According to a new report, published by KBV research, The Global Soy-based Candles Market size is expected to reach $9.33 billion by 2031, rising at a market growth of 13.9% CAGR during the forecast period. In the year 2023, the market attained a volume of 392,997.4 thousand units, experiencing a growth of 15.7% (2020-2023).
The Scented Candles Segment is leading the Global Soy-based Candles Market by Fragrance in 2023; thereby, achieving a market value of $6.6 billion by 2031. This significant share can be attributed to the growing consumer demand for products that enhance the ambiance of their living spaces. Scented soy-based candles are increasingly popular for creating a soothing atmosphere through various fragrances. They are commonly used for aromatherapy, relaxation, and decorative elements in homes and offices. The appeal of these candles extends to their use in gifting and seasonal promotions, where the combination of soy wax and pleasant fragrances creates an eco-friendly and luxurious option for consumers.
The Pillar Candles segment is anticipating a CAGR of 13.6% during (2024 - 2031). Pillar candles are known for their standalone structure and ability to provide a bold visual impact. They are often used as centerpieces for events, celebrations, and decorative purposes. Their versatility, which can be used in various settings such as weddings, restaurants, or home decor, helps drive their steady demand. The pillar candles segment continues to cater to consumers seeking elegance and a longer-lasting burning experience, making them a key player in the soy-based candle market.
The Residential segment is generating the maximum revenue in the Global Soy-based Candles Market by End Use in 2023; thereby, achieving a market value of $6.8 billion by 2031. The high demand for soy-based candles in residential settings can be attributed to their widespread use in home decor, relaxation, and aromatherapy. Consumers often choose these candles to create a cozy atmosphere in their living rooms, bedrooms, and bathrooms. Additionally, the growing preference for eco-friendly and natural products further drives the popularity of soy-based candles in homes, where people seek sustainable and non-toxic alternatives for their everyday needs.
The Supermarkets/Hypermarkets segment registering a CAGR of 14.2% during (2024 - 2031). Supermarkets and hypermarkets remain key distribution channels due to their wide reach and convenience. Consumers often purchase soy-based candles during their regular shopping trips for household goods. The large retail spaces offer prominent displays and easy access to various candles, making them a preferred option for shoppers looking for quality products at competitive prices. The ability to physically inspect the candles before purchase adds value to this channel, contributing to its strong market presence.
Full Report: https://www.kbvresearch.com/soy-based-candles-market/
The North America region dominated the Global Soy-based Candles Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.6 billion by 2031. The Europe region is experiencing a CAGR of 13.7% during (2024 - 2031). Additionally, The Asia Pacific region would showcase a CAGR of 14.6% during (2024 - 2031).
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)
Unique Offerings 
