Global Wax Melts Market: Snapshot
The home fragrance sector is increasingly becoming one of the strongest sectors of the global fragrances industry. The luxury sector in the home fragrance market is, especially, exhibiting a significant rise in demand across emerging economies as well. Segments such as wax melts are gaining prominence owing to their organic origins and absolutely no harm to the environment. The market for wax melts is expected to swell in the next few years, thanks to a vast set of factors, including the rising expenditure on luxury products from the increasingly affluent higher middle class in developing economies, the rising number of product varieties, and the ease of procuring international products through e-commerce websites.
The impact of the Internet is, especially, highly prevalent in the luxury wax melts segment. In the next few years, e-commerce is projected to become one of the most lucrative sales channel and account for a massive share in the overall sales of wax melts across the globe. With international companies gaining easy exposure with the help of the mammoth e-commerce industry across major developing as well as developed economies, companies are advised to focus more on utilizing the e-commerce industry for promising returns.
Competition is expected to intensify in the market as a number of regional and domestic companies foray into emerging economies. Nevertheless, the brand value of international brands will help bring revenue from young consumers and the swelling elite class. Innovation in products, packaging, and development of products in economic cost range could also help companies gain a larger share of the market in emerging economies.
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Global Wax Melts Market: Overview
Wax melts, also known as wax tarts, unlike candles that burn with a wick, are put in a tart warmer or an oil burner and gradually warmed from a tea light or electric heating source. Available in numerous fragrances and designs, they are being increasingly used to improve indoor atmosphere. A report by TMR Research studies the global market for wax melts by factoring in the current competitive dynamics, growth drivers and restraints, and market size. Currently, the market is fragmented in nature with a copious number of players – both large and small – in the U.S. and the U.K. competing with each other on the basis of price, product differentiation, and astute marketing strategies.
To maintain a foothold in the market, the leading players are resorting to strategic collaborations. The report studies all such prevalent trends in details and goes on to segment the market based on different parameters. It also leverages popular analytical tools to find out opportunities and threats awaiting players in the global market for wax melts. It identifies prominent players contributing toward the growth of the market. The report furnishes an overview of their financial position, recent developments, product portfolio, and geographical reach.
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Wax Melts Market: Drivers and Trends
At the forefront of driving growth in the global market for wax melts is the rising concern towards air care and hygiene in commercial and residential buildings. Besides, wax melts do not emit harmful flames and are eco-friendly and safe. This is another factor fuelling an upward trend in the market. Going forward, wax melts are predicted to see explosive sales on the back of solid demand for air fresheners and aromatherapy. The increasing awareness among the rising ranks of discerning consumers about environmental and health hazards, which is posed mainly by aerosol sprays, will further stoke demand for wax melts.
Also driving growth in the global market for wax melts is the increasing need for longer lasting fragrances and the relatively cheaper cost of wax melts as compared to alternative products such as aerosol fragrance and reed diffusers. In addition, the availability of a wide array products having different sizes, scents, and patterns will also drive the market. A recent noticeable trend in the market is the marketing of products through the proliferating ecommerce channels, apart from supermarkets and hypermarkets. Another prominent trend is the continued thrust on product innovation.
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Wax Melts Market: Regional Outlook
Geographically, Asia Pacific is slated to clock maximum growth on account of the solid demand for air care products in the countries of Australia, Japan, and China. End-user sectors of home décor and aromatherapy have been primarily pushing demand in the region. In terms of market share, however, North America dominates followed by Europe. The market is also predicted to witness good growth in the U.S., the U.K., Canada, and Germany due the substantial growth in aromatherapy and concerns about air care. Other factors augmenting the market in the aforementioned regions are the hectic schedule and rising disposable incomes of people.
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