The North America Soy-based Candles Market would witness market growth of 13.4% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 61,527.4 thousand units, showcasing a growth of 14.6% (2020-2023).
Container candles are a popular product type in the soy-based candles market, known for their convenience, aesthetic appeal, and versatility. These candles are typically made from soy wax, which burns cleanly and lasts longer than traditional paraffin wax. Container candles are housed in a wide range of containers, such as glass jars, metal tins, ceramic vessels, and even eco-friendly alternatives like recycled materials. Therefore, the Canada market is expected to utilize 11,166.9 thousand units of container candles by the year 2031.
The US market dominated the North America Soy-based Candles Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,595.5 Million by 2031. The Canada market is experiencing a CAGR of 14.7% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 14.5% during (2024 - 2031).
Several factors influence the adoption of soy-based candles. As consumers become more aware of the environmental impact of their purchases, there is a growing preference for sustainable and biodegradable products. Soy candles, derived from a renewable resource, fit this criterion well. Traditional paraffin candles can release harmful chemicals like benzene and toluene when burned. On the other hand, soy-based candles are non-toxic and less likely to trigger allergies, making them a healthier choice for many consumers.
Moreover, the broader trend towards natural and organic products has significantly impacted the candle industry. Soy candles are marketed as a natural alternative, aligning with the preferences of a growing segment of health-conscious and environmentally aware consumers.
The soy-based candles market in Mexico and Canada is poised for growth, driven by significant economic trends and developments in these regions. Recent data from Statistics Canada and the International Trade Administration (ITA) highlight key factors expected to influence the demand for soy-based candles positively. In Canada, building construction investments saw a notable increase of 1.7% to $19.8 billion in November 2023. The residential sector experienced a robust expansion of 2.2% to $13.7 billion, while the non-residential sector rose by 0.4% to $6.0 billion. This surge in construction investment, particularly in the residential sector, suggests a growing market for home-related products, including soy-based candles.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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