Market revenue in 2023 | USD 205.2 million |
Market revenue in 2030 | USD 364.4 million |
Growth rate | 8.5% (CAGR from 2023 to 2030) |
Largest segment | Paraffin |
Fastest growing segment | Palm Wax |
Historical data | 2018 - 2022 |
Base year | 2023 |
Forecast period | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Paraffin, Soy Wax, Palm Wax, Beeswax, Others (Stearin, Rapeseed Wax, Coconut Wax) |
Key market players worldwide | East Coast Candles, Yankee Candle Company, Michaels Stores, Scentsy, Bridgewater Candle Company, Bramble Bay, Talley Group, Stora Enso Oyj Ordinary Shares - Class R, SC Johnson, NEST New York |
Paraffin was the largest segment with a revenue share of 30.12% in 2023. Horizon Databook has segmented the India wax melts market based on paraffin, soy wax, palm wax, beeswax, others (stearin, rapeseed wax, coconut wax) covering the revenue growth of each sub-segment from 2018 to 2030.
With the rise in increased spending on homes, homeowners are now emphasizing the importance of making the space both beautiful and functional. Additionally, the money that would have been spent on vacations, trips, and eating out was instead diverted to domestic expenditures. This trend will bode well for luxury wax melts.
Some popular luxury wax melts brands, such as Jo Malone, East Coast Candles, and Yankee Candle, have launched their products in India through ecommerce platforms to expand their presence in the country.
In India, the demand for organic waxes such as soy wax and palm is increasing due to rising awareness among home fragrance users. Rise of premium Indian brands and ease of availability of raw materials are increasing the demand for eco-friendly wax melts.
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