Industry Insights
Wax melts are used as a home fragrance product and are readily available in various shapes, sizes, and colors. Moreover, the increasing product usage in commercial buildings, such as shopping malls, offices, and market complexes, will promote market development over the next nine years.
These products are primarily made up of paraffin, soy, beeswax, palm, and wax blends including para-soy. In addition, these products are available in several fragrances including vanilla, chocolate, jasmine, sandalwood and lavender, which will increase its consumption over the next nine years.
Every product is unique and manufacturers use their composition of raw materials and ingredients to manufacture these products. Both big players, as well as local vendors, produce wax melts.
Aromatherapy is often practiced at homes to relieve pain, for mood enhancement, cognitive functioning, and brain stimulation. The growing importance of aromatherapy at residences is anticipated to generate ample growth opportunities over the next nine years.
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Regional Insights
Europe is anticipated to foresee steady growth owing to rising consumer awareness regarding synthetic ingredients in fragrance products. Moreover, harmful emissions from aerosols coupled with stringent regulations over the use of aerosol fresheners are anticipated to shift consumer preference to wax melts over the forecast period. However, high consumption of reed diffusers and scented candles in the region will hinder demand over the next nine years.
Country Insights
China is expected to witness substantial growth owing to customer willingness to spend on enhancing the home ambiance. The demand in the country is anticipated to increase significantly over the forecast period at a CAGR of 12.8%, on account of ease of usability of wax melts over candles, rise in middle-class income, mass consumption of fast moving consumer goods, and dense population.
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