Candle Market Size, Share, Trends, Opportunities & Forecast (2024)

Candle Market Size And Forecast

Candle Market size was valued at USD 7,910.65 Million in 2022 and is projected to reach USD 11,768.58 Million by 2030, growing at a CAGR of 5.30% from 2024 to 2030.

Increasing demand for candles for the decoration of houses and offices and in celebrating festivals like Diwali and Christmas is another major factor driving this market. The Global Candle Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Candle Market Definition

A candle is a wax block with a wick placed in it. When ignited, it provides light and heat, as well as the occasional release of a scent. Candles are commonly classified as home accessories in the Home Decoration and Home Textiles (HDHT) sector. Candles are available in three different varieties: Basic Candles: The most prevalent forms of functional candles are pillars with a variety of widths and tapers with a diameter of 2.2 cm that fit most conventional candle holders; Candles that are decorative and have a “fancy” appearance or shape Candles that include additional scents, both natural and artificial Although flavored or decorative candles are occasionally supplied in small amounts, basic candles are frequently sold in sets.

The major purpose of a candle, traditionally, has been to produce ambience with its light, heat, and aroma. Paraffin wax is used to make the majority of candles. Beeswax, soy, and other plant waxes are among the various basic ingredients. Palm oil has gained popularity as a more environmentally friendly, though not without controversy, raw ingredient. A blend of mineral oil and a polymer is used to make gel candles. Although there is no standard for candle diameters, most candlesticks have a diameter of 2.2 cm. smaller candles (tapers) are around 25 cm long and have a 1.27 cm base.

The diameters of thick and cylindrical candles (pillars) range from 1.3 cm to 10.1 cm. In the decorative candle category, size and shape are essential to design aspects. Because of the rising applications of candles, the global Candle Market is predicted to rise significantly over the forecast period. Another key element driving this market is the usage of candles for home and office décor, as well as for holidays such as Diwali and Christmas. Furthermore, when customers’ disposable incomes rise and their lifestyles change, they are able to spend more money on candles with better designs and exotic scents, strengthening the global market.

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Global Candle Market Overview

Real private consumption expenditure is an essential indication of demand growth. The Candle Market, which is part of the Home Decoration and Home Textiles (HDHT) industry, is subject to economic fluctuations. Consumers put off purchasing non-essential products when economic conditions and outlook are bleak. When economic conditions are good, however, private consumer spending and non-essential HDHT product purchases increase. In recent years, the United States has surpassed China as the world’s largest economy and consumer market. Residents of the United States will spend $12.5 trillion on durable and nondurable goods and services in 2020. This represents a reduction of more than half a trillion dollars from the previous year.

Personal consumption expenditures are unlikely to rebound to where they were in 2019, and given the population increase of 2.5 million people each year, the average American will only spend the same amount in 2023. Electric, LED, and battery-powered candles with timers have been introduced as a result of rapid technological advancements and the rising demand for decorative candles. Furthermore, some candles come with extra features like a remote control that allows the user to operate them from anywhere, while others have launched numerous varieties of flameless candles such as tea lights, pillars, votives, and tapers, giving customers a variety of choices.

As a result of these developments in technology and design in decorative candles, the market for LED candles is predicted to grow due to its obvious advantages over traditional candles. This is likely to hamper the market of candles over the forecast period. In HDHT and the candle product category, social and environmental sustainability is gradually becoming a more essential customer desire. Global customers have become considerably more aware of manufacturing methods and working conditions as a result of the internet, as well as more outspoken in their demand for greater openness. Millennials (those born between 1981 and 1996) will soon become the majority of consumers.

Climate change is their top worry, and they are accustomed to ‘voting with their dollars,’ or expressing their opinions through their purchases. They purchase items that help to make the world a better place. Sustainability refers to the value chain’s consideration of social and environmental problems. This covers raw material use and sourcing, processing and manufacture, transportation, consumer use, waste, and disposal. Candles are often made in a factory setting, and a range of SA or BSCI-based types of social compliance are increasingly becoming the standard. Candles have long been a popular fairtrade product in the more handmade market. WFTO is a well-recognized certification in this field.

