According to the analysis conducted by Market Research Future (MRFR), the global market for Candles can expand at a CAGR of 4.26% while amassing a market value of USD 13 billion by 2023.
According to MRFR’s candle market study, the growing demand for candles as an aesthetically pleasing product is expected to be a critical driver that will boost the market throughout the evaluation period. Due to an increase in the number of spas and massage parlors that utilize scented candles, the commercial usage of candles is expected to grow, benefiting the luxury candle industry in the future. In addition, the rising popularity of candle massage as a popular therapy for back pain, headaches, and anxiety is considered as a key driver that will drive the worldwide market forward throughout the forecast period. The need for candles that do not cause carbon blackening has increased, leading in increased demand for organic candles, which is expected to provide a profitable potential for market expansion throughout the review period.
Raw material price fluctuations are likely to have a negative influence on demand, stifling market growth over the evaluation period. During the review period, increasing competition in the unorganized sector is projected to stifle market expansion and offer a substantial challenge.
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The Global Market for Candles is segmented based on Category, Material Type, and Distribution Channel.
Luxury candles and inexpensive candles are the two categories that make up the worldwide candle market.
Paraffin wax, synthetic wax, vegetable wax, and animal wax are the material types that make up the worldwide candle market.
The worldwide candle market is divided into two distribution channel segments: store-based and non-store-based.
According to MRFR’s candle market study, the worldwide candle market can be divided into Europe, North America, Asia-Pacific, and the Middle East and Africa.
Because of the rising demand for candles as home décor, North America is expected to lead the worldwide market during the forecast period. Aromatherapy is becoming increasingly popular in the region for stress relief and relaxation. Furthermore, the increased demand for candles during holidays such as Easter and Christmas is expected to drive market development in the near future.
Due to the growing popularity of candles as a decorative accent, Europe is expected to have increased market growth over the forecast period. During the projection period, Poland is the most likely country to contribute significantly to the development of the regional market.
Due to the existence of several small-scale producers in the area, APAC is expected to expand at the quickest rate throughout the study period. During the assessment period, countries like India, China, and Vietnam are expected to play the most important roles in expanding the regional market. The growth in disposable income as well as the rising popularity of aromatherapy among the general public are expected to boost candle demand, benefiting the market over the projected period. Furthermore, the rising penetration of restaurants, spas, and massage facilities in emerging nations is another important element that will likely drive the regional industry forward in the near future.
Due to a lack of knowledge and the existence of undeveloped countries, MEA is expected to grow slowly throughout the projection period. Middle Eastern nations, on the other hand, are expected to play a significant role in fueling the regional industry in the future years.
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The notable players of the market are Dianne’s Custom Candles, LLC (US), Dandong Everlight Candle Industry Co., Ltd (China), ZHONG Nam Industrial (International) Co., Ltd (Hong Kong), Empire Candle Co., LLC (US), BeCandle (Hong Kong), SC Johnson & Son, Inc. (US), The Yankee Candle Company, Inc. (US), Candle-lite (US), Armadilla Wax Works, Inc. (US), Colonial Candle (US), and Bath & Body Works Direct, Inc. (US).
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