Wax Melts Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1454
Wax Melts Market size is anticipated to witness a surge in demand owing to its advancement in fragrance’s longevity. Additionally, it is cheaper against numerous alternatives including room fresheners, scented candles and reed diffusers.
Growing wax melts market demand in air ambiance usage and hygiene is anticipated to flourish in residential and commercial buildings including offices, shopping malls, residential houses and market complexes. The availability of several types of fragrances coupled with attractive packaging is also an additional growth factor. These products are safer and environmental friendly as compared to substitutes due to absence of unfavorable emissions and exposed flames which causes various health issues.
These are manufactured using soy, paraffin, palm, bees and few blends including para soy. Furthermore, various type of fragrances available in wax melts market includes chocolate, vanilla, sandalwood, jasmine and lavender, which helps to attract customers with frequent changing preferences. Uniqueness of each product allows international as well as regional manufacturers to effectively utilize their raw material composition and product ingredients to create varied products.
Wax melts market growth is generally governed by increasing demand of emulsions as a major manufacturing ingredient in the form of an oil in water emulsion. This development provides an outstanding impact on several product processing and formulations and further providing numerous technical applications in textile, paper and glass making industry. In addition, subsequent increase in demand of paint, coatings, adhesives and sealants foster the wax melts market demand.
Home fragrance products takes up major demand share in this industry. Increasing urbanization coupled with hectic work schedules have led to a rise in product output and positively encouraging the wax melts market demand in coming years. Popularity of aromatherapy is increasing these days to relieve pain for brain stimulation, mood enhancement and cognitive functioning which increases product demand more in residential areas.
Swings in petroleum prices, especially crude oil, is projected to impact the prices of paraffin mixtures, the main product ingredients. Difficulty in sourcing of raw materials along with its volatile price fluctuation is a major challenge for the manufacturers in the forecasted period. Another restraining factor is growth in demand of alternatives including reed diffusers and scented candles.
In 2015, North America was the dominant market player accounting for more than half of the global wax melts market. Growing regional demand of aromatherapy and air care owing to increase in public awareness related to health and environmental concerns including harmful usage of aerosol sprays moreover adds up to promotion and productive of these products.
Europe is predicted to experience a balanced growth in the wax melts market due to rise in consumer awareness about synthetic ingredients of these fragrance products, which are less harmful as compared to various other alternatives. Furthermore, stringent government regulations concerning harmful spray emissions is expected to shift the consumer preference towards the product in near future.
Rising demand of aromatherapy propelled by increasing usage of specialized essential oil based products in UK is projecting the country as the largest wax melts market in the region. Moreover, rising demand of home décor products due to a surge in housing construction is UK is also a significant driver of growing product demand.
In Asia Pacific region, China tends to lead wax melts market owing to a significant rise in consumers’ willingness to enhance their home ambience. Ever increasing population and growing demand of consumer goods will augment the market position especially in middle class income sector in the country.
Wax melts market is fragmented into various large and small manufacturers. Major large manufacturers are present in Europe and North America, some of the industry players are Yankee Candle, Scensei, S.C. Johnson, Reckitt Benckiser, Walmart, Rimports Limited, Scentsy, Michaels, Candles by Victoria, AFFCO and East Coast Candles. Companies are concentrating on evolving wax melts market demand with long lasting smell coupled with appealing packaging to gain revenues in this highly competitive product market.
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