Global Candle Market Segmentation Analysis

The Global Candle Market is Segmented on the basis of Product, Wax, And Geography.

Candle Market, By Product

• Container Candle
• Pillars
• Votive
• Tapers
• Others

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Based on Product, the market is segmented into Container Candle, Pillars, Votive, Tapers, and Others. Container Candle accounted for the largest market share in the Global Candle Market. Container candles (also known as votive candles) are small candles set in a heat-proof container. They are extremely simple to produce and are popular as decorative items and are usually sold as fragranced candles. In their most basic form, they are made from a heat-resistant container filled with wax with a central wick.

The selection of the appropriate type of container is extremely important. The container must be safe, even when the candle has been burning for a long period. Heat-resistant materials such as metal tins, ceramics, and glass are ideal, although care must be taken with glass as it sometimes tends to crack or shatter when heated. The selection of wax is also important, as it should be a type of wax that burns slowly and that has low shrinkage.

Candle Market, By Wax

• Soy Wax
• Paraffin
• Palm Wax
• Beeswax
• Others

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Based on Wax, the market is segmented into Paraffin, Bees Wax, Soy Wax, Palm Wax, and Others. Paraffin accounted for the largest market share in the global Candle Market. Paraffin wax is one of the most prominent types of wax utilized in the candle-making industry. Commercially it is available in solid slabs and pellets or flake forms. The wax is usually white in appearance but becomes transparent when converted into liquid form. Paraffin waxes are available with low, medium, and high melting points. The melting point is one of the crucial factors to be taken into consideration while formulating or making a candle. Low-melting point paraffin is used for container candles in jars, cups, or glasses. Medium-melting point paraffin is used for votives, pillars, and other molded candles. High-melting point wax is used for more specialized applications such as hurricane candle shells, over-dipping, and other special candle-making applications.

Candle Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

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Based on Regional Analysis, the Global Candle Market is classified into North America, Europe, Asia Pacific, Rest of the World. During the projection period, Europe held the biggest market share in the worldwide Candle Market. Europe primarily comprises of three countries – Germany, UK, France, and Rest of Europe. Europe is one of the largest players in international trade. The formation of the European Union has ensured that the economies of the member nations have witnessed a uniform expansion within Europe. With the risks related to the outcome of the Brexit negotiations, the UK is unable to access the trade and investment market of the European Union which could negatively impact it financially. Europe’s overall momentum in the global economy remains steady and this global upswing is expected to continue in the forthcoming years.

Key Players

The “Global Candle Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Yankee Candles, Thymes, White Barn Candles, Jo Malone, Village Candles, NEST, Slatkin & Co, Malin + Goetz, Colonial Candle, Diptyque.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2021 – Yankee Candle, the world’s largest home fragrance company, announced the launch of its new Signature Collection. The new line gives Yankee Candle’s style fresh life by reimagining tumbler candles and hand-illustrated labels that show the aroma notes in each scent.

Ace Matrix Analysis

TheAce Matrixprovided in the report would help to understand how themajor key playersinvolved in this industry are performing as we provide arankingfor thesecompaniesbased on various factors such asservice features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, werankthe companies into four categories asActive, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Candle Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Candle Market gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Verified Market Research:

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with ourSales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

1 INTRODUCTION OF THE GLOBAL CANDLE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
2.1 Data mining
2.2 Secondary research
2.3 Primary research
2.4 Subject matter expert advice
2.5 Quality check
2.6 Final review
2.7 Data Triangulation
2.8 Bottom-up approach
2.9 Top-down approach
2.10 Research flow
2.11 Data sources

3 EXECUTIVE SUMMARY
3.1 Overview
3.2 Absolute $ Opportunity
3.3 Market attractiveness
3.4 Future Market Opportunities

4 GLOBAL CANDLE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis

5 GLOBAL CANDLE MARKET, BY PRODUCT
5.1 Overview
5.2 Container Candle
5.3 Pillars
5.4 Votive
5.5 Tapers
5.6 Others

6 GLOBAL CANDLE MARKET, BY WAX
6.1 Overview
6.2 Soy Wax
6.3 Paraffin
6.4 Palm Wax
6.5 Beeswax
6.6 Others

7 GLOBAL CANDLE MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa

8 GLOBAL CANDLE MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
8.4 Company Regional Footprint
8.5 Company Industry Footprint
8.6 ACE Matrix

