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Europe, Middle East & Africa Wax Melt Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The Europe, Middle East & Africa wax melt products market was valued at USD 1.02 billion in 2022 and is projected to expand at a CAGR of 6.9% from 2023 to 2030. The rising demand for plant-based wax melts has been driving the growth of the market. Plant-based wax melts are used in aromatherapy, as they do not contain any synthetic fragrances that can be harmful. Furthermore, wax melts are used for decorative purposes and to add fragrance to the interiors of homes. The rising awareness about the benefits of wax melts and their increasing popularity among the youth is expected to drive the market during the forecast period.
The growing trend of home fragrance and aromatherapy is also driving the demand for wax melts. The growing awareness of the health benefits of aromatherapy is driving the growth of the market. Aromatherapy is used to reduce stress, improve mood, and relax the mind and body. The growing adoption of aromatherapy for its therapeutic benefits is driving the demand for wax melts in the region. Furthermore, the rising popularity of scented candles is expected to boost the market growth.
The increasing demand for organic wax melts is further driving the market growth. Organic wax melts are made from natural ingredients and are free from synthetic fragrances, making them safe to use. Organic wax melts are available in various scents and colors, which is further boosting their demand. The growing concern regarding the environment is driving the demand for organic wax melts as they are biodegradable and free from toxic chemicals.
In addition, the increasing number of innovative product launches is expected to further support the growth of the market. For instance, in August 2021, Wax Melts Direct launched a new range of wax melts with natural scents, such as lavender, eucalyptus, and peppermint. The company also offers a wide range of wax melts in different scents and sizes to cater to the needs of customers.
The growing trend of gifting wax melts is expected to drive the demand for the market. The growing popularity of scented candles has led to an increase in the demand for wax melts as gifts. Furthermore, the increasing use of wax melts for decorative purposes is expected to drive the demand for the market in the coming years. The growing trend of home décor is driving the demand for wax melts to give a pleasant aroma to the interiors.
Product Insights
The wax melt products segment led the market and accounted for a share of around 58.1% in 2019. The increasing popularity of wax melts among consumers, due to its convenience and ease of use, is driving the growth of this segment. Furthermore, the growing awareness among consumers regarding the benefits of wax melts such as aroma and their availability in various colors, shapes, and fragrances are further driving the market growth.
The scented candles segment is anticipated to expand at the fastest CAGR of 5.2% over the forecast period. Scented candles have become increasingly popular in the recent years, due to the wide variety of colors, shapes, and fragrances available in the market. Furthermore, the innovative scented candles such as reed diffusers and wax melts are gaining traction among customers, which is driving the segment growth. In addition, the increasing demand for aromatherapy products and the rising consumer preference for natural fragrances are further contributing to the growth of this segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 39.7% in 2022. The growth of the segment is mainly driven by the convenience of shopping at supermarkets & hypermarkets that allow customers to purchase all the required items under one roof. These supermarkets & hypermarkets offer a wide range of products and also provide promotional offers, which further increases the appeal of shopping for wax melts at such stores.
The specialty stores segment is anticipated to expand at the highest CAGR of 5.6% over the forecast period. The growing influence of social media and content marketing has inspired consumers to invest in products from specialty stores. These stores offer exclusive products that cannot be found in other stores, which makes them a preferred option for customers looking for new and innovative wax melts. In addition, the presence of knowledgeable and friendly sales staff further drives customers to buy wax melts from specialty stores.
Type Insights
The Europe, Middle East & Africa (EMEA) wax melt products market is segmented into gel wax, soy wax, and paraffin wax. Of these, the paraffin wax segment accounted for the largest share of the market in 2020, and is expected to remain the largest during the forecast period. This is attributed to its cost-effectiveness, easy availability, and high melting point. Furthermore, the low production cost of paraffin wax is driving its demand in the EMEA market.
The soy wax segment is anticipated to be the fastest-growing during the forecast period, owing to its eco-friendly nature, which is expected to drive the demand for soy wax over the forecast period. Furthermore, the increasing awareness regarding health and environmental hazards caused by the burning of traditional wax is driving the market for soy wax.
Regional Insights
Europe is expected to account for the largest revenue share of the Europe, Middle East, & Africa wax melt products market in 2022. This can be attributed to the presence of a large number of consumers in the region along with the increasing demand for wax melts from various industries. Moreover, the trend of aromatherapy is gaining traction in the region which is further contributing to the growth of the Europe, Middle East & Africa wax melt products market. For instance, in March 2021, Aromatika launched a range of vegan wax melts and candles in the UK.
The Middle East is expected to witness the fastest growth in the coming years. This can be attributed to increasing disposable income of consumers, which has enabled them to spend more on luxury items such as wax melts. Moreover, the presence of a large number of specialized stores selling wax melts is expected to further fuel the growth of the market in the Middle East. For instance, in April 2021, Dubai-based luxury store, The Fragrance Boutique, launched a range of wax melts and candles.
Financial Projections
In this part of the Europe, Middle East & Africa Wax Melt Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a wax melt products business comes from sales of wax melts, and other products such as candle holders and diffusers. Additionally, sales from shipping costs, wholesale customers, and sales from online retail sites will also contribute to the overall revenue.
Projecting Expenses
In this section, all the regular expenses related to keeping the wax melt products business running will be described. The list of operating expenses includes purchasing of raw materials, overhead costs, labour costs, shipping costs, advertising and marketing costs, and other miscellaneous costs. Additionally, expenses associated with the production of wax melts such as equipment, packaging, and other supplies will also be taken into consideration.
Key companies & market share insights
Some of the key companies operating in the Europe, Middle East & Africa wax melt products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Yankee Candle launched a new range of wax melts in Europe, Middle East & Africa region.
– In August 2022, Bath & Body Works launched a new range of scented wax melts in the region.
– In October 2022, Air Wick launched a new range of wax melts for Europe, Middle East & Africa region.
Some of the prominent players in the Europe, Middle East & Africa wax melt products market include:
– Yankee Candle
– Air Wick
– Bath & Body Works
– Glade
– Febreze
– Scentsy
– Village Candle
– Chesapeake Bay Candle
– Candle Delirium
– Goose Creek Candle
Global Europe, Middle East & Africa Wax Melt Market Segmentation
This report forecasts growth at global, regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Europe, Middle East & Africa wax melt products market based on product type, distribution channel and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Paraffin
– Soy
– Beeswax
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– Europe
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of Wax Melt Products in Europe, Middle East & Africa?
[A]: Key factors driving the wax melt products market in Europe, Middle East and Africa include the increasing trend of home decoration, the aesthetic appeal of wax melts, and the rising demand for innovative and different fragrances. Moreover, the increasing disposable income of consumers and the availability of affordable wax melts are also driving the growth of the market.
[Q]: Who are the Leading Market Players?
[A]: Some of the key players in the Europe, Middle East & Africa wax melt products market are Yankee Candle, Candle-lite, Kringle Candle, Candle Warmers, and Gold Canyon.
[Q]: Which Region Offers the Largest Opportunity for Sales of Wax Melt Products?
[A]: The Middle East and Africa region is expected to offer significant opportunities for the wax melt products market due to the increasing disposable income of consumers and the rising demand for affordable wax melts.
[Q]: What are the Key Challenges to the Wax Melt Products Market?
[A]: The key challenges faced by the wax melt products market in Europe, Middle East and Africa include the availability of counterfeit products, the high cost of wax melts, and the growing environmental concerns due to the burning of wax melts.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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