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 392.99 million 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 190.97 million 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.
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 190.97 million 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.
Driving and Restraining Factors
Drivers
- Increasing Consumer Preference for Eco-Friendly and Sustainable Products
- Growing Demand for Natural and Vegan Products
- Impact of Rising Disposable Income Worldwide
Restraints
- Higher Production Costs Compared to Traditional Paraffin Candles
- Challenges in Scaling Production for Large-Scale Distribution
Opportunities
- Increasing Consumer Awareness Through Social Media and Influencer Marketing
- Shift Towards Minimalist and Sustainable Living Trends
Challenges
- Competition from Alternative Natural Wax Products
- Consumer Concerns Over Scent and Burn Quality
Fragrance Outlook
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, 371.42 million 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.Product Type Outlook
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, 399.97 million 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.
End Use Outlook
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, 236.53 millions 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.Distribution Channel Outlook
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, 397.55 million 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.Regional Outlook
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 110.76 million 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.List of Key Companies Profiled
- 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
- Wax & Wick
Market Report Segmentation
By Fragrance (Volume, Thousand Units, USD Billion, 2020-2031)
- Scented Candles
- Unscented Candles
By Product Type (Volume, Thousand Units, USD Billion, 2020-2031)
- Container Candles
- Pillar Candles
- Tealight Candles
- Other Product Types
By End Use (Volume, Thousand Units, USD Billion, 2020-2031)
- Residential
- Commercial
By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)
- Online Retail
- Supermarkets/Hypermarkets
- Specialty Stores
- Other Distribution Channel
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Soy-based Candles Market by Fragrance
Chapter 5. Global Soy-based Candles Market by Product Type
Chapter 6. Global Soy-based Candles Market by End Use
Chapter 7. Global Soy-based Candles Market by Distribution Channel
Chapter 8. Global Soy-based Candles Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- 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
- Wax & Wick
Methodology
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