April 25, 2022 04:44 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 25, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Candle Market finds that the increase in trend of using scented candles is expediting market growth. Primarily driven by rising demand for soy candles, the total Global Candle Market is estimated to reach USD 9.9 Billion by the year 2028.
The Market stood at a revenue of USD 6.8 Billion in the year 2021, and expected to exhibit a Compound Annual Growth Rate (CAGR) of 6.5%.
Furthermore, the growing demand for organic candles worldwide is also anticipated to augment the growth of the Global Candle Market, states Vantage Market Research, in a report, titled “Candle Market Size, Share & Trends Analysis Report by Product (Votive, Container Candle, Pillars, Tapers), by Wax (Paraffin, Soy Wax, Beeswax, Palm Wax), by Distribution Channel (Offline, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Increase in Trend of Using Scented Candles to Fuel Global Candle Market
The increasing trend of using scented candles is expected to fuel the growth of the Candle Market during the forecast period. Scented candles are projected to be used in both residential and commercial sectors. The leading factors that influence candle usage and purchasing decisions is the fragrance of the candle. Further, the candles have gained popularity as a go-to gift and home decor improvement product. The pleasing scent of candles is further expected to positively affect one’s mood and enhance home decor and these are the top motivators for using and purchasing candles. Scented jars are projected to be the most preferred candle type with single wicks being chosen over multi-wick varieties. The other popular candle type is considered to be pillar followed by votive, tea light and liturgical candles. The scented jars and votives are commonly used to add a pleasing scent whereas the tealight types for creating atmosphere. Additionally, most of the market players are now focusing on providing innovative scents with their customer’s expectations to expand market shares which is also expected to support the growth of the market in near future.
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Segmentation of the Global Candle Market:
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E-Commerce Offerings to Augment Market Growth
The increase in e-commerce offerings is anticipated to augment the growth of the Candle Market within the estimated period. Online shopping has surely taken precedence in a majority of industries over brick- and- mortar retail, with candles being one of the few exceptions. Fragrance is being one of the top impacting factors in consumers’ decision when it comes to purchase specific candles; and most of the shoppers prefer to smell before they buy. Yet, many candle brands are modernising to use e-commerce as the selling platform to match products based on each customer’s preferences and their purchase history. Further, companies also sell “sample-sized” candles in a variety of bundles that allow customers to test drive scents before purchasing. Additionally, the e-commerce platforms also provide subscription boxes which offer monthly indulgences of everything from beauty products to books to dog toys, and candles are a perfect addition to this category which is also likely to fuel the demand for candles in the years to come.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the homecare and decor industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Candle Market highlights:
North America to Dominate the Global Candle Market
North America has dominated the Global Candle Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the rising demand for candles especially during the festive time of year like Christmas or Esters in the region. Furthermore, the trend of gifting candles on special occasions along with presence of popular candle manufacturing companies and frequent product launches is also anticipated to encourage the adoption of cyber insurance.
Asia Pacific is expected to grow at a fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the rising adoption of candles and luxury lifestyle in economies such as China and India in the region. The population of these countries is the highest as well as the manufacturing cost of candles is low as compared to countries in other regions.
List of Prominent Players in the Candle Market:
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Candle Market Size, Share & Trends Analysis Report by Product (Votive, Container Candle, Pillars, Tapers), by Wax (Paraffin, Soy Wax, Beeswax, Palm Wax), by Distribution Channel (Offline, Online), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/candle-market-426101
June, 2021: The Candle-lite Company announced the official launch of CBD-infused candles and wax melts, released under their Essential Elements brand, with the Kroger Family of Stores being the first retailer to carry the product.
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