Candles Market Emerging Trends 2019, Future Growth, Demand, Forecast 2023: Key Manufacturer Analysis Report Dianne’s Custom Candles, ZHONG Nam Industrial, Empire Candle Co., BeCandle and Many More

The Global Candles Market is estimated to be valued at USD 13,006.9 million by 2023 exhibiting a CAGR of 4.26% during the forecast period.

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.

The popularity of artisanal candles is increasing as they are available in unique shapes, colors, and aromas. These candles are hand-crafted and use natural ingredients. Artisanal shops avoid the use of toxic wax materials and scents, thereby offering safe candles to health-conscious consumers.

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People increasingly prefer artisanal candles due to the level of customization offered by manufacturers. Furthermore, the availability of a wide range of plant-based sources such as soy, palm, and herbal oils has led to the creation of unique candles with natural aromas. These factors directly influence demand, thereby creating an opportunity for market players to expand in the artisanal candles segment.

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).

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Segment Analysis

The global candles market has been segmented on the basis of material type, category, and distribution channel.

On the basis of material type, the market has been divided into synthetic wax, paraffin wax, vegetable wax, and animal wax.

Based on category, the global candles market has been segmented into luxury candles and economical candles.

Based on distribution channel, the global candles market has been classified as store-based and non-store-based.

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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This release was published on openPR.