Wax Melts Market Projected To Raise At USD 5.19 Billion By 2030

 San Francisco, 26 July 2023: The Report Wax Melts Market Size, Share & Trends Analysis Report By Product (Paraffin, Soy Wax, Palm Wax, Beeswax), By Pack (Single Pack, Multi Pack), By Application (Household, Commercial), By Region, And Segment Forecasts, 2023 - 2030

The global wax melts market size is expected to reach USD 5.19 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2023 to 2030. The rising demand for home decor across the globe is a key factor in the growth of the wax melt industry. Wax melts are a convenient and affordable way to add scent and ambiance to any room as consumers look for ways to make their homes more comfortable and welcoming. Wax melts are considered safer and more convenient than traditional candles since they do not require an open flame. This makes them a popular choice among consumers with young children or pets.

Additionally, the pandemic had an impact on the kinds of fragrances that people were buying. Demand increased for scents like lemon, eucalyptus, and lavender that were considered to promote hygiene. Additionally, scents like vanilla and sandalwood that are associated with relaxation were also in demand.

Eventually, the COVID-19 pandemic caused a change in consumer purchasing habits for wax melts, including a rise in the desire for house fragrances and a preference for online buying. The kinds of fragrances that people were buying also shifted, with an emphasis on aromas connected to relaxation and cleanliness.

A rising millennial population and increased consumer spending are the major factors propelling the demand for wax melts. Additionally, key players are expanding into new locations and product portfolio to spread awareness regarding the brand and the usage of candles. For instance, in January 2022, Diptyque launched a candle and wax melts collection. The company is excessively promoting its products through endorsements and Key Opinion Leaders (KOL) to garner demand from consumers across China due to the rising population and the changing consumer preferences with regards to fashion and home décor.

The growing customer preference for organic and environmentally friendly goods is the main driver of soy wax melts market. As an environmentally acceptable substitute for conventional paraffin wax, which is made from petroleum, soy wax is produced from soybeans, a resource that is both renewable and sustainable.

Furthermore, North America wax melts market is estimated to be the dominate in 2022 owing to the innovation in wax melts has led to the development of unique and creative products that offer added value to consumers. For instance, the introduction of wax melts that have dual fragrances. These products contain two distinct fragrances in one melt, allowing consumers to create their own unique scent by blending them together.

Access Research Report of Wax Melts Market @ https://www.grandviewresearch.com/industry-analysis/wax-melts-market

Wax Melts Market Report Highlights

• The palm wax melting segment is expected to witness substantial growth over the forecast period. Palm wax candles are gaining popularity due to their eco-friendliness and sustainable nature. Palm wax is derived from palm oil, which is a renewable resource that is easily replenished
• The multi pack wax melts segment is expected to witness substantial growth over the forecast period from 2023 to 2030. Multi-pack candles offer customers the opportunity to experiment with different scents and find the perfect combination for their needs
• The wax melts for commercial application is expected to witness substantial growth over the forecast period. The use of wax melts in aromatherapy has been found to have a positive impact on mood and emotional well-being
• Wax melts are often used in China to freshen up indoor spaces, such as bedrooms, living rooms, and bathrooms. They are also used to create a relaxing and calming atmosphere during meditation or yoga sessions

Wax Melts Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 3.47 billion
Revenue forecast in 2030	USD 5.19 billion
Growth rate	CAGR of 5.7% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

List of Key Players in the Wax Melts Market

• East Coast Candles
• The Yankee Candle Company
• Michaels Stores, Inc.
• Scentsy, Inc.
• Bridgewater Candle Company
• Bramble Bay Candle Co.
• AFFCO Holdings
• Candles by Victoria
• Johnson & Sons Inc.
• NEST Fragrances, LLC.

Access Press Release of Wax Melts Market @ https://www.grandviewresearch.com/press-release/global-wax-melts-market