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Candles are widely used for home decoration and during festival sessions. They are also used in ambiance creation and are higher in demand in various churches, temples, and many other religious places as well as celebrations. Scented candles of different fragrances such as basil, jasmine, lavender, lemon, orange, vanilla, and many others are widely used which helps to create a positive mental state in its surroundings, to reduce health stress, and provides health benefits. Candles make the situation more alive and memorable where ever it is used. According to the National Candle Association, Nine out of ten candle users purchase and use candles to make a room feel comfortable or cozy.
Different designs and colors which makes candles appear attractive to the users and the same users to stimulate for purchase. Demand for the different candles is increasing thereby anticipated the rising use of home care products amongst peoples. Candles are also widely used in chemical labs to heat the substitute partially to verify their compound properties.
Increasing demand for luxury lifestyles, along with rising preferences for home decoration services, flourishes the growth of the global candle market. Home decoration services are expected to rise because of the increasing disposable incomes of the peoples for home decoration products.
Key Market Driver -
Rising demand for interior and decoration services for households and office primises fuels the demand for global candle market.
Key Market Restraint -
Higher prices for the fashionable candles limits the growth of global candle market.
The global candle market is expected to increase with its increasing use in religious places and festival celebrations. Candles are widely used in body massage and heat treatments in healthcare clinics. Therefore, growing industries such as spa and healthcare clinics fuel the demand for the global candle market. According to the Indian Brand Equity Foundation (IBEF), the global healthcare sector can increase to USD 133.44 Billion by 2022. Candles are widely used in hotels for candlelight dinners. Therefore, the rising number of hotels and restaurants gives rise to the growth of the global candle market.
Increasing prices for fashionable candles are expected to limit the growth of the candle market. Small LED lights and lamps, electric candles are the alternatives to candles that limit the growth of the global candle market.
The global candle market consists of various key players such as Better Homes and Garden, Colonial Candles, Bridgewater Candles, NEST, Slatkin and Co., Thymes, Village Candles, Circle E Candles, Diptyque, Jo Malone, and Bath & Bodyworks.
The global candle market can be segmented by product, by raw material, by distribution channel, and by geography.
The global candle market is segmented into several products such as tea lights candles, votive candles, pillar candles, birthday candles, and many other candles which include container filled candles, taper candles, floating candles, and gel candles.
Pillar candles are expected to hold the largest share of the global candle market owing to its wide use during power cuts, and in decorating dining tables. They are widely available in different sizes and shapes and can take a longer time to burn.
By raw material, the candle market can be segmented into beeswax