Festivals, religious ceremonies, and significance in celebrations are the main drivers Escalating the Growth of the Candle market

A candle is a flammable wick made of wax that provides light. A wick is inserted into a wax block to form a candle. It produces light and heat when lit, as well as the sporadic release of a scent. The Home Decoration and Home Textiles (HDHT) sector frequently include candles in its classification of home accessories. Candles have historically been used primarily to create atmosphere through their light, heat, and aroma. The majority of candles are made from paraffin wax. Among the many basic components are beeswax, soy, and other plant waxes. As a more environmentally friendly raw ingredient, though not without controversy, palm oil has grown in popularity. The commercial use of candles has increased over the past few years, with most spa and massage facilities turning to scented candles for their calming effects. In a similar vein, fine dining establishments and restaurants are increasingly utilizing the product to give their patrons a stunning and enticing atmosphere.

According to Marketlook Consulting’s research report “Global Candle Market Analysis, 2021”, the Global Candle market is anticipated to grow at a CAGR of 5.6% during 2022-29 The market would reach USD 11.29 Bn by 2029.

Based on Product Type, there are Votives, Pillars, Scented, and Others. Due to their capacity for slow-burning, votive candles grabbed the major market share in 2021, Moreover, the segment would witness the considerable CAR during the forthcoming years as well.

Based on the Wax Type, the Candle market is divided into Beeswax, Paraffin, Palm Wax, and Others. In 2021, paraffin captured the significant market share owing to its low price and versatility as a moldable type of wax.

“Global Candle Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Candle providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

North America Dominated the Market

The largest market, which accounted for more than 30% of global revenue, was North America. Due to rising product demand during holiday seasons like Easter and Christmas, the region is anticipated to keep leading shortly. It is anticipated that strong demand for the product will have a positive impact on the growth when used for family get-togethers, fine dining, and spa treatments. The market is being driven by well-known candle manufacturing companies and frequent product launches in the United States. Giving candles as gifts at festivals and other special occasions is another trend that is driving the market in the US as stated in the Marketlook Consulting research report “Global Candle Market Analysis, 2021”. 

According to Marketlook Consulting’, the key players with a considerable market share in the global Candle market are Portmeirion Group PLC, Newell Brands, MVP Group International, Inc., Estée Lauder Companies Inc., Diptyque Paris, Lalique Group SA, NEST New York, Thymes, LLC, Bath & Body Works, Bridgewater Candles.

Market Segmentation:

1. By Product Type (Votive, Pillars, Scented, Others)
2. By Wax Type (Beeswax, Paraffin, Palm Wax, Others)
3. By Distribution Channel (Offline, Online)
4. By Region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa)
5. By Company (Portmeirion Group PLC, Newell Brands, MVP Group International, Inc., Estée Lauder Companies Inc., Diptyque Paris, Lalique Group SA, NEST New York, Thymes, LLC, Bath & Body Works, Bridgewater Candles)

Key questions answered in the study:

1. What are the current and future trends of the Candle industry?
2. How the industry has been evolving in terms of product and wax type?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Candle industry?
5. What is the customer orientation, purchase behavior, and expectations from the Candle firms across various regions?