The global scented candles market is expected to surpass a valuation of US$ 3.6 Bn in 2022, with sale growing at a 4.1% CAGR through 2032.
Manufacturers are introducing limited edition scents and seasonal scents to boost sales. For instance, DIPTYQUE is selling a set of 5 scented candles that are part of a limited edition. Additionally, gift-giving options are being marketed for these candles.
Personalization is also taking centre stage in the market due to changing consumer preferences. In response, businesses offer customers the option to personalise and customise their candles by letting them select the scents and include messages and notes. Such changes are predicted to open up opportunities for market expansion.
Gamers now provide small limited-edition candles in addition to standard-sized candles, which are well-liked as gift choices. Some of the fragrances being promoted include berries, roses, pine trees, jasmine, musk, fig trees, wood fire, and mimosa.
Besides scents, companies are focusing on enhancing their packaging designs as the visual appeal of the product plays a major role in shaping consumer preferences. Leather bag inspired box, print box packaging, and eco-friendly sustainable packaging are some packaging options offered by the manufacturers.
“Scented candles are being promoted as décor accents for homes as they provide ambient light and a luxurious visuals. Many of the scented candles are also being promoted as anxiety and stress reducer fragrances. Such developments are expected to augment the growth of the market through 2032,” says an FMI analyst.
- In terms of product type, container-based candles are expected to dominate the market.
- Based on the shape, sales of round scented candles will grow at a 3.4% CAGR.
- Demand for multi wick candles will increase at a 5.2% CAGR through 2032.
- Sales through online channels are projected to grow at a healthy 6.9% CAGR over the assessment period.
- The U.S. will continue dominating the North America scented candles market, driven by high demand for limited edition candles.
- Sales in the U.K. scented candles market will increase at a 3% CAGR over the forecast period.
- India will emerge as a lucrative market, with sales projected to increase at a 2.9% CAGR over the assessment period.
Information Source: https://www.futuremarketinsights.com/reports/scented-candles-market