NEW YORK, Oct. 25, 2016 /PRNewswire/ -- North America fragrance wax melts market is expected to reach USD 2.90 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand for home fragrance products coupled with rising significance of aromatherapy will augment product consumption over the forecast period. The absence of exposed flames and harmful emissions, makes wax melts a safe and eco-friendly option which will drive its demand over the forecast period.
Fragrance wax melts are expected to witness strong growth over the upcoming years on account of increasing demand for air care. Growing consumer awareness regarding the hazardous effects of aerosol sprays on the environment and animal & human health will drive the demand for wax melts over the next eight years. The presence of major petroleum companies will increase paraffin wax output which in turn will aid the production of wax tarts.
Rising focus on the longevity of fragrances along with low cost as compared to other home fragrance products will fuel wax chips demand. Furthermore, eye-catching packaging will promote the industry growth over the next eight years.
Further key findings from the report suggest:
The U.S. was the largest market in North America and contributed to 80.0% of the overall revenues in 2015. Busy work schedules and changing lifestyles have led consumers to utilize more fragrance products at home for the maintenance of proper ambiance. Moreover, development of new exotic aromatic compounds coupled with the practice of aromatherapy at homes will stimulate market growth over the forecast period.
Canada is expected to witness significant gains at a CAGR of 11.9% from 2016 to 2024 in light of rising consumer surplus and growing prosperity of the middle-class population. Availability of different varieties of scents will generate more interest among consumers to avail the products and will drive the industry expansion over the next eight years.
Scentsy, Yankee Candle, Rimports Limited, S.C. Johnson and Reckitt Benckiser dominated the North America fragrance wax melts industry in 2015. The market is also fragmented in nature with the presence of numerous local manufacturers. Key players in the market are focusing on increasing their market share along with profitability through product innovation. Low capital and technology investment, are likely to create low entry barriers and maintain high competition among industry participants.
In July 2016, Yankee Candles partnered with a U.S. based IT company named Aptos, Inc., for streamlining and optimizing its Omni-channel retail operations. In December 2015, East Coast Candles launched its online store in an attempt to make its products readily available to its customers.
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