MCO - romantic Scented candles with different scents - perfect for household shops and start ups to sell
MCO scented candles World
The global scented candles market size was valued at USD 533.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2021 to 2028. The growth of the market is being driven by an increase in the number of hotels, restaurants, wellness facilities, and religious institutions.
With an increase in disposable income, there has been an increase in home renovation and home decoration activities. An increasing number of people want to make their home a comfortable place to live since the pandemic has resulted in extended periods spent at home. Sculpture scented candles or organically shaped candles are some of the popular 2020 trends adopted by consumers.
Scented candles can be used in both commercial and residential sectors. An increase in home renovation and home décor activities has driven the demand for scented candles in the residential sector. As these candles have therapeutic properties, commercial businesses like spas frequently use scented candles. Market players are focusing on offering innovative scents that resonate with their customers to expand market shares. Several companies have also increased their R&D investments to come up with better products.
A trend that was popular in 2020 was twisted candles. These candles are vibrant, functional, decorative, and customizable, and can be molded in any shape. These candles were created by Dutch designer Lex Pott, who is known among candle aficionados as the designer of Hay’s hit Pillar candles. The designer’s twisted candle gained popularity toward the end of 2019 and exploded on social media in 2020. According to Areaware, consumer's interest in sculptural candles was increasing before the pandemic, but it surged once everyone was supposed to spend more time at home due to lockdown.
The container-based segment dominated the market for scented candles and accounted for the largest revenue share of more than 56.0% in 2020. Customers benefit most from the large range of fragrance options available to them, as well as the ability to personalize the fragrance to their preferences.
Scented container-based candles are quite popular since they are being used in restaurants as well as for home décor. These scented candles can set the perfect mood and atmosphere, making them ideal for parties. Soothing scents are preferred by millennials hoping to create a relaxing ambiance and maintaining a positive mindset.
Many manufacturers offer customized container-based scented candles. They have been a popular candle choice for generations. Basically, these candles are non-flammable containers filled with wax and a wick. They have a lower melting point, which helps the scents to fill the room more effectively. Container-based scented candles can burn up to 110 hours with a soothing fragrance, are made up of premium-grade paraffin wax, and come with 100% natural fiber wicks.
Distribution channel Insights
The hypermarkets and supermarkets segment is expected to project a CAGR of more than 3.0% in the market for scented candles over the forecast period. According to The NPD Group in 2020, which measures the sales in department stores and specialist beauty merchants, fragrance sales fell by 17% year-over-year from January 2020 to September 2020. Additionally, home scent sales increased by 13% while sales of home scent gift combinations, such as a candle and lotion combo, increased by 22% during the period. For instance, less traditional fragrance categories are enjoying increased demand from retailers and cosmetics brands. In August 2020, The Times reported that candle sales at Selfridges increased by 54% since March 2020, while candle sales at Diptyque increased by 100.0% since March 2019.
In April 2021, according to The Association for Convenience and Fuel Retailing, in the U.S., the basket size for convenience store sales increased by 18.4% in 2020 as compared to 2019. Many consumers prefer buying scented candles from offline channels, as they prefer to smell the scent of the candle before buying. This factor will further help drive the sale of scented candles via the convenience stores segment.
North America dominated the scented candles market and accounted for the largest revenue share of more than 33.0% in 2020. Although the demand for HDHT goods, including scented candles, was hit during the initial phase of the pandemic, the demand for the same picked up as consumers began to focus on their personal health and wellbeing and spending on small indulgences.
According to the 2020 HomeAdvisor survey, the average household spending on home services in the U.S. in 2020 was USD 13,138, up from USD 9,081 in 2019, driven partly because of an increase in the number of home improvement projects. Respondents said that they had shifted their budgets from commuting, vacationing, and dining out to home improvement projects. Lifestyle demands drove home renovation projects in 2020, with 41.0% of the respondents citing this as their top reason for renovations.
How big is the scented candle market?
The global scented candles market size was estimated at USD 533.5 million in 2020 and is expected to reach USD 543.6 million in 2021.
What is the scented candle market growth?
The global scented candles market is expected to grow at a compound annual growth rate of 3.3% from 2021 to 2028 to reach USD 690.8 million by 2028.
Which segment accounted for the largest scented candle market share?
North America dominated the scented candles market with a share of 33.14% in 2020. This is attributable to increasing number of spa and massage parlors in U.S. and Canada also shifting trend towards gifting scented candles on celebratory occasions and festivities driving the growth.
What are the key factors driving the scented candles market?
Key factors that are driving the market growth include increasing awareness regarding application of scented candles in various types of aromatherapies and massages which helps in achieving a meditative state of mind.
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