Scented Candle Market - Overview
A scented candle is a candle with a natural or synthetic scented material blended into it. Scented candles are known to generate psychological effects from the ambient aroma of fragrances. Materials used for aroma in scented candles are generally categorized into two groups: plant extracts/essential oils or fragrant chemicals. Evaporation of the fragrance from the pool of heated wax candle generates the aroma from a lighted scented candle. Essential oils are extracted from shrubs, trees, and flowers from all over the world. Each essential oil has its own unique chemical makeup. Fragrant chemicals are usually derived from animal sources and petroleum.
Scented Candle Market - Drivers and Restraints
Factors such as increasing consumption of eco-friendly candles and usage of candles for home decoration are expected to drive the scented candle market globally. Organic candles are an alternative to paraffin wax candles. These candles are toxin free and only have natural and organic materials. Another name for organic candles is green candles. Bee wax and soy wax are the two organic materials used to make candles. Bee wax is 100% natural and does not release any toxic gas when lighted. Soy wax is also an organic material used for making candles. Usage of organic candles is expected to increase due to increasing consumer awareness about these products. Manufacturers are also designing specialized scented candles for home furnishing to enhance the look of the house. Fruit shaped candles for the living room and dining area are available in the market. Such innovation by manufacturers is anticipated to increase the consumption of candles.
Scented Candle Market - Segmentation
The global scented candle market can be segmented based on the raw materials, product type, fragrance, distribution channel, and region. Based on raw material, the scented candle market can be classified into wax, liquid dyes, soy, glass, and others. Based on product type, the market can be classified into jar, pillar, tea light, tumbler, vase, and others. In terms of fragrance, the scented candle market has been segmented into fruit, flower, spice, blends, and others. Based on distribution channel, the scented candle market can be segmented into online and offline distribution channel. The offline channel of distribution can be further classified into hypermarkets/supermarkets, departmental stores, and specialty stores. Online retail stores create events to increase sales through themed promotions, such as during Christmas, birthdays etc. which is supporting the sale of scented candles through online retail stores. The seamless shopping experience with the dominance of private label brands and rising internet penetration is encouraging consumers to buy scented candles online.
Based on region, the global scented candle market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Scented candles sale is expected to be dominant in North America and Europe, due to availability of raw materials especially in countries such as Poland, Germany, and the Netherlands. Further, the growth of the global scented candle market is expected to be the fastest in the Asia Pacific region. This growth is supported by countries such as Australia, Japan, China, and India. In Europe, Germany and the Netherlands are the main importers of candles. Poland, Germany, and the Netherlands are Europe’s main candle producers.
Scented Candle Market - Key Players
Some of the key players offering scented candles in the global market includes Reckitt Benckiser (Air Wick) (U.K.), CoScentrix, P&G (U.S.), Yankee Candles (U.S.), Colonial Candle (U.S.), Lee Naturals, The Conscious Candle (Australia), Welburn Candles Pvt. Ltd. (India), Parcan (Netherlands), Bolsius International BV, and others. There are a number of candle manufacturers in Northern Europe. Key manufacturers include Diana, Balsius International, Yankee Candles, and Vollmar Gmbh.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.