September 15, 2022 12:06 ET | Source: Facts & Factors Facts & Factors
NEW YORK, USA, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published the latest research report titled “Global Candle Market Size, Share & Trends Analysis Report By Type (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, Others), By Wax (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, Others), By Business Model (Private Lable, Stand Alone Brand), By Fragrances (Scented Candle, Unscented Candle), By Color (Monochrome, Color Candle), By End-Use (Home, Commercial), By Distribution Channel (Hypermarket/Supermarket, Online Stores, Convenience Stores, Speciality Stores, Wholesale/Distributors) By Region, And Segment Forecasts, 2021–2026” in its research database.
“According to the latest research study, the global Candle Market size & share was valued at around USD 8,900 million in 2020 and is expected to generate revenue of around USD 13,700 million by 2026, with a Compound Annual Growth Rate (CAGR) of approximately 6.7% between 2021 and 2026.”
The report analyses the market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global candle market.
A candle is a flammable wick made of wax that delivers light. Recently, candles are a symbol of celebration that defines ceremonial events, soothes the senses, etc. Manufacturers are focusing to produce proposing aromatic candles and innovative types of candles for the living room, candles that possess dim light for the bedroom, etc. Candles are significantly found during celebrations, religious ceremonies get-togethers, and festivals for a beautiful ambiance coupled with a mild atmosphere. The demand for candles is increasing especially in spas, massage centres, and other commercial places. Massage centres also have candle massage as a therapy popular among millennials. These products offer relief from anxiety, headache, back pain, and osteoarthritis.
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Key Insights from Primary Research
To estimate the total attractiveness of the candle market, current and prospective candle industry trends are outlined. During the forecast timeframe, the top impacting factors emphasized opportunities. The rise of the candle market is fueled by factors such as High consumption of candles as an aesthetic-appealing product among female millennial for domiciliary application is projected to drive the growth. Independent brands, beauty retailers and fashion houses have been coming up with new & innovative products to constantly capture a new customer base and to retain the older ones.
Meanwhile, the commercial utility of candles has been growing, with the majority of massage centers and spa using candles which is scented for a mild & soothing effect. Similarly, fine dines and restaurants are gradually using the products to create an aromatic and beautiful ambience for the customers.
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The COVID-19 pandemic harmed the market growth, particularly candle businesses. The market was impacted by the outbreak of the pandemic and the subsequent lockdowns imposed by governments on several countries, as well as stringent travel restrictions. Furthermore, supply chain disruptions became a significant obstacle to manufacturing. On the other hand, as restrictions were eased, people became more inclined to engage in leisure activities and the market began to revive. As more people were willing to go along with their families, manufacturing companies have seen an increase in the number of orders for new Candles.
On the other hand, candle-making is measured as the biggest lockdown trend and has gained traction owing to various social media platforms like TikTok, resulting in a 3,500% spike in searches for soy candle-making kits. In addition to this, the National Candle Association (NCA) spokesperson Kathy LaVanier, and CEO of Renegade Candle Company, stated that the overall U.S. candle sales have increased by 30% since the pandemic.
The report contains qualitative and quantitative research on the global candle Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global candle market include;
The candle market is segmented based on type, wax, business model, fragrances, color, end-use and distribution channel:
As per type candle market is segmented into (tea lights, votive, pillars, birthday candles, cartridge candles, wax-filled container candles, others), by wax (beeswax, stearin, paraffin wax, rapeseed wax, palm wax, soy wax, others), by business model (private lable, stand alone brand), by fragrances (scented candle, unscented candle), by color (monochrome, color candle), by end-use (home, commercial) and by distribution channel (hypermarket/supermarket, online stores, convenience stores, speciality stores, wholesale/distributors).
In 2018, the paraffin wax held a market share of more than 30% owing to its ability to mold into different shapes and at a low cost. It is a petroleum by-product and is water-resistant, significantly used for producing floating candles. Moreover, the semi-translucent and colorless feature allows including colors giving it a decorative look.
Browse the full “Global Candle Market Size, Share & Trends Analysis Report By Type (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, Others), By Wax (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, Others), By Business Model (Private Lable, Stand Alone Brand), By Fragrances (Scented Candle, Unscented Candle), By Color (Monochrome, Color Candle), By End-Use (Home, Commercial), By Distribution Channel (Hypermarket/Supermarket, Online Stores, Convenience Stores, Speciality Stores, Wholesale/Distributors) By Region, And Segment Forecasts, 2021–2026” Report at https://www.fnfresearch.com/candle-market
Throughout the projected period, North America is expected to be the fastest-growing regional market. The North American market is expected to account for major revenue share in the global market, owing to the increasing consumption of aromatic candles, coupled with growing aromatherapy treatment in countries such as the US and Canada in the region. In addition, manufacturers have launched mosquito repellent candles to protect from mosquitoes which are anticipated to support the growth of the global market. Meanwhile, the region is expected to continue leading shortly attributed to increasing product demand during the festive seasons such as Easter and Christmas. Another trend, driving the market in the U.S. is gifting candles during festivals and special occasions.
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The global candle market is segmented into:
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