“Global Soy-based Candles Market to reach a market value of 9.33 Billion by 2031 growing at a CAGR of 13.9%”
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).
North America is home to many environmentally conscious consumers who prioritize natural, non-toxic alternatives for home decor and aromatherapy. The region’s well-established retail infrastructure and robust e-commerce market contribute to the widespread availability and popularity of soy-based candles. Thus, the North America region witnessed 40% revenue share in the market in 2023. In terms of volume, the North America region is expected to utilize 190,971.2 thousand units of soy-based candles by the year 2031. This region’s strong performance can be attributed to the growing consumer demand for eco-friendly and sustainable products, with soy-based candles fitting perfectly into these preferences.
The rising global consciousness about environmental sustainability is one of the key drivers for the soy-based candles market. As consumers become more aware of the environmental impact of their products, there has been a noticeable shift toward eco-friendly and sustainable alternatives. Traditional paraffin candles, made from petroleum-based products, contribute to pollution in their production and during burning.
Additionally, the rise of plant-based beauty and wellness products has also extended to home decor, with consumers seeking non-toxic, cruelty-free, and natural products for every aspect of their lives. Soy-based candles, free from animal fats and synthetic fragrances, align with these values and offer an attractive alternative to traditional candles containing animal-derived ingredients like stearin. In conclusion, the growing demand for natural and vegan products propels the market's growth.
However, one of the main challenges for the soy-based candles market is the higher production cost compared to traditional paraffin candles. Soy wax, a plant-based product, often comes at a higher price point than paraffin wax, derived from petroleum. This price disparity results in a higher cost of production for soy-based candles, which is then passed on to consumers.
Based on fragrance, the market is divided into scented candles and unscented candles. The unscented candles segment held 31% revenue share in the market in 2023. In terms of volume, 371,424.2 thousand units of unscented candles by the year of 2031. These candles are often chosen for their minimalist, natural aesthetic and versatility. They are particularly popular for occasions that do not require fragrance, such as in religious or ceremonial settings, or for consumers who prefer a more neutral candle experience.
On the basis of product type, the market is segmented into container candles, pillar candles, tealight candles, and others. The container candles segment recorded 46% revenue share in the market in 2023. In terms of volume, 399,978.6 thousand units of container candles by the year 2031. Consumers highly favor container candles due to their convenience and attractive presentation. These candles are typically housed in glass or metal containers, offering a clean, contained burn and a longer-lasting scent.
Based on end use, the market is categorized into residential and commercial. The commercial segment witnessed 24% revenue share in the market in 2023. In terms of volume, 236,532.2 thousands of soy-based candles are expected to be utilized in commercial uses by the year 2031. The commercial use of soy-based candles remains significant. Businesses such as spas, hotels, restaurants, and retail stores utilize these candles to enhance the ambiance of their spaces, offering a pleasant fragrance and creating a relaxing environment for customers.
By distribution channel, the market is divided into online retail, supermarkets/hypermarkets, specialty stores, and others. In 2023, the online retail segment registered 43% revenue share in the market. In terms of volume, 397,551.0 thousand units of soy-based candles are expected to be sold by online distribution channels by the year 2031. This growth can be attributed to the increasing preference for shopping online, which offers consumers the convenience of browsing and purchasing candles from the comfort of their homes.
Free Valuable Insights: Global Soy-based Candles Market size to reach USD 9.33 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region generated 29% revenue share in the market. In terms of volume, the Europe region is expected to utilize 110,761.3 thousand units of soy-based candles by the year 2031. The soy-based candles market in Europe for is driven by a strong focus on sustainability, with many consumers seeking eco-friendly and biodegradable products.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.51 Billion |
| Market size forecast in 2031 | USD 9.33 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.9% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Million, and CAGR from 2020 to 2031 |
| Number of Pages | 379 |
| Tables | 870 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Fragrance, Product Type, Distribution Channel, End Use, Region |
| Country scope |
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| Companies Included | POMMES FRITES CANDLE CO., Kerax Ltd., Scripted Fragrance, Pacifica Beauty LLC, Magnolia Stores, LLC, Northern Lights Enterprises, Inc., Paddywax, LLC (DESIGNWORKS INVESTMENTS), Soyworx, Stand Around Creations and Wax & Wick |
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 Geography (Volume, Thousand Units, USD Billion, 2020-2031)
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