Fragrance Wax Melts Market Measured Current Value into an Industrial Standard Forecast 2023-2030 in Market Research Community
- June 2, 2023, 4:22 a.m.
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Fragrance Wax Melts Market Insights:
The fragrance wax melts market is expected to witness steady growth during the forecast period of 2023-2030, with a projected CAGR of 6.2%. In 2022, the market was valued at USD 1.92 billion, and by 2030, it is estimated to reach a value of USD 3.3 billion.
Aroma wax melts, commonly referred to as wax tarts, are produced by heating wax blocks that contain fragrances in specialized warmers. These wax melts have gained significant popularity as a substitute for candles, providing a safer and flame-free method of filling a room with delightful scents. With the growing consumer preference for natural and eco-friendly products, the market for aroma wax melts is expanding within the home fragrance industry.
The market for scented wax melts can be categorized into different segments, including type, application, distribution method, and region. In terms of wax type, scented wax melts are typically made from soy wax, beeswax, paraffin wax, and other types of wax. Soy wax is widely used in scented wax melts due to its natural composition and environmentally friendly characteristics. In terms of application, scented wax melts find use in both commercial fragrance and home fragrance sectors, with a higher prevalence in households where there is a significant demand for scented products. When it comes to distribution, scented wax melts are available through various channels such as supermarkets, hypermarkets, specialty shops, online retailers, and other outlets.
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According to a recent market research report, the global fragrance wax melts market is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028, reaching a market value of approximately $8.9 billion by the end of the forecast period. Soy wax is expected to hold the largest market share during the forecast period due to its natural and eco-friendly properties.
The market for scented wax melts can be divided based on geographical regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Currently, North America leads the market in terms of market share, driven by the rising demand for home fragrance products that are natural and environmentally friendly. Europe also plays a significant role in the fragrance wax melts market, with specialty stores and online retailers contributing to its growth. The Asia-Pacific region is expected to experience the highest growth rate for fragrance wax melts, attributed to the increasing disposable income and a growing awareness of eco-friendly products in the region.
Market Segmentation
By Wax Type:
Beeswax, Para-soy Paraffin Wax-Blends, Soy Palm, Rapeseed Wax, Coconut Wax, and Others
By Fragrance Type:
Floral, Fruity, Fresh, Lavender, Sandalwood, Vanilla, and Others
By Distribution Channel:
Online Retail (E-Commerce, Company Owned Website) and Offline Retail (Hypermarket/Supermarket, Specialty Stores, Departmental Stores, and Others)
By Application:
Residential and Commercial
By Geography:
North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa
During the projected period, the home fragrance segment is anticipated to dominate the market share in terms of application, owing to the strong demand for scented products in residential settings. Additionally, the commercial fragrance segment is expected to experience notable growth, propelled by the rising utilization of fragrance melts in establishments such as hotels, spas, and other commercial spaces.
In conclusion, the fragrance wax melts market size is a growing segment of the home fragrance industry, driven by increasing demand for natural and eco-friendly products. The market can be segmented by type, application, distribution channel, and geography, and is projected to reach a market value of approximately $8.9 billion by 2028. With increasing demand for natural and eco-friendly home fragrance products, the fragrance wax melts market is expected to continue to grow in the coming years.
The study provides answers to the following key questions:
- What type of customers buying the products and services from companies operating in the Fragrance Wax Melts Market?
- What will be the roadmap for the product manufacturers operating in the Fragrance Wax Melts Market industry for the forecast period, 2023 to 2030?
- What are the recent developments in the competitive landscape to look out for during the estimated period?
- What are the major trends influencing customers’ lives and their buying behaviour?
- How can brands best communicate with the customers they intend to target?
- When, where and how the customers want to use or consume the products or services?
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