Global Wax Melts Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Wax Melts Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The wax melts is a completely coreless waxy wax that can be melted in the heating device. The heater heats and melts the solid wax. When the wax melts, it will be full of smell. The melt is also called wax tarts and wax cubes.

Market Overview:

The latest research study on the global Wax Melts market finds that the global Wax Melts market reached a value of USD 1432.34 million in 2022. It’s expected that the market will achieve USD 1985.79 million by 2028, exhibiting a CAGR of 5.6% during the forecast period.

Influence of COVID-19 Outbreak on Global Wax Melts Industry Development

The impact of COVID-19 on the wax melt industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely impeded, production plans have been severely impeded, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee income have been damaged. The impact on the wax melt industry depends on the prevention and control effects of COVID-19.

COVID-19 has a huge impact on the operation of the industry, of which the impact on SMEs is more obvious. The suspension of production not only exacerbates the shortage of funds for SMEs, but also reduces the solvency of the enterprise and may affect production and sales. Some enterprises are in business difficulties and even go bankrupt. Therefore, we expect the world market of the wax melt industry to decline.

Limitations

Technological progress and product replacement will inhibit the development of the industry. The development of the Internet has facilitated communication, and information has gradually become transparent and easily accessible. Many people said that they often get inspiration on the Internet to develop competitive products in the market. However, while technological innovation and product updates have become easier, competition has become more intense. An explosive product may be replaced within a few years. With regard to wax melts, its appearance makes up for the defects of candles and meets the new demands of consumers. For example, without an open flame, release enough fragrance, environmental protection and so on. However, in recent years, products such as reed diffusers have appeared. They can also fill the room with fragrance without using an open flame. Alternatives like reed diffusers are emerging one after another and are expected to inhibit the development of the wax melts industry.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

The top three companies are Yankee Candle, S. C. Johnson & Son, Inc., Rimports Limited with the revenue market share of 7.41%, 4.62% and 3.44% in 2019.

Yankee Candle, established in 1969, provides more than 150 kinds of perfumes, various seasonal and special scented candles, household perfume products, car air fresheners and candle accessories.

Most of their candles are made by major grocers in Massachusetts (people who make candles). Their candles and accessories can be found in 475 company-owned retail stores throughout the United States, as well as the expanding North American wholesale customer network (including more than 19,000 professional retailers in the United States).

S. C. Johnson & Son, Inc. is a global manufacturer of household cleaning and chemical consumer products. With branches in 72 countries and 110 countries, it is the most important entity in the Johnson family business. The Johnson family business also includes Johnson Financial Group, Johnson Diversification, and Johnson Outdoors. As of 2016, approximately 13,000 employees were employed.

Segmentation Overview:

Among different product types, Paraffin segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Home segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Wax Melts market covered in Chapter 3:

Scentsy
Rimports Limited
Michaels
Luminex
Standaround Creations
Bramble Bay Candle Co
East Coast Candles
Scentchips
S. C. Johnson & Son, Inc.
Candles by Victoria
Thymes
Mels Candles
Yankee Candle
Goose Creek Candle
Reckitt Benckiser

In Chapter 4 and Chapter 14.2, on the basis of types, the Wax Melts market from 2018 to 2029 is primarily split into:

Soy Wax Melts
Paraffin Wax Melts
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Wax Melts market from 2018 to 2029 covers:

Home
Commercial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)