Candle Market

Candle Market Size & Growth (2023-2028):

The candle market is valued at US$ 7,562.83 Million in 2022 and is anticipated to increase to US$ 10,156.05 Million by 2028, with a growing CAGR of 5.26% in the next six years.

A candle is indeed a wax block containing a wick. It produces heat and light, and also the occasional discharge of a smell when lit. Within Home Decoration and Home Textiles (HDHT) industry, candles are often categorized as home accessories. There are three types of candles: basic candles, scented candles, and so on. The most popular varieties of functional candles are tapers with a dimension of 2.2 centimeters that fit most traditional candle holders as well as pillars with a variety of widths. Candles having a fancy shape or form are known as fancy candles. Scented Candles have both basic and sophisticated candles with additional smells. Although flavored or decorated candles are often available in small amounts, basic candles are typically sold in sets. Traditionally, the main goal of a candle has been to create an atmosphere through its heat, light, and fragrance. The bulk of candles is made of paraffin wax. The many fundamental constituents comprise soy, beeswax, as well as other plant waxes. Oil palm has gained favor as a more ecologically friendly raw material, yet it is not without criticism. Gel candles are made from a mixture of mineral oil as well as a polymer. Even though there is no fundamental equality of candle sizes, there are certain guidelines to follow.

Candle Market Drivers:

The rise of real private consumption spending is a crucial indicator of demand. Economic variations affect the global candle industry, which really is a component of the Entire Home Decorative & Home Textiles (HDHT) business. When the economy and the prospects are grim, consumers put off acquiring non-essential items. However, when the economy is doing well, personal private consumption, as well as non-essential HDHT product purchases, rise. As a consequence of fast technology improvements and increased demand for ornamental candles, timer-controlled electrical, Leads, and battery-powered candles have been created. Furthermore, some candles have added features such as a remote control which allows users to handle these from wherever, while others have introduced a variety of flameless candlelight including such as pillars, votives, tea lights, and tapers, providing a wide range of options. Candles are being used more often in business settings. The usage of these items in spas and massage centers has exploded in recent years. Candle massaging is indeed a mainstream therapy that is growing in popularity. Back pain, osteoarthritis, headaches, and anxiety are all relieved with these products.

Candle Market Restraints:

The restraining factors that are limiting the development and growth of the global candle market are, as LED candles are expected to rise in popularity due to their evident benefits over conventional candles. Over the foreseeable term, this is to stifle the candle industry.

CANDLE MARKET REPORT COVERAGE:

Market Segmentation:

Candle Market By Product:

• Pillars

• Votive

• Tapers

• Container Candle

Container candles are anticipated to show robust global candle market growth during 2022-2027. Container candles, often known as votive candles, are placed in a heat-resistant container. They are incredibly simple to make and are often used as ornamental objects, generally in the form of fragranced candles. They are created from a heat-resistant bottle containing with wax and a central wick with their most basic form. It is critical to choose the right type of container. Even if the candle has indeed been blazing for just a long time, the containers must be safe. Heat-resistant materials like metal tins, ceramics, and glass are suitable, however, caution should be exercised when using glass because it might split or break while heated. The sort of wax to use is also vital since it should be one that burns gradually and shrinks little.

Candle Market By Wax:

• Soy Wax

• Paraffin

• Palm Wax

• Beeswax

Paraffin had the biggest market share in the worldwide candle market. One of the most common forms of wax used in the candle industry is paraffin wax. It's sold in solid slabs, pellets, and flake form commercially. When the wax is transformed to a liquid state, it seems white but turns transparent. Low, medium and high melting point paraffin waxes are available. One of the most important elements to consider when formulating or creating a candle is the melting point. Container candles resembling jars, cups, or glassware are made of low-melting-point paraffin. Pillars, Votives, and other sculpted candles are made of paraffin with a medium melting point. Over dipping, Hurricane candle shells, and other specialist candle-making applications employ high-melting-point wax.

Candle Market Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• The Middle East and Africa 

North America is said to be the dominant one in the global candle market. Due to increased product demand throughout the holiday times including Christmas and Easter, the area is anticipated to expand to dominate in the near future. The high demand for goods for family gatherings, luxury meals, plus beauty and spa treatments is expected to boost the growth. The market is being driven by the existence of well-known candle manufacturing businesses and regular product releases in the United States, Canada, and Mexico.

Europe holds the second-largest share in the global candle market. This region is helping in the growth of the market with the help of the countries like the United Kingdom, France, Germany, and the rest of Europe. In international commerce, Europe is among the most powerful powers. The foundation of the European Union meant that the economies of the member countries expanded in lockstep across Europe. The general momentum of the European economy in the international economy is stable, and so this global boom is anticipated to continue in future years.

The Asia Pacific holds a significant amount of share in the global candle market, This increase can be linked to expanding middle-class income groups' acceptance of luxury lifestyles and desire for aesthetic candles, particularly in emerging nations such as India, China, and Bangladesh. Furthermore, the regional market is likely to be driven by increased penetration of dine-out establishments in these countries on the basis of rising working-class adults.

Impact of COVID-19 (Candle Market):

The COVID-19 outbreak has had a profound impact on the lives of people in the world all across the world. Every business must battle on two aspects: security and profitability, and it will be forced to endure this enforced downturn. With the economic recession and the resulting cash constraints, there is a lot of hope that the recovery period would proceed smoothly. As a byproduct of its proliferation, the Coronavirus has harmed the whole globe. In practically every nation, lockdowns, as well as strong social isolation measures, have been introduced. The pandemic has wreaked havoc on the global infrastructure. As a result, there were advantages and disadvantages for the global market.

Recent Developments:

7^th February 2022: With the launch of the Studio Collection, Yankee Candle introduces a simple, sophisticated candle design. The pioneer in home fragrance introduces its new Studio Collection, which has a selected selection of beloved Yankee Candle smells housed in simple and stylish glass containers with a sleek, geometric design in trendy colors. The Studio Collection was created by Yankee Candle fragrance specialists with the goal of creating a welcoming environment that would fit into any house.

24^th March 2021: Yorkshire candle and soap manufacturers face a second epidemic acquisition. Supplies for Candles LTD, situated in Yorkshire, has spent £2.5 million in the acquisition of the company Glass print Ltd, new product inventory, and the purchasing of a 20,000-square-foot warehouse at Mexborough, South Yorkshire, near its headquarters, with the intention of generating 30 new employment in the region.

Candle Market Key Players:

The key players in the Candle Market are:

• Yankee Candles

• Thymes

• White Barn Candles

• Jo Malone

• Village Candles

• NEST

• Slatkin & Co.

• Malin + Goetz

• Colonial Candle

• Diptyque