The global Candle Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global candle market size is projected to reach USD 6.06 billion by 2025, according to a new report published by Million Insights, with a CAGR of 8.4% over the forecast duration. The increasing inclusion of candles as home décor items is predicted to drive the market. Moreover, a significant increase in demand for candles for commercial and residential purposes along with its inclusion for religious needs is expected to provide a boost to the market. Hotels, beauty parlors, spa, and restaurants uses this candles for a soothing effect.
Key Players:
- Bath & Body Works
- Better Homes and Garden
- Bridgewater Candles
- Colonial Candle
- Circle E Candles
- Diptyque
- Gold Canyon Candles
- Jo Malone
- Malin + Goetz
- NEST
- Slatkin & Co
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Growth Drivers:
The demand for organic candles has increased considerably for natural wax over the years. This is due to their non-carbon blackening effect. Moreover, the increasing awareness among the people for the negative impact of burning candles on the environment is motivating them to aim at lowering carbon footprint, thus further driving the demand for such candles. Synthetic candles consist of lead wicks, synthetic fragrance, and contaminated oil lead to indoor air pollution causing respiratory problems.
Product Outlook:
- Votive
- Container Candle
- Pillars
- Tapers
Wax Outlook:
- Paraffin
- Soy Wax
- Beeswax
- Palm Wax
Distribution Channel Outlook:
- Offline
- Online
Offline channel held the largest candle market share for the year 2018 attributed to high purchases from departmental and local stores in countries like China, Bangladesh, and India. Moreover, people prefer buying decorative materials from brick and mortar stores during festivals. The offline channel also gives an additive advantage to the customers for personal verification of the products.
Online channel has significant potential and is expected to grow in the future, owing to an increased usage of tablets and smartphones among millennials. This segment pertains to a variety of products with different brands at one go.
Regional Insights:
North America held the largest candles market share in 2018, with a 30% share globally. It is expected to continue its lead owing to the festive season like Christmas and Easter. The product experiences a high demand for gifting, family gatherings, festivals, beauty and spa, and fine dining. Moreover, frequent product launches are expected to drive the market.
Asia Pacific is expected to grow at a CAGR of 9.2%, thus becoming the fastest expanding market over the forecast period. The growth is due to the increasing standards of living and the need for aesthetic candles among middle-income families in countries like Bangladesh, India, and China. The emerging number of restaurants and fine dining places is also driving the market.
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