9 COMPANY PROFILES

9.1 Yankee Candles
9.1.1 Company Overview
9.1.2 Company Insights
9.1.3 Business Breakdown
9.1.4 Product Benchmarking
9.1.5 Key Developments
9.1.6 Winning Imperatives
9.1.7 Current Focus & Strategies
9.1.8 Threat from Competition
9.1.9 SWOT Analysis

9.2 Thymes
9.2.1 Company Overview
9.2.2 Company Insights
9.2.3 Business Breakdown
9.2.4 Product Benchmarking
9.2.5 Key Developments
9.2.6 Winning Imperatives
9.2.7 Current Focus & Strategies
9.2.8 Threat from Competition
9.2.9 SWOT Analysis

9.3 White Barn Candles
9.3.1 Company Overview
9.3.2 Company Insights
9.3.3 Business Breakdown
9.3.4 Product Benchmarking
9.3.5 Key Developments
9.3.6 Winning Imperatives
9.3.7 Current Focus & Strategies
9.3.8 Threat from Competition
9.3.9 SWOT Analysis

9.4 Jo Malone
9.4.1 Company Overview
9.4.2 Company Insights
9.4.3 Business Breakdown
9.4.4 Product Benchmarking
9.4.5 Key Developments
9.4.6 Winning Imperatives
9.4.7 Current Focus & Strategies
9.4.8 Threat from Competition
9.4.9 SWOT Analysis

9.5 Village Candles
9.5.1 Company Overview
9.5.2 Company Insights
9.5.3 Business Breakdown
9.5.4 Product Benchmarking
9.5.5 Key Developments
9.5.6 Winning Imperatives
9.5.7 Current Focus & Strategies
9.5.8 Threat from Competition
9.5.9 SWOT Analysis

9.6 NEST
9.6.1 Company Overview
9.6.2 Company Insights
9.6.3 Business Breakdown
9.6.4 Product Benchmarking
9.6.5 Key Developments
9.6.6 Winning Imperatives
9.6.7 Current Focus & Strategies
9.6.8 Threat from Competition
9.6.9 SWOT Analysis

9.7 Slatkin & Co, Malin + Goetz
9.7.1 Company Overview
9.7.2 Company Insights
9.7.3 Business Breakdown
9.7.4 Product Benchmarking
9.7.5 Key Developments
9.7.6 Winning Imperatives
9.7.7 Current Focus & Strategies
9.7.8 Threat from Competition
9.7.9 SWOT Analysis

9.8 Colonial Candle
9.8.1 Company Overview
9.8.2 Company Insights
9.8.3 Business Breakdown
9.8.4 Product Benchmarking
9.8.5 Key Developments
9.8.6 Winning Imperatives
9.8.7 Current Focus & Strategies
9.8.8 Threat from Competition
9.8.9 SWOT Analysis

9.9 Diptyque
9.9.1 Company Overview
9.9.2 Company Insights
9.9.3 Business Breakdown
9.9.4 Product Benchmarking
9.9.5 Key Developments
9.9.6 Winning Imperatives
9.9.7 Current Focus & Strategies
9.9.8 Threat from Competition
9.9.9 SWOT Analysis

10 KEY DEVELOPMENTS
10.1 Product Launches/Developments
10.2 Mergers and Acquisitions
10.3 Business Expansions
10.4 Partnerships and Collaborations

11 APPENDIX
11.1 Related Research

Report Research Methodology

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

Econometrics and data visualization model

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

• Market drivers and restraints, along with their current and expected impact
• Raw material scenario and supply v/s price trends
• Regulatory scenario and expected developments
• Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

• Established market players
• Raw data suppliers
• Network participants such as distributors
• End consumers

The aims of doing primary research are:

• Verifying the collected data in terms of accuracy and reliability.
• To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix