July 14, 2022 12:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Wilmington, Delaware, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Candle market statistics estimate the market to rise at a CAGR of 6.5% during the forecast period, from 2022 to 2031. The global candle market size is anticipated to cross valuation of US$ 16.9 Bn by 2031. Given that the adoption of environmentally friendly commodities is rising quickly, it is projected that the rising demand for them will have a significant influence on market growth. The choice of candles that do not cause carbon blackening has led to an expansion of the market for organic candles produced from natural wax. In addition, the market is anticipated to expand due to the rising demand for scented candles and pillar candles in both commercial and residential sectors.
Due to their obvious benefits over traditional candles, LED candles are expected to see increasing demand due to technology and design developments in decorative candles. LED candles are likely to emerge as candle industry trends 2022. Additionally, as more multinational firms with R&D expertise and online resources enter the global candle market, product diversity is expected to rise.
Due to the presence of a huge number of companies, North America is likely to account for a major candle market share. The main trade group that represents American candle makers and their suppliers is the National Candle Association (NCA). Nearly 80% of all candles made in the US are produced by National Candle Association member firms. In North America, the U.S. has the lion's share of the candle market.
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Key Findings of Market Report
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Global Candle Market: Growth Drivers
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Global Candle Market: Key Players
Some of the key market players are
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