The global Wax Melts Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global Wax Melts Market size is expected to value at USD 6.13 billion by 2025. The wax melts industry is subject to witness a substantial growth due to the growing demand for the product from numerous end-user segments coupled with their superior properties such as high gloss, non-toxicity, good water repellency and outstanding chemical resistance.
Key Players:
- East Coast Candles
- The Yankee Candle Company
- Michaels Stores, Inc.
- Scentsy
- Rimports Limited (ScentSationals, a subsidiary of Rimports)
- AFFCO
- SC Johnson
- Candles by Victoria
- Scentchips
- Walmart Stores, Inc.
- ScenSei
- Reckitt Benckiser
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Growth Drivers:
Increasing demand for synthetic wax is attributed to its unique properties such as thermal degradation resistance; high temperature stability and good heat resistance are expected to fuel market growth over the next seven years. Numerous application of wax melts in cosmetic application such as creams, eye make-ups and lipsticks are expected to boost market sale of wax melts, in the near future. Globally, the wax melts market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the wax melts industry.
Increasing competition in the market has led to development of innovative products, thereby positively affecting market growth. Growing supply and demand gap is expected to offer lucrative growth opportunities for industry participants. Aggressive marketing strategies adopted by market players to gain competitive advantages over their counterparts are predicted to stimulate market growth further.
Shifting trend towards synthetic wax is key growth factor for hot melt adhesives market, in the recent years. Additionally, increasing consummation of natural waxes and declining use of microcrystalline and polyethylene waxes owing to their hazardous effects is leading to the increasing demand for natural waxes over the forecast period.
Wax melts are increasingly used in various residential application such as home fragrance product. Wax melts are easily available in varied shapes, sizes, and colors. Increasing adoption of wax melts in commercial buildings, such as shopping malls, offices and market complexes are expected to promote market development over the next seven years.
Application Outlook:
- Domestic
- Cosmetic
The cosmetics sector is considered as one of the faster growing segment in the wax melts industry with substantial revenue generation in the last few years. Growing popularity of the cosmetic segment is attributed to the increasing adoption in various skin-care products such as facemasks, creams and peels.
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA
North America has shown major growth in recent years owing to the changing lifestyle, and existence of well-established manufacturing infrastructure. Asia-Pacific region is predicted to hold major market share in the wax melts market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing consumer awareness, improved living standards, and significant investment by leading industry players considering potential growth opportunities in the region.
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