Fragrance wax melts are wax tarts or wax melts that are used for aroma therapy oil or home fragrance oils by placing them in a tart warmer and slowly burning them from an electric heating source or from a tea light, unlike a candle that burn with a wick. They are used for home fragrance and for aroma therapy in places such as spas, salons and therapy centers among others. Fragrance wax melts are made from sources such as soy and para-soy wax, palm and bees among others. The global market for fragrance wax melt is highly fragmented due to the presence of numerous local players in all the regions which make it difficult for key market players which is a hindrance for key players to increase their market share. They are therefore, focusing on product innovation and low profit margin in order to increase their market share globally. The high competition is due to low technology and capital investment which creates low entry barriers for new players to venture into this market.
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Major drivers driving the global market for fragrance wax melt includes relatively cheaper price of fragrance wax melts as compared to other scented candles, room fresheners and reed diffusers which is triggering market growth. In addition, growing importance of aroma therapy to reduce pain, brain stimulation, cognitive function and mood enhancement is also driving the market in a positive way. Abundant and easy availability of raw materials of fragrance wax melts is driving market growth. In addition, availability of unique fragrances and different types of warmers including non-electric and electric is also expected to trigger market growth. Growing awareness among consumers about the hazardous effects of air fresheners and aerosol sprays is boosting demand for fragrance melts globally therefore, triggering market growth. Increased presence of petroleum companies will boost paraffin wax output which will increase the production of wax tarts. Long lasting fragrance of wax melts as compared to aerosol sprays is also boosting market growth. Volatility of raw materials is expected to restrain the market for fragrance wax melts. In addition, increasing reed diffusers popularity as home fragrance products owing to its safe usage and longevity is hindering market growth for fragrance wax melts.
Geographically, the global fragrance wax melt market is segregated into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America is the largest market for fragrance wax melts with the U.S. accounting for more than 80% of the totak market in North America. Changing lifestyles and busy work schedules have made consumers to use more fragrance products at home for proper ambiance maintenance. Canada is expected to grow at a very high CAGR during the forecast period owing to growing standard of living and growing consumer surplus. Asia Pacific is the fastest growing market with more demand for aroma therapy among consumers in this region. Increasing number of working professionals and increased urban population have led to people seeking aroma therapy for pain relief and mood enhancement among others in this region. Middle East and Africa is also expected to witness exponential growth rate owing to increased tourism and tourist seeking mood relaxation sessions in spas and therapy centers.
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