID-19 epidemic, including uncertainty, altered daily schedules, financial hardships, and social isolation. These changes have raised anxiety, concern, and stress. To alleviate anxiety and despair, people are searching for ayurvedic, chemical-free techniques such as aromatherapy that uses scented candles. For instance, in January 2023, according to Champion Health Inc., a UK-based health and wellness platform that offers mental health support for employees, around 17% of individuals in the UK had some type of depression in the summer of 2021, compared to 10% before the pandemic. Anxiety is the most prevalent mental disorder, affecting 40 million individuals (19.1% of the population). , Therefore, changes in lifestyle that are leading to stress and related ailments are driving the scented candle market.
Major market players are focusing on product innovations to gain a competitive edge in the market. For instance, in November 2022, Shefar, a Japan-based direct-to-consumer fragrance brand, launched a Liela and Mullan Candles product line of scented candles. The candles join the brand's range of fragrant goods inspired by the concept of ""the girl of your dreams."" The candles were created using a well-balanced recipe that does not compromise the aroma intensity while achieving great combustion effectiveness and low soot emission. The aroma of the Liela Candle is a combination of delicate and elegant jasmine, refreshing and soothing vanilla, and sandalwood for an elegant but not too-sweet finish. Mullan Candle combines a fresh and clean citrus aroma, a stunning and fragrant flower scent, and the smokey scent of patchouli to create a refined and soothing environment.
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Major Key Players of the Market:
Califo*rnia Exo*tic Novelties; Colonial Candles Inc.; CoScentrix LLC; Diptyque Paris; Himalayan Trading Post Inc.; Lee Naturals LLC; Magnolia Scents by Design LLC; Mel's Candles LLC; Net-a-Porter Holdings Limited; Newell Brands Inc.; Northern Lights Candle Co. LLC; Amy's Country Candles LLC; BeCandle LLC; Bolsius International BV; Brandt Kaarsen BV; Bridgewater Candle Company LLC; Voluspa Inc.; Paddywax Candles Inc.; Nest Fragrances LLC; Homesick Candles LLC; Capri Blue Candles LLC; Chesapeake Bay Candle Company LLC; Yankee Candle Company Inc.; Thymes Fragrances LLC; Mrs. Meyer's Clean Day; Trapp Candles; Illume Candles; Village Candle; Millefiori Candles; Stonewall Candle Company; WoodWick Candle Company LLC; DW Home LLC
Scented Candle Market 2024 Key Insights:
• The scented candle market will grow to $5.22 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• The Scented Candle Market Surges As Lifestyles Adapt To Stress-Inducing Changes
• Shefar Unveils Liela And Mullan Candles, Elevating Fragrance Innovation In The Market
• North America was the largest region in the scented candle market in 2023
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