Another example of an economic business idea that anyone can start right now from the comfort of their homes is creating and selling scented candles or oils. While it does involve purchasing raw materials, the cost of acquiring required supplies like wax, wicks and scents are relatively much lower when compared to potential profits.
A report by Grand View Research
claimed that the global candle market size was valued at USD 3.36 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2028. The same report also states that the rising demand for decorative and aromatherapy candles is currently driving the market's growth. This growth can be routed to the increasing awareness of the benefits of essential oils, such as stress relief and relaxation, among consumers.
You can also appeal to a much more diverse audience since products such as scented candles allow you to introduce creativity to each product by yourself. By experimenting with various candle designs, such as jars, tins, or tea lights, you can successfully attract customers with different tastes and styles. It has a low storage requirement, can be shipped easily, and can be created in a variety of ways to appeal to a diverse audience, all at the same time.
Naturally, the demand for scented candles also hit India in the past couple of years
, and the sales for existing companies has potentially increased . However, the business category is still new and has much lesser competition, making it one of fruitful ideas to consider.