According to a new report by Vantage Market Research, the Candles Market is expected to reach USD 13.38 Billion by 2028, growing at a CAGR of 8.2% from 2021 to 2028. Candles are available in different sizes, shapes, designs, and colors which include pillars, votives, cartridge candles, tea lights, wax-filled container candles, birthday candles, and others types is raising the usage of candles in decoration and fuelling the market growth.

Key Findings:    

• The Votive segment is projected to grow at a CAGR of over 8.31% over the forecast period owing to the slow-burning capacity of Votive and these are kept on glass holders to make them more aesthetic. In addition, they are available in a variety of different colors such as black, pink, red, yellow, purple, and more.
• The Paraffin segment held a market share of around 32% in 2020. Paraffin has the ability to mold easily in different shapes. In addition to this, Paraffin is a cost-effective option and water-resistant wax which is used for making floating candles. It the semi-translucent and allow including colors accordingly.
• North America is expected to expand at a CAGR of over 7.38% from 2021 to 2028. The rising demand for candles on occasions like Easter, Christmas, family gatherings, fine dining is about to influence market growth positively.

Some of the key players in the Candles Market include Thymes, Yankee Candles, White Barn Candles, Jo Malone, NEST, Village Candles, Slatkin & Co, Colonial Candle, Malin + Goetz, Diptyque, among others.

The trend for candle decoration of offices and houses and on other celebrating festivals like Christmas and Diwali, increasing disposal income and changes in lifestyle which enable customers to buy candles with different shapes and sizes are some factors driving the market growth.

Considering the factor of commercial utility, candles have been witnessing an increase in usage with the majority of spa well as massage centers are using scented candles for a soothing and calm experience. Similarly, the restaurants, as well as dining places, are using the product very frequently to create an aromatic and beautiful ambiance for the customer's experience. Whereas on the other side, prices fluctuation for raw materials in the candles market is having the possibility to bring a negative impact on demand.

Asia Pacific region is poised to record the highest CAGR. The increasing demand for candles in the Asia Pacific is driven by many festivals that are celebrated in regions all over the year especially in countries like India.