Global Candle Market Size (2024 to 2029)
Thesize of the global candle market is expected to grow from USD 8378 million in 2024 to USD 10826 million by 2029, growing at a CAGR of 5.26% from 2024 to 2029.
A candle is indeed a wax block containing a wick. It produces heat and light and the occasional smell discharge when lit. Within the Home Decoration and Home Textiles (HDHT) industry, candles are often categorized as home accessories. There are three types of candles which are basic candles, scented candles and others. The most popular varieties of functional candles are tapers with a dimension of 2.2 centimeters that fit most traditional candle holders, as well as pillars with a variety of widths. Candles having a fancy shape or form are known as fancy candles. Scented Candles have both basic and sophisticated candles with additional smells. Although flavored or decorated candles are often available in small amounts, basic candles are typically sold in sets. Traditionally, the main goal of a candle has been to create an atmosphere through its heat, light,and fragrance. The bulk of candles are made of paraffin wax. The many fundamental constituents comprise soy,beeswax, as well as other plant waxes. Oil palm has gained favor as a more ecologically friendly raw material, yet it is not without criticism. Gel candles are made from a mixture of mineral oil as well as a polymer. Even though there is no fundamental equality of candle sizes, there are certain guidelines to follow.
Global Candle Market Drivers:
The rise of real private consumption spending is a crucial indicator of demand. Economic variations affect the global candle market, which is a component of the Entire HomeDecorative and Home Textiles (HDHT) business. When the economy and the prospects are grim, consumers put off acquiring non-essential items. However, when the economy is doing well, personal private consumption, as well as non-essential HDHT product purchases, rise. Because of fast technology improvements and increased demand for ornamental candles, timer-controlled electrical, Leads, and battery-powered candles have been created. Furthermore, some candles have added features such as a remote control, which allows users to handle these from wherever, while others have introduced a variety of flameless candlelight, including such aspillars, votives,tea lights,and tapers, providing a wide range of options. Candles are being used more often in business settings. The usage of these items in spas and massage centers has exploded in recent years. Candle massaging is indeed a mainstream therapy that is growing in popularity. Back pain, osteoarthritis, headaches, and anxiety are all relieved with these products.
Global Candle Market Restraints:
LED candles are expected to rise in popularity due to their evident benefits over conventional candles, which is expected to limit the demand for candles. Over the foreseeable term, this is to stifle the candle industry.
Impact of COVID-19 on the global candles market:
The COVID-19 outbreak has had a profound impact on the lives of people in the worldall across the world. Every business must battle on two aspects: security and profitability, and it will be forced to endure this enforced downturn. With the economic recession and the resulting cash constraints, there is a lot of hope that the recovery period will proceed smoothly. As a byproduct of its proliferation, the Coronavirus has harmed the whole globe. In practically every nation, lockdowns, as well as strong social isolation measures, have been introduced. The pandemic has wreaked havoc on the global infrastructure. As a result, there were advantages and disadvantages for the global market.
REPORT COVERAGE:
REPORT METRIC | DETAILS |
Market Size Available | 2023 to 2029 |
Base Year | 2023 |
Forecast Period | 2024 to 2029 |
CAGR | 5.26% |
Segments Covered | By Product, Wax and Region |
Various Analyses Covered | Global, Regional & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Key Market Players | Yankee Candles, Thymes, White Barn Candles, Jo Malone, Village Candles, NEST, Slatkin & Co., Malin + Goetz, Colonial Candle and Diptyque |
This research report on the global candles market has been segmented and sub-segmented based on product, wax and region.
Global Candle Market - By Product:
- Pillars
- Votive
- Tapers
- Container Candle
The container candles segment is anticipated to showcase robust growth during the forecast period. Container candles, often known as votive candles, are placed in a heat-resistant container. Container candles are incredibly simple to make and are often used as ornamental objects, generally in the form of fragranced candles. Container candles are created from a heat-resistant bottle containing wax and a central wick with their most basic form. It is critical to choose the right type of container. Even if the candle has indeed been blazing for just a long time, the containers must be safe. Heat-resistant materials like metal tins, ceramics, and glass are suitable, however, caution should be exercised when using glass because it might split or break while heated. The sort of wax to use is also vital since it should be one that burns gradually and shrinks little.
Global Candle Market - By Wax:
- Soy Wax
- Paraffin
- Palm Wax
- Beeswax
The paraffin segment had the biggest share of the worldwide candle market in 2023 and the domination of the segment is expected to continue throughout the forecast period. One of the most common forms of wax used in the candle industry is paraffin wax. It's sold in solid slabs, pellets, and flake form commercially. When the wax is transformed into a liquid state, it seems white but turns transparent. Low, medium and high melting point paraffin waxes are available. One of the most important elements to consider when formulating or creating a candle is the melting point. Container candles resembling jars, cups, or glassware are made of low-melting-point paraffin. Pillars, Votives,and other sculpted candles are made of paraffin with a medium melting point. Over dipping, Hurricane candle shells,and other specialist candle-making applications employ high-melting-point wax.
Global Candle Market - By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
North America was the most dominating region in the global candle market in 2023 and the same trend is predicted to continue during the forecast period. Due to increased product demand throughout the holiday times, including Christmas and Easter, the North American region is anticipated to expand to continue to be dominant in the coming future. The high demand for goodsfor family gatherings, luxury meals, plus beauty and spa treatments is expected to boost the regional market growth. The existence of well-known candle manufacturing businesses and regular product releases in the United States, Canada, and Mexico are expected to fuel the growth rate of the North American market.
Europe accounted for the second-largest share of the global candle market in 2023 and is estimated to witness a prominent CAGR during the forecast period. In international commerce, Europe is among the most powerful powers. The foundation of the European Union meant that the economies of the member countries expanded in lockstep across Europe. The general momentum of the European economy in the international economy is stable, and so this global boom is anticipated to continue in future years.
The Asia Pacific holds a significant share of the global candles market during the forecast period. The expanding middle-class income groups' acceptance of luxury lifestyles and desire for aesthetic candles, particularly in emerging nations such as India,China, and Bangladesh, drive the growth of the APAC market. Furthermore, the regional market is likely to be driven by increased penetration of dine-out establishments in these countries on the basis of rising working-class adults.
KEY MARKET PLAYERS:
Yankee Candles, Thymes, White Barn Candles, Jo Malone, Village Candles, NEST, Slatkin & Co., Malin + Goetz, Colonial Candle and Diptyque are some of the major players in the global candles market.
RECENT HAPPENINGS IN THE MARKET:
- In February 2022, with the launch of the Studio Collection, Yankee Candle introduced a simple, sophisticated candle design. The pioneer in home fragrance introduces its new Studio Collection, which has a selected selection of beloved Yankee Candle smells housed in simple and stylish glass containers with a sleek, geometric design in trendy colors. The Studio Collection was created by Yankee Candle fragrance specialists with the goal of creating a welcoming environment that would fit into any house.
- In March 2021, Yorkshire candle and soap manufacturers faced a second epidemic acquisition. Supplies for Candles LTD, situated in Yorkshire, has spent £2.5 million in the acquisition of thecompany Glass Print Ltd, new product inventory, and the purchasing of a 20,000-square-foot warehouse at Mexborough, South Yorkshire near its headquarters, with the intention of generating 30 new employments in the region.
