Projected to hit US$ 3.76 billion in 2023, the global scented candle market anticipates a steady rise, with demand for aromatic candles expected to increase at a healthy Compound Annual Growth Rate (CAGR) of 4.10% from 2023 to 2033. By the end of this period, the market value is forecasted to soar to US$ 5.64 billion. This growth trajectory reflects sustained consumer interest in home fragrance products, driven by factors such as a desire for ambiance, relaxation, and wellness. As scented candles continue to evoke sensory experiences, the market offers ample opportunities for expansion and product innovation.
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.
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.
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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.
Business Growth Drivers:
- Rising Demand for Aromatherapy: With increasing awareness about the benefits of aromatherapy for relaxation, stress relief, and mood enhancement, there’s a growing demand for scented candles infused with essential oils.
- Home Décor Trends: Scented candles have become an integral part of home décor, contributing to ambiance and creating cozy environments. As interior design trends evolve, scented candles are often incorporated as decorative elements, boosting their sales.
- Gifting Culture: Scented candles are popular gifting items for various occasions like birthdays, weddings, and festive seasons. Their versatility, along with a wide range of fragrances available, makes them a preferred choice for gift-givers.
- Online Retail Growth: The proliferation of e-commerce platforms has significantly expanded the reach of scented candle manufacturers. Online sales channels provide easy accessibility to consumers, driving market growth.
- Product Innovation: Continuous innovation in terms of fragrance combinations, packaging designs, and eco-friendly formulations has fueled consumer interest and contributed to market expansion. Companies are also introducing themed collections and limited-edition scents to attract customers.
- Health and Wellness Trends: As consumers prioritize health and wellness, there’s a growing demand for natural and organic scented candles made from sustainable ingredients. This trend aligns with eco-conscious consumer preferences, further driving market growth.
Industry Restraints:
- Competition from Alternatives: Scented candles face competition from alternative home fragrance products such as diffusers, room sprays, and wax melts. These products offer similar benefits and appeal to consumers seeking variety.
- Health Concerns: Despite the popularity of scented candles, some consumers are wary of potential health risks associated with burning paraffin-based candles, which release harmful chemicals like benzene and toluene. This concern may lead to a shift towards cleaner, natural alternatives.
- Fluctuating Raw Material Costs: The scented candle industry is sensitive to fluctuations in the prices of raw materials such as waxes, fragrances, and containers. Volatile material costs can impact profit margins and pricing strategies, posing challenges for manufacturers.
- Environmental Impact: While scented candles contribute to indoor ambiance, their production and disposal can have environmental repercussions. Issues like non-biodegradable packaging, carbon emissions from burning, and waste generation pose sustainability challenges for the industry.
- Regulatory Compliance: Compliance with regulations related to fragrance ingredients, labeling requirements, and safety standards presents regulatory challenges for scented candle manufacturers. Adhering to evolving regulatory frameworks adds complexity and costs to the production process.
Key Takeaways:
- 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.
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Competition Landscape
Leading players operating in the global scented candles market are investing in promotional strategies, advertisements, and new product launches with limited edition scents to gain a competitive edge in the market.
Key players operating in the market profiled by FMI include
- MVP Group International, Inc.
- Newell Brands
- Estee Lauder Companies
- NEST New York
- Thymes, LLC
- L Brands
- Portmeirion Group Plc
- The Yankee Candle Co. Inc.
- The White Barn Candle Co.
- The Village Candle
- Bridgewater Candles
Scented Candles Market By Category
Product Type:
- Container Based Scented Candles
- Pillar Scented Candles
- Others
Shape:
- Round
- Flower
- Heart
- Oval
- Others
No. of Wicks:
- Single Wick
- Multi Wicks
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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