Two important reasons boosting the demand for candles in this nation are the expanding number of candle manufacturers in Vietnam and rising consumer disposable income. The candle has long been a significant component of Vietnamese culture and is still in high demand there, not only for lighting and other traditional uses but also for a variety of contemporary ones, including home scent, home décor, gifting, and others.

The expansion of the candle market in the Philippines is further supported by increased candle consumption in cultural contexts, candle adoption as a home décor item, and candle adoption as a luxury gift item.

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Growth Drivers – Vietnam & Philippines Candle Market

Macro-Economic Indicators: Measuring Quality of Life

Positive growth in the Vietnam candle market is projected as a result of the population’s rising per capita income. Due to a rising employment rate, Vietnam’s population is becoming more prosperous on a yearly basis, as seen by the per capita income trend. Additionally, consumers are prepared to spend more on goods for house decoration. Given these factors, the candle market in Vietnam is anticipated to grow strongly over the coming years. In addition, expanding tourism related to Vietnam’s culture is predicted to have a favourable effect on candle demand as cultural products are necessary for fostering cultural values.

Burning Up: Rising Consumption of Candles For Home Décor

Candles have almost completely lost their utility as a source of light in the current era of electric lighting. However, candles have made a comeback as a stylish addition to homes and are being used more frequently for their calming and therapeutic qualities. Additionally, the introduction of numerous candle smells is enabling candles to compete for greater shelf space on air-freshening and home décor store shelves. Due to customers’ increasing desire to make a space feel cosier, the demand for scented candles has increased over the past few years.

Barriers – Vietnam & Philippines Candle Market

Presence of Alternative to Scented Candles In the Market

Consumers are looking for safer solutions to meet their needs for an aromatic and pleasant atmosphere due to growing worries about indoor air pollution. Essential oils and simmering spices are among choices. In addition, essential oils are more advantageous than scented candles in terms of cost, safety around children and pets, lack of dangerous chemicals, and other factors. Additionally, the essential oil industry is projected to expand more quickly than the market for scented candles, which will have a detrimental effect on the expansion of the candle business.

Vietnam & Philippines candle market is segmented into candle type, raw material, price range, and distribution channel. Based on candle type, the market is segmented into pilar candle, taper candle, votives, tea lights, floaters, and others. In the raw material segment, Vietnam & Philippines candle market is sub-segmented into paraffin wax, soy wax, gel wax, beeswax, palm wax, and others.

Also, the market is segmented on the basis of price range into low price, mid-price, and high price. Moreover, based on the distribution channel, Vietnam & Philippines candle market is further sub-segmented into online stores and offline stores.

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The report also covers detailed competitive analysis of major market players of Vietnam candle market, such as Creative Lights Viet Nam Corporation, Universal Candle Vietnam Corporation, Fleming International Vietnam Ltd., Yankee Candle, Caro Candles Company Limited, Peony Home, Nguyen Quang Minh Candle, Vietnam International Victory Co. Ltd. and other major & niche players.

Also, Philippines candle market report covers the detailed competitive analysis of major players, which include Vayao Wax Manufacturing Inc., Doc’s Candles, Alice Blue Candle, FAVORI, The Candleroom, Bath & Body Works Direct, Inc., Happy Island Candle Co., Yankee Candle Philippines and other major & niche players.

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KD Market Insights is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in-depth to provide our clients with better strategies to stand out in the market.

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