Global Candle Market To Grow at a CAGR of 5.24% During 2024-2032 | IMARC Group

IMARC Group's latest report, titled "Candle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", the global candle market size reached US$ 9.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.24% during 2024-2032.

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Candle Market Trends and Growth:

The global market is majorly driven by shifting consumer preferences and diverse applications. In line with this, the rising demand for home decor and ambiance-setting elements contributes significantly to the market growth. Candles are increasingly viewed as decorative accessories, with scented and uniquely shaped candles becoming popular.

The wellness trend plays a role, too, as candles are associated with relaxation and stress relief, driving their use in aromatherapy. Additionally, the growing awareness of sustainable and natural products has led to the development of eco-friendly candles, often made from soy or beeswax. Moreover, social media also plays a crucial role in driving market growth, with visually appealing candle arrangements and aesthetic packaging gaining popularity and influencing consumer choices.

The COVID-19 pandemic, focusing on home-centric activities, has further boosted the demand for candles as people seek to create comforting and cozy indoor environments. Candle manufacturers respond to market trends by introducing innovative fragrances, sustainable packaging, and artisanal designs. Furthermore, the gifting culture and using candles in celebrations contribute to the expanding market. The versatility of candles in various events, from weddings to festive occasions, adds to their allure. This, in turn, is strengthening the market growth.

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Candle Market Overview:

A candle is a source of illumination typically made of wax with a central wick that, when lit, produces light by burning the wax. Candles have been used for centuries, serving as a practical light source and for religious, ceremonial, and decorative purposes. Usually made of cotton, the wick draws the melted wax upwards, sustaining the flame. Candles come in various shapes, sizes, and scents, catering to diverse preferences. In addition to providing light, candles often create a calming ambiance, contributing to their popularity in homes, religious ceremonies, and celebrations throughout history.

Competitive Landscape with Key Players:

• Bath & Body Works Direct Inc
• Bridgewater Candle Company
• Circle E Candles Inc
• Contract Candles & Diffusers Ltd
• Diptyque
• Empire Candle Co. LLC
• Malin +Goetz Inc
• Mvp Group International Inc
• S. C. Johnson & Son Inc
• Stonewall Kitchen
• The Estée Lauder Companies Inc
• The White Company
• The Yankee Candle Company (Newell Brands)
• Thymes LLC

Key Market Segmentation:

Product Insights:

• Votive
• Container Candle
• Pillars
• Tapers
• Others

Wax Type Insights:

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

Distribution Channel Insights:

• B2B
• B2C

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.