According to a report,“North America Fragrance Wax Melts Market Analysis And Segment Forecasts To 2024”, published by Grand View Research, Inc., North America fragrance wax melts market is expected to reach USD 2.90 billion by 2024. Increasing demand for home fragrance products coupled with rising significance of aromatherapy will augment product consumption over the forecast period. The absence of exposed flames and harmful emissions, makes wax melts a safe and eco-friendly option which will drive its demand over the forecast period.
Major Key Players of North America Fragrance Wax Melts Market:
Key operating companies in the industry include Scentsy, Yankee Candle, Rimports Limited, S.C. Johnson, Reckitt Benckiser, East Coast Candles, AFFCO, Candles by Victoria, Scentchips, Inc., Walmart, Michaels, and Scensei.
Scentsy is a major manufacturer of scented wax melts and candles and offers various types of products including spring & summer, classics, romance, corner cafe, and new releases wax melts.
North America fragrance wax melts market, by country, 2013 – 2024 (USD Million)
Key Highlights from the report:
The U.S. was the largest market in North America and contributed to 80.0% of the overall revenues in 2015. Busy work schedules and changing lifestyles have led consumers to utilize more fragrance products at home for the maintenance of proper ambiance. Moreover, development of new exotic aromatic compounds coupled with the practice of aromatherapy at homes will stimulate market growth over the forecast period.
Canada is expected to witness significant gains at a CAGR of 11.9% from 2016 to 2024 in light of rising consumer surplus and growing prosperity of the middle-class population. Availability of different varieties of scents will generate more interest among consumers to avail the products and will drive the industry expansion over the next eight years.
Scentsy, Yankee Candle, Rimports Limited, S.C. Johnson and Reckitt Benckiser dominated the North America fragrance wax melts industry in 2015. The market is also fragmented in nature with the presence of numerous local manufacturers. Key players in the market are focusing on increasing their market share along with profitability through product innovation. Low capital and technology investment, are likely to create low entry barriers and maintain high competition among industry participants.
In July 2016, Yankee Candles partnered with a U.S. based IT company named Aptos, Inc., for streamlining and optimizing its Omni-channel retail operations. In December 2015, East Coast Candles launched its online store in an attempt to make its products readily available to its customers.
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“U.S. is expected to dominate North America fragrance wax melts market till 2024”
The presence of significant petroleum and essential oil companies along with the abundant soya bean production in the U.S. will create high availability of the raw materials. The U.S. market is expected to witness substantial growth in light of greater penetration of the product in the country coupled with increasing usage of air fragrance products and growing demand for better air quality.
Consumers are spending more time at home on account of freelancing, telecommuting and work-from-home culture in the U.S. Spending more time at homes has led consumers to increase spending on home hygiene and cleanliness. Moreover, development of new exotic aromatic compounds coupled with the practice of aromatherapy at homes will further fuel the industry growth over the forecast period.
Mexico accounted for 6% of the overall share in 2015 and is expected to witness high gains despite the lack of consumer knowledge regarding fragrance products. Rapid industrialization coupled with growing per capita income will augment product demand. Rising consumer awareness regarding air quality and air care is expected to propel the demand for the product over the forecast period.
Grand View Research has segmented the North America wax melts market on the basis of country:
North America Wax Melts Country Outlook (Revenue, USD Million, 2013 – 2024)
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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