Candles Market Highlights
The Global Candles Market is expected to register noteworthy growth during the forecast period. One of the significant reasons for the growth of the candles market is the rising use of scented candles as a homecare product. Increasing per capita disposable incomes have affected consumer spending behavior. Consumers are more likely to spend on home furnishings, such as candles, which is expected to drive demand. Scented candles find widespread application in aromatherapy which includes pain management and the treatment of cardiovascular disease, insomnia, and colds and coughs.
Candles are molded into various shapes and sizes and come in a wide price range, depending on the type of wax used, oil infusions, and stand. The wick is also an important part of the candle and is generally made from thin cotton threads. In recent years, candles have become an essential part of home decor and are also widely used in aromatherapy. They are also infused with various herbs and essential oils for use in meditation.
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Top Key Players:
Market Research Future (MRFR) recognizes 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), Bolsius International BV (Netherlands), The Yankee Candle Company, Inc. (US), Candle-lite (US), Armadilla Wax Works, Inc. (US), Colonial Candle (US), Vollmar GmbH (Germany), Gies Kerzen GmbH (Germany), Bath & Body Works Direct, Inc. (US), and LVMH Moët Hennessy-Louis Vuitton (France) as the key players in the global candles market.
Key Findings of the Study:
- The global candles market is projected to reach USD 13,006.9 million by 2023 at a 4.26% CAGR during the review period of 2018 to 2023.
- North America accounted for the largest market share. However, the market in Asia-Pacific is expected to be the fastest-growing during the review period.
- Intense competition from luxury and economical candle manufacturers, rapid advances in technology, frequent launches of innovative products, and mergers to improve market presence are some of the key factors driving the growth of the global candles market.
- The paraffin wax segment is expected to be the largest in all regional markets during the forecast period.
- Some of the players operating in the global candles market are LVMH Moët Hennessy-Louis Vuitton (France), Bolsius International BV (Netherlands), Gies Kerzen GmbH (Germany), and Vollmar GmbH (Germany).
Segment Analysis
The Global Candles Market has been segmented based on material type, category, and distribution channel.
Based on material type, the market has been divided into synthetic wax, paraffin wax, vegetable wax, and animal wax. However, the vegetable wax segment is expected to register the highest CAGR of 4.63% during the forecast period as candles made from vegetable sources do not produce soot and are considered cleaner than paraffin wax candles.
Based on category, the global candles market has been segmented into luxury candles and economical candles. The economical candles segment is projected to dominate the global candles market during the forecast period, registering a significant CAGR to reach USD 8,275.4 million by the end of 2023. However, the luxury candles segment is expected to exhibit the higher CAGR of 4.36% during the forecast period due to the increasing per capita disposable income of consumers and an emphasis on home accessories with artisanal candles and scents.
Based on distribution channel, the global candles market has been classified as store-based and non-store-based. Manufacturers are adopting e-commerce channels for the distribution of products to increase their geographic reach.
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Regional Analysis
Geographically, the global candles market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America dominated the market, and accounted for the largest share of the market in 2017 and the regional market is expected to register a CAGR of 3.83%. North America accounted for the second-largest market share in 2017. Asia-Pacific is a substantial regional market, accounting for 18.87% of the market in 2017. At the country level, the US is expected to be the leading market, in terms of value, followed by Germany.
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