Soaring Demand Set to Propel Candles Market to $13.64 Billion by 2029

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What Is the Expected CAGR for the Candles Market Through 2025?
In recent times, there has been a notable expansion in the size of the candle market. The market, which was worth $9.57 billion in 2024, is projected to increase to $10.29 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.5%. The market's historical growth is a result of increased awareness about environmentally friendly products, augmented usage during festivities and events, wider availability of fragrant and ornamental candles, the expansion of e-commerce sales platforms, and the rise in wellness and relaxation trends.

What's the Projected Size of the Global Candles Market by 2029?
In the coming years, the candles market is projected to experience significant expansion. It is set to grow to $13.64 billion by 2029 with a 7.3% compound annual growth rate (CAGR). This growth during the forecast period can be linked to several factors such as the rising demand for eco-friendly and natural candles, the increase in popularity of customized and scented candles, wellness and self-care trend growth, the increasing use of candles in the hospitality and luxury sectors, and growing interest in unique artistic designs. The forecast period will see trends such as development in smart candle technology, the combination of aromatherapy and candles, advancements in durable and smokeless candles, novelty in decorative and artistic designs, and the amalgamation of e-commerce and digital marketing.

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Top Growth Drivers in the Candles Industry: What's Accelerating the Market?
The increasing interest in home decoration is anticipated to boost the expansion of the candle industry in the future. Home decor comprises elements like furniture, lights, wall art, fabrics, and ornamental accents which lift the beauty and comfort of a living space. The growth in home decor can be attributed to more time being spent at home, as a result, consumers are investing more in transforming their living areas into visually appealing and cozy spaces. Candles serve as home decor items to add warmth, ambiance, and a hint of classiness to spaces while delivering pleasant scents that create a warm and welcoming environment. For example, data from Opendoor Technologies Inc., an online company based in the US that trades residential real estate, revealed Americans, in 2024, spend an average of $1,598 per year on home decor. Surprisingly, Millennials spend 23% more than Baby Boomers, indicating their increased emphasis on style and personalization. Hence, the escalating interest in home decor is spurring the growth of the candle market.

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What Trends Will Shape the Candles Market Through 2029 and Beyond?
Leading firms in the candle market are concentrating on creating inventive items, like fragranced candle selections, to broaden their portfolio and cater to shifting consumer preferences. The mentioned product line entails a variety or series of candles, which are laced with particular scents or smells aimed to emanate pleasant aromas upon burning. To illustrate, Shefar, a renowned Japanese company specializing in high-quality fragrance goods, unveiled a new fragranced candle assortment in November 2022 - the Liela Candle and Mullan Candle. The objective was to strike the perfect balance between maintaining a potent fragrance, efficient burning, and minimal soot discharge. The Liela Candle brings together a gentle blend of refined jasmine, rejuvenating vanilla, and sandalwood, producing a sophisticated, subtly sweet aroma. Meanwhile, the Mullan Candle features a refreshing citrus top note, exquisite floral centre, and a smoky patchouli base, establishing a refined and serene atmosphere.

What Are the Main Segments in the Candles Market?
The candles market covered in this report is segmented -

1) By Product Type: Jar Candles, Pillar Candles, Taper Candles, Votive Candles, Tealight Candles, Novelty Candles
2) By Wax Type: Soy Wax Candles, Paraffin Wax Candles, Beeswax Candles, Vegetable Wax Candles, Gel Wax Candles
3) By Fragrance: Floral, Fruity, Woody, Spicy, Citrus, Herbal
4) By Distribution Channel: Online Retail, Offline Retail
5) By Application: Residential Use, Commercial Use, Therapeutic Use, Decorative Use

Subsegments:
1) By Jar Candles: Single-Wick, Multi-Wick, Scented, Unscented, Decorative Jars, Reusable Jars
2) By Pillar Candles: Round, Square, Multi-Tier, Rustic Finish, Smooth Finish, Dripless
3) By Taper Candles: Standard, Dripless, Spiral, Colored, Metallic Finish, Scented
4) By Votive Candles: Clear Cup, Colored Cup, Scented, Unscented, Soy-Based, Paraffin-Based
5) By Tealight Candles: Scented, Unscented, Colored Wax, Clear Cup, Aluminum Cup, Long-Burning
6) By Novelty Candles, Themed, Color-Changing, Musical, Glitter-Infused, Glow-In-The-Dark

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Which Top Companies are Driving Growth in the Candles Market?
Major companies operating in the candles market are Bath & Body Works LLC, The Yankee Candle Company Inc., Jo Malone London, MALIN+GOETZ Inc., Diptyque Paris (Diptyque SAS), Voluspa Inc., Thymes LLC, Curio Brands LLC, Paddywax LLC, Mrs. Meyer's Clean Day, Chesapeake Bay Candle Company, Illume Holding Company LLC, Nest Fragrances LLC, Cire Trudon, Bridgewater Candle Company LLC, Ecoya Limited, Colonial Candle Company, Boy Smells Inc., Homesick Candles, DW Home, Inc., Zara Home, LAFCO Inc.

Which Regions Will Dominate the Candles Market Through 2029?
North America was the largest region in the candles market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the candles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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