The new report by Expert Market Research titled, ‘Global Candle Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global candle market, assessing the market based on its segments like product types, raw materials, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
CANDLE MARKET SIZE, TRENDS, INDUSTRY REPORT, KEY PLAYER, MAJOR SEGMENTS AND FORECAST
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 8.0%
The growing demand for candles in the household sector owing to its rising application in home décor, for religious or ritual purposes, to bolster the ambience, and to spread pleasant scent all over the house is driving the market growth. The traditional use of candles as an alternate source of lighting during power cut is anticipated to augment the market in the forecast period.
In terms of region, the Asia Pacific region accounts for a significant share in the market owing to the increasing utilisation of candles in countries such as India for various festive purposes. In China, candle burning is a part of a ritual in Taoism. Hence, the market in the region is anticipated to witness a healthy growth in the forecast period.
Candle Industry Definition And Major Segments
Candle is a cylinder or block made up of parrafin wax and is known to provide lighting through continuous burning. A candle contains a wick, which goes through it. In order to light up a particular area, the wick is flamed which heats up the wax and turns it into a liquid. The liquified wax is burned in order to keep the candle lit. A candle has been used traditionally to generate heat and as a method of keeping time.
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On the basis of product type, the market can be segmented into:
• Tea Lights
• Cartridge Candle
• Birthday Candle
• Wax Filled Container Candles
The different raw materials based on which the market has been segmented include:
• Palm Wax
• Soy Wax
• Paraffin Wax
• Rapeseed Wax
Based on distribution channel, the market has been bifurcated into:
The regional markets for candle include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Candle Market Trends
The key trends in the global candle market include the growing R&D activities by the candle makers in order to develop superior quality decorative candles with long lasting aroma, attractive design, environment-friendly properties, and enhanced safety. The thriving e-commerce industry is propelling the sales of candles by providing attractive discounts and convenience of door-step delivery is another key trend in the market. For instance, the large jar scented candle is a popular option on Amazon.
Furthermore, some other key trends in the market include the development of candle-holder flashlights, candles with hidden storage, and candLEDs, among others.
Key Market Players
The major players in the Global Candle Market are :
- Bath & Body Works Direct, Inc.
- Candle Delirium, Inc.
- Vollmar GmbH
- Empire Candle Co. LLC
- MVP Group International, Inc.
- Armadilla Wax Works
- SC Johnson & Son, Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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