Global Candle Market Size to Grow at a CAGR of 2.8% in the Forecast Period of 2023-2028

The 'Global Candle Market Size, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global candle market, assessing the market on the basis of its segments like product type, raw material, distribution channel, and major regions.

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): USD 8.1 billion
• Forecast CAGR (2023-2028): 2.8%
• Forecast Market Size (2028): USD 9.5 billion

The demand for candles is rising rapidly with the introduction of aesthetically appealing candles in the market which are widely used for decorative purposes during various celebrations. Scented candles are widely influencing the purchase decision of the consumers positively resulting in the growth of the candle market globally. Light and soft fragranced candles are known for reducing stress and elevating mood which is further enhancing the demand for candles from consumers. Moreover, scented candles are also capable of offering better sleep, improving physical and cognitive performance, and boosting self-confidence.

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Candles are available in various colours and shapes such as votives, tealights, jar candles, liturgical candles, novelty candles, container candles, floating candles, outdoor candles, and utility candles. The wide range of candle types provides consumers with various options to decorate their homes and offices. Candles also witness heightened demand during holiday seasons, where they are used for décor and gifting purposes, further contributing to the growth of the candle market.

Expansion of online distribution channels for candles is also supporting the growth of the market for candles. Through online stores, consumers can browse different types of candles and styles, and have them delivered right to their homes. Affordable prices and availability of an extensive range of candles is increasing sales of candles through online distribution channels.

Industry Definition and Major Segments

A candle is a block of wax, tallow, or similar material that burns slowly with an ignitable wick or a flammable solid substance which is usually burned to obtain light. When the candle is burned, the wax material melts and can also give off scent that has been embedded in the wax material.

Based on product type, the market is segmented into:

• Pillars
• Tea Lights
• Votive
• Cartridge Candle
• Birthday Candle
• Wax Filled Container Candles
• Others

On the basis of raw material, the market is classified into:

• Stearin
• Beeswax
• Palm Wax
• Soy Wax
• Paraffin Wax
• Others

By distribution channel, the market is bifurcated into:

• Online
• Offline

Based on region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

The key trends in the global candle market include the rising demand for sustainable and environment friendly candles and introduction of new scents in the market. Rising consciousness among people regarding environmental issue caused by the candles made using petroleum-based paraffin wax is a major factor increasing the demand for eco-friendly candle products. Paraffin wax is made usually from petroleum which is a non-renewable resource and is not environmentally friendly. Organic environment friendly waxes help avoid exposure to chemicals and thus are better for both the environment and human health.

North America is expected to account for a large share of the global candle market owing to the growing popularity of candles and rising demand for candles during festive seasons such as Easter and Christmas. Presence of key manufacturing companies and frequent release of new and innovative products in North America is further fuelling the growth of the market in the region. Growing trend of self-care among people in North America is also fuelling the demand for therapeutic candle products in the region keeping the sale of various scents steady all year round. Rising awareness among people regarding the benefits of owning scented candles is further boosting the demand for candles resulting in the overall growth of the candle market.

Key Market Players

The major players in the global candle market report are Candle Delirium, Inc., Bath and Body Works, Inc., Empire Candle Company, LLC, MVP Group International, Inc., Armadilla Wax Works, Inc., and S.C. Johnson and Son, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

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