2 Min Read |
Infiniti Research Limited predicts a 5.88 per cent compound annual growth rate (CAGR) for the global scented candles market from 2017 to 2021. In the US it is reported as being a USD 3.2 billion industry with 70 per cent of homes burning them each year (Source: Mintel, 2015). In the UK reports rank it at GBP 90 million (USD 105 mn) and predict that more than a quarter of British households buy scented candles each year (Source: Kantar, 2015).
Whatever the figures, there is no doubting that the home scents market has been enjoying steady growth this past decade. Here we take a look at some of the key factors driving this growth.
- Increased accessibility to a wide range of product offerings. In the past, we settled for sub categories of our favourite fragrances such as body sprays and creams. Today, these are also stretching to candles and diffusers with Jo Malone’s range of luxury candles a case in point. Consumers that love her signature fragrances can now also enjoy them around the home. Many of the niche perfumers have also branched into the luxury candle market such as Tom Ford who launched a range late last year (2016) using signature fragrances from the Private Blend collection.
- Product novelty and packaging innovations are also contributing to increased demand in the home scents market as offerings become more luxurious and enticing. Packaging is becoming an art in itself and many luxury candles take pride of place as an artwork in one’s home. Take Fornasetti Profuma’s range of scented candles – the Italian artist Piero Fornasetti’s intricate artwork is a welcome addition to any artful or stylish home and its beautiful aroma adds to the lux-appeal.
- Bespoke offerings: Bespoke packages are gaining traction in the home scents market. Celebrity and wealthy homes in general have had signature fragrances wafting through their hallways and lounges for many years now. Recently, the real estate market has taken it one step further with top end developers in London and New York now commissioning their own signature fragrances to create an identity for their upmarket apartments. Keeping it more affordable, UAE-founded Wallace and Co has an exclusive range of artisan candles that pay homage to the region with Arabian Nights and Moroccan Skies amongst their popular products. They launched a bespoke Ramadan collection this year with scented candles such as woody leather and oud, sweet bergamot tobacco and dark amber and cardamom candles to complement the special time of year.
- A buzzword in the beauty and personal care industry, customisation is particularly apt for the home scents market. Recognising their popularity as gift sets, artisan candle companies are now offering customised packages for the ideal personalised gift. The aforementioned Wallace and Co do this particularly well with their ‘Build your own candle’ concept. The customer can choose from a range of candle vessels, colours, wick styles, signature fragrances and message placements. These are becoming popular choices for gifts at baby showers and as wedding favours.
Money to burn?
We took a look at some of the most expensive ways to burn the wax.
- USD 550: From the founder of Jo Malone, ‘Jo Loves Log Fires’ Luxury Candle weighs 2.2kg with a burn time of 200 hours (also available in ‘White Rose and Lemon Leaves’ and ‘Pomelo’). Available at joloves.com.
- USD 525: Fornasetti Profuma has a range of 1.9kg luxury candles in Orstensia, Burlesque and Scimmie Thyme, Lavender and Cedarwood. Each will give you an estimated 180 to 200 hours burn time. Available at net-a-porter.com.
- USD 390: Le Labo Santal 26 concrete candle weighs 1.2kg and is available to buy at libertylondon.com.
- USD 380: Burberry’s English Rose candle promises 180 hours burn time. Available at burberry.com.
- USD 295: Baies indoor and outdoor candle at 1.5kg offers approximately 150 hours burn time. Available at net-a-porter.com.