Latin America Wax Melts Market Size & Outlook, 2023-2030
Latin America wax melts market, 2018-2030 (US$M)
Related Markets
Latin America wax melts market highlights
- The Latin America wax melts market generated a revenue of USD 321.6 million in 2023.
- The market is expected to grow at a CAGR of 6.5% from 2024 to 2030.
- In terms of segment, paraffin was the largest revenue generating product in 2023.
- Palm Wax is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 321.6 million |
| Market revenue in 2030 | USD 500.5 million |
| Growth rate | 6.5% (CAGR from 2023 to 2030) |
| Largest segment | Paraffin |
| Fastest growing segment | Palm Wax |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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 |
Other key industry trends
- In terms of revenue, Latin America region accounted for 9.3% of the global wax melts market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 1,367.5 million by 2030.
Paraffin was the largest segment with a revenue share of 31.25% in 2023. Horizon Databook has segmented the Latin America 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.
The high importance of religion, traditions, and rituals in Central and South America has driven the demand for wax melts in the region. Dixie Grace Candle Company, a Columbia-based wax melts manufacturer, offers “Sunday Salvation Wax Melts,” which contain juices of apples, peach, and Mandarin oranges, and lavender, musk, and amber.
The company offers wax melts as a better and flameless alternative to candles for churchgoers. Furthermore, rising awareness about sustainability and eco-friendly products has driven consumer preference for natural wax melts, such as those made from beeswax and coconut wax.
Consumers in the region are increasingly looking for safer and greener alternatives to industrial wax. As a result, several companies in the wax melts market are excessively marketing and advertising their eco-friendly products on social media channels to gain customer traction.
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Wax Melts Market Scope
Wax Melts Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America wax melts market size, by country, 2018-2030 (US$M)
Latin America Wax Melts Market Outlook Share, 2023 & 2030 (US$M)
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