From the period of 2022 to 2028, the Global Candle Market is expected to reach USD 9.9 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 6.20%.
A Candle is a wax block with a wick inside. When ignited, it emits light and heat, as well as the occasional scent. In the Home Decoration and Home Textiles (HDHT) sector, Candle are commonly classified as home accessories. One of the major factors driving this market is the growing demand for Candle for decorating homes and offices, as well as for celebrating festivals such as Diwali and Christmas. The Global Candle Market report provides a comprehensive analysis of the market. The Candle Market, which is part of the Home Decoration and Home Textiles (HDHT) industry, is influenced by economic factors. When economic conditions and the outlook are bleak, consumers put o" purchasing non-essential products. When the economy is doing well, however, private consumer spending and non-essential HDHT product purchases rise.
Key Highlights from the Report
· On the basis of Product, the market is segmented into Votive, Container Candle, Pillars, Tapers and Others. In the Global Candle Market, Container Candle had the largest market share. Container Candle (also known as votive Candle s) are small Candle that are placed in a heat-resistant container. They are extremely easy to make and are popular as decorative items, usually sold as fragranced Candle s. They are made in their most basic form from a heat resistant container filled with wax and a central wick. The selection of the appropriate type of container is critical. Even if the Candle has been burning for a long time, the container must be safe.
· On the basis of Distribution Channel, the market is segmented into online and offline. People in developing countries buy a lot of things from local convenience and department stores, so offline will have the biggest market share in 2021. During the holiday season, people enjoy shopping for decorative items in brick-and-mortar stores. Offline channels also offer buyers the option of physical verification, as they can test the fragrance before purchasing scented products. Because of the growing number of millennials who use smartphones and tablets, online sales are expected to grow at the fastest rate during the forecast period.
· Asia Pacific is the fastest regional segment in terms of growth. From 2021 to 2028, Asia Pacific is predicted to grow at the fastest rate. This increase can be linked to expanding middle-class income groups' acceptance of luxury lifestyles and demand for aesthetic Candle s, particularly in emerging economies such as China, India, and Bangladesh. Furthermore, the regional market is likely to be driven by increased penetration of dine-out establishments in these countries as a result of rising working-class adults.
Some of the key players in the Global Candle Market include Bath & Body Works, Better Homes and Garden, Bridgewater Candles, Colonial Candle, Circle E Candles, Diptyque, Jo Malone, Malin + Goetz, NEST, Slatkin & Co, Thymes, Village Candles, White Barn Candles, Yankee Candles and others.
Demand for organic Candle is expected to rise, propelling the market forward
Natural wax has seen a considerable surge in demand for organic Candle over the years. This is related to a phenomenon known as non-carbon blackening. Furthermore, when people become more aware of the negative effects of burning Candle on the environment, they are more motivated to reduce their carbon footprint, which increases demand for such Candle s. The desire for Candle that do not produce carbon blackening has a favorable impact on demand. In addition, as millennials become more aware of the negative impacts of Candle burning on the environment, they are motivated to work toward decreasing their carbon footprint.
Candle are a popular aesthetic-appealing commodity among females
Current and future Candle industry trends are presented to assess the entire attractiveness of the Candle market. The top influential factors emphasized opportunities during the projection term. Factors like these are fueling the growth of the Candle market. Candle s' popularity as an aesthetic-appealing product among female millennials for domiciliary use is expected to fuel growth. Independent brands, cosmetic merchants, and fashion houses have been continually developing new and unique items in order to attract new customers while also retaining existing ones.
North America is the most important market, accounting for more than 32.10% of worldwide revenue. Due to increased product demand throughout the festive seasons such as Easter and Christmas, the area is projected to continue to lead in the near future. The high demand for the product for family gatherings, luxury meals, and beauty and spa treatments are expected to boost the growth. The market is being driven by the existence of well-known Candle manufacturing companies and regular product launches in the United States. Another popular custom in the United States is giving Candle as gifts at festivals and special events.
The Candle Market is Segmented as follows:
- Container Candle
- Soy Wax
- Palm Wax
- Distribution Channel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of the Global Candle Market is:
Bath & Body Works, Better Homes and Garden, Bridgewater Candles, Colonial Candle, Circle E Candles, Diptyque, Jo Malone, Malin + Goetz, NEST, Slatkin & Co, Thymes, Village Candles, White Barn Candles, Yankee Candles
The Candle Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|