“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.
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.
| 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)
This Market size is expected to reach $9.33 billion by 2031.
Growing Demand for Natural and Vegan Products are driving the Market in coming years, however, Higher Production Costs Compared to Traditional Paraffin Candles restraints the growth of the Market.
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
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 Market by Fragrance in 2023; thereby, achieving a market value of $6.6 billion by 2031.
The North America region dominated the 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.
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