The Asia Pacific Soy-based Candles Market would witness market growth of 14.6% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 205,257.8 thousand units, showcasing a growth of 16.5% (2020-2023).
Tealight Candles are a popular product type in the soy-based candles market, known for their small size, versatile use, and eco-friendly composition. Typically made from soy wax, these candles are an attractive option for consumers seeking a sustainable, clean-burning alternative to traditional paraffin candles. Soy tealight candles are favored for their ability to burn longer and more evenly compared to their petroleum-based counterparts. Therefore, the China market is expected to utilize 22,440.5 thousand units of tealight candles by the year 2031.
The China market dominated the Asia Pacific Soy-based Candles Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $714.7 Million by 2031. The Japan market is registering a CAGR of 13.9% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 15.3% during (2024 - 2031).
The wellness industry extensively uses soy-based candles due to their natural composition and the ability to infuse therapeutic-grade essential oils. The calming scents and the clean burn enhance the overall experience in spas and meditation centers. Soy candles are favored in restaurants and event settings for their aesthetic appeal and the fact that they do not interfere with the aroma and taste of food.
Moreover, their longer burn time and cleaner flame are practical advantages in these environments. The personalized and artisanal appeal of soy-based candles makes them popular for gifts and souvenirs. They can be customized with different scents, colors, and packaging, catering to various tastes and occasions.
The soy-based candles market in India is experiencing significant growth due to various factors. The increasing awareness of environmental issues and the growing popularity of wellness & lifestyle products are key drivers. One of the primary factors driving the growth of soy-based candles in India is the increasing environmental awareness among consumers. As people become more conscious of the ecological impact of their purchases, there is a growing preference for eco-friendly products. For example, Indian companies like Nirvana Being and Phool are tapping into this trend by offering eco-friendly soy-based candles. These brands emphasize their commitment to sustainability, using biodegradable packaging and promoting the benefits of soy wax over paraffin wax.
Free Valuable Insights: The Global Soy-based Candles Market is Predict to reach USD 9.33 Billion by 2031, at a CAGR of 13.9%
Based on Fragrance, the market is segmented into Scented Candles, and Unscented Candles. Based on Product Type, the market is segmented into Container Candles, Pillar Candles, Tealight Candles, and Other Product Types. Based on End Use, the market is segmented into Residential, and Commercial. Based on Distribution Channel, the market is segmented into Online Retail, Supermarkets/Hypermarkets, Specialty Stores, and Other Distribution Channel. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Fragrance (Volume, Thousand Units, USD Billion, 2020-2031)
By Product Type (Volume, Thousand Units, USD Billion, 2020-2031)
By End Use (Volume, Thousand Units, USD Billion, 2020-2031)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)
By Country (Volume, Thousand Units, USD Billion, 2020-2031)
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