The scented candles market is on the rise...
A new report from Future Market Insights (FMI) has revealed that the global scented candles market is expected to surpass a valuation of US$ 3.6 Bn in 2022, with sales growing at a 4.1% CAGR (Compound Annual Growth Rate) through 2032.
This is no surprise to us. Over the past few years - what with the Coronavirus pandemic forcing us to stay at home - many people have sought to make their homes as cosy and pleasant as possible. Candles, with their soothing scent and comforting flicker, undoubtedly achieve this.
What's trending in the candle world?
As well as making estimates about the future value of the scented candle market, the research by FMI also investigated the current and upcoming trends within the candle world.
Firstly, the report found that many candle makers are creating limited-edition candles to celebrate different holidays...
Another key trend unveiled by the report is personalised candles. This is no surprise, given the huge rise in the popularity of personalised gifts as technology has advanced. After all, if you're giving someone a gift, why wouldn't you want to add a personal touch?
Discussing the report, Yahoo Finance explains: 'Personalization is gaining a center stage in the [scented candle] market. In response to this, companies are enabling consumers to customize and personalize their candles by letting them choose the scents and allowing them to add messages and notes. Such developments are expected to create opportunities for growth in the market.'
Style over substance...
We were intrigued to learn of one particular key trend discovered by FMI's report. While the scent is often assumed to be the key selling point of any scented candle, the report uncovered the newfound importance of a candle's visual aesthetics and packaging, with many people choosing a candle because it fits their decor, rather than wanting a specific scent.
An FMI analyst adds: '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.'
While we would have assumed scent would remain the primary selling point of any candle, it does make sense that the visual design is taking center stage. After all, the past few years have seen a huge boom in interior design and home decor.
What else did the report find?
According to Yahoo Finance, these are the key takeaways from FMI's report into the scented candle market...
Container-based candles are expected to dominate the market.
Sales of round scented candles are expected to grow at a 3.4% CAGR.
The demand for multi-wick candles will increase at a 5.2% CAGR through 2032.
Sales through online channels are projected to grow at 6.9% CAGR over the assessment period.
The U.S. will continue dominating the North American scented candles market. This is largely driven by the 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.