The Latin America, Middle East and Africa Soy-based Candles Market would witness market growth of 17.5% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 25,641.5 thousand units, showcasing a growth of 13.8% (2024-2031).
In the Soy-based Candles Market, the residential end-use segment represents a significant portion of the overall market, driven by consumer demand for eco-friendly and aesthetically pleasing home products. Residential consumers use soy-based candles primarily for home ambiance, decor, and wellness purposes. Soy wax candles are favored for their clean burn, longer burn time, and ability to hold and release fragrances evenly, making them ideal for creating a cozy and inviting atmosphere at home. Thus, the Saudi Arabia market is expected to utilize 3,929.0 thousand units of soy-based candles in residential uses by the year 2031.
The Brazil market dominated the LAMEA Soy-based Candles Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $175.5 Million by 2031. The Argentina market is showcasing a CAGR of 16.6% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 15.4% during (2024 - 2031).
Soy-based candles offer a range of uses beyond their primary function of providing light and fragrance. Many soy candles are infused with essential oils that can have therapeutic effects, such as reducing stress, improving mood, and enhancing relaxation. This makes them popular in aromatherapy.
Additionally, soy candles are available in various shapes, sizes, and colors, making them versatile decorative elements. They are used in centerpieces, as accents in interior design, and to enhance spaces' aesthetic appeal.
In Brazil, the rising retail trade sales, as highlighted by the Brazilian government’s report, indicate a positive trend in consumer spending. This economic uplift is crucial for niche markets such as soy-based candles. The 1.0% increase in January 2024, following a 2.8% rise in the previous month and a 0.7% change in the quarterly moving average, underscores sustained growth in retail activity. This consistent growth and the 8.2% year-over-year rise in February 2023 signifies a robust retail environment. Such an environment fosters increased consumer interest in specialty products, including eco-friendly options like soy-based candles. The trend towards sustainability and natural products is gaining traction in Brazil, and the positive retail climate is likely to drive further market penetration for soy-based candles.
Free Valuable Insights: The Worldwide Soy-based Candles Market is Projected 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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