Candle Market Set to Grow from USD 9.05 Billion in 2023 to USD 15.71 Billion by 2030, Driven by 8.2% CAGR

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

The global candle market is poised for significant growth in the coming years, driven by rising consumer demand for decorative candles, aromatherapy products, and eco-friendly alternatives. The market is projected to expand at a compound annual growth rate (CAGR) of 5.12% during the forecast period of 2023-2031. By 2031, the market is expected to reach a valuation of approximately USD 13.72 billion, up from USD 8.5 billion in 2023.

Candles have evolved beyond their traditional use for illumination and have found a strong foothold in the wellness, luxury, and home decor segments. The increasing consumer preference for candles made from natural waxes, such as soy, beeswax, and palm, reflects a broader shift toward sustainability and eco-conscious consumer behavior. This transition, along with expanding online retail channels, is playing a pivotal role in reshaping the global candle market landscape.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/request-sample/42231/

𝐂𝐀𝐆𝐑 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐚𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

The global candle market is expected to grow at a robust CAGR of 5.12% between 2023 and 2031. As the demand for scented candles, decorative pieces, and candles with specific therapeutic benefits increases, companies are focusing on enhancing product quality and expanding their distribution channels to capitalize on these evolving trends. This growth trajectory is attributed to rising disposable incomes, increasing adoption of candles in home decor, and growing awareness about the therapeutic properties of candles such as stress reduction and improved air quality.

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡' 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

Vietnam is experiencing a notable uptick in the demand for candles, particularly in the wellness and luxury sectors. The Vietnamese candle market is expected to grow at a rapid pace due to rising disposable incomes, an evolving culture around wellness, and increasing interest in home decor. Vietnamese consumers are becoming more inclined towards scented and organic candles, driving demand for natural ingredients like soy and beeswax.

𝐊𝐞𝐲 𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

Several local manufacturers in Vietnam have seen an uptick in demand from both domestic consumers and international markets. Vietcandle, a key player in Vietnam's domestic market, has recently expanded its production capacity, launching a new line of eco-friendly candles that cater to the growing environmentally-conscious consumer base.

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭' 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

Thailand's candle market is experiencing substantial growth, driven by increased tourism and the rise in demand for candles used in religious and spiritual practices. The Thai market is particularly driven by the demand for scented and decorative candles. As a growing middle-class population turns towards candles for aesthetic and therapeutic purposes, the market is expected to see a growth rate of 5.5% CAGR over the next five years.

𝐊𝐞𝐲 𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

In recent months, Scented Thai, a well-known candle producer, has entered into partnerships with international distributors to expand their market reach. Moreover, Thailand's production capacity is increasing with a focus on sustainability, including biodegradable wax options to align with global environmental trends.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/request-sample/42231/

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬' 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧

Japan has long been a key player in the global candle market, with candles often used in traditional rituals and festivals. However, the trend towards aromatherapy candles has gained momentum in recent years. The growing interest in self-care products and an increased focus on home decor are expected to push the market growth at a 4.8% CAGR.

𝐊𝐞𝐲 𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧

Japanese companies, such as Candle Studio Scent, have expanded their portfolios to include luxury candles and products with organic ingredients. These developments are aligned with the country's broader trend of offering high-quality, artisanal products. Furthermore, Japan has seen a rise in online candle sales, contributing to market growth.

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚

The South Korean candle market is characterized by a wave of mergers and acquisitions, as larger firms look to consolidate their position in the industry. South Korean consumers are increasingly drawn to candles for home decor, aromatherapy, and even for use in K-beauty routines, creating opportunities for companies to expand their product offerings. With a strong trend toward eco-friendly and premium candles, South Korea is expected to witness an annual market growth of 5.2% CAGR.

Mergers and Acquisitions in South Korea

Recently, Lotte Home Shopping acquired a major stake in Hyundai Candle, a leading South Korean candle producer. This acquisition is aimed at enhancing their product distribution and strengthening their market position within the growing eco-friendly and luxury candle market segment.

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞

Singapore's candle market is growing rapidly, fueled by an increasing demand for luxury candles, wellness products, and aromatherapy-based solutions. The rise of Singapore's affluent population and their increasing awareness of mental well-being have directly contributed to the increasing preference for therapeutic and scented candles. The market is forecasted to grow at a 6% CAGR over the next five years.

𝐊𝐞𝐲 𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞

Scentimental, a Singapore-based luxury candle brand, has gained significant traction in the Southeast Asian market. They recently launched a new line of hand-poured candles using sustainable wax sources, capitalizing on the growing environmental consciousness in the region.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/request-sample/42231/

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭' 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬

The United States continues to be the largest market for candles globally, with North America accounting for a significant share of the total market revenue. The demand for scented candles, particularly those used in aromatherapy, is growing at an impressive rate. The U.S. market is projected to grow at a 5.1% CAGR due to rising consumer interest in home ambiance and self-care.

𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐔.𝐒.

In a move to strengthen its presence in the scented candles market, Yankee Candle, one of the largest candle producers in the U.S., acquired WoodWick Candles. The acquisition enables Yankee Candle to broaden its product range and cater to the growing demand for premium and luxury scented candles.

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭' 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞

Europe, particularly the UK, France, and Germany, is a significant market for candles, driven by the rising trend of home decor and wellness products. European consumers are particularly inclined towards organic and sustainably produced candles. The European market is projected to grow at a 4.6% CAGR, with significant shifts towards eco-friendly candle options.

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭' 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞

Several candle manufacturers in Europe, such as Diptyque Paris and Jo Malone London, have introduced new product lines that feature eco-friendly and luxury candles. These developments are part of a larger industry trend towards sustainable manufacturing and environmentally-conscious consumerism.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/market-report/candle-market/42231/

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐛𝐲 𝐓𝐲𝐩𝐞

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

𝐛𝐲 𝐖𝐚𝐱 𝐓𝐲𝐩𝐞

Beeswax
Stearin
Paraffin Wax
Rapeseed Wax
Palm Wax
Soy Wax
Others

𝐛𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥

Online
Offline

𝐂𝐚𝐧𝐝𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

1. Yankee Candle Company (United States)
2. Bath & Body Works (United States)
3. Village Candle (United States)
4. PartyLite (United States)
5. Chesapeake Bay Candle (United States)
6. Colonial Candle (United States)
7. WoodWick Candle (United States)
8. Illuminations (United States)
9. Diptyque (France)
10. Jo Malone London (United Kingdom)
11. Voluspa (United States)
12. NEST Fragrances (United States)
13. Paddywax (United States)
14. Archipelago Botanicals (United States)
15. Capri Blue (United States)
16. Kringle Candle Company (United States)
17. Root Candles (United States)
18. Makers of Wax Goods (United States)
19. Himalayan Trading Post (United States)
20. Aquiesse (United States)
21. Circle E Candles (United States)
22. Tyler Candle Company (United States)
23. Swan Creek Candle Company (United States)
24. Bridgewater Candle Company (United States)

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