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Candle Market size was valued at USD 7,162.83 Million in 2020 and is projected to reach USD 10,656.07 Million by 2028, growing at a CAGR of 5.28% from 2021 to 2028.

Candles are one of the survival essentials for every household. Although candles are not used regularly, every residence stocks them as a necessary availability. There is much demand for candles during the winter months as a means of electricity conservation ideas in the form of power blackouts. Apart from that, many commercial entities use scented candles in their spaces as a therapeutic approach to their clients. Consumer demand for candles comes in various forms. However, the growth potential of the candle market relies on how the key players are utilizing their available resources to meet consumer needs.

As a rising number of end-users are utilizing Candles Market are an aesthetical good, the global candle market is witnessing a surging demand increasing the growth potential. Moreover, most commercial sectors choose to buy scented candles in bulk as a form of luxury and therapy, which is expected to drive the market size in the forecast year.

The candle market can face fierce competition from the unorganized sectors such as incense sticks, electric lamps, etc. This challenge can slightly impact the market revenue generation in the current assessment period.

The earlier candles had carbon blackening issues, but that issue has been solved with organic candles coming into the market. The growing demand for organic candles can bring new opportunities for candle market growth.

The price fluctuation of the raw materials can impact candles’ demand and supply chain. The limited storage period can be the major restraint in the candle market. Since the current forecast year of the candle market has a larger size than the previous assessment period, it is confirmed the market has a demand surge. Thus, the key players are employing skilled workers to enhance the product range without compromising the end-product quality.

The candle market will obtain a CAGR of 4.26% and a market value of USD 13.006.9 Million by 2023.

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The candle market is categorized into major segments: distribution channel, material, and others. The candle market is bifurcated into economic and luxury candles based on category segment. Since economic candles are dominating the market segment, it is anticipated to generate a value of USD 8 275.5 million at the end of 2023. The luxury candle segment is expected to grow at a CAGR of 4.36% due to the surge in demand for its therapeutic aspect.

The material segment classified the candle market into vegetable wax, animal wax, synthetic wax, paraffin wax, and more sub-segments. The vegetable wax segment is expected to grow at a CAGR of 4.63% as demand for the cleaner wax candle is high in the forecast period.

According to the distribution channel segment, the candle market is categorized into non-store-based and store-based outlets. The CAGR of the non-store-based segment is expected to grow more in the forecast period.

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According to the regional analysis of the candle market, the industry is spread all over the globe, including regions like Europe, Asia Pacific, North America, Middle East-Africa, and the rest of the world. As per the regional segment of the Candle market, North America is estimated to lead the global market in this assessment period. Europe is projected to obtain significant growth during the forecast period. Asia Pacific region is predicted to make rapid growth in the forecast period.

• In May 2022, Renegade Candle Company started offering customers consumer-tailored candle products making new innovative approaches for home fragrance and décor.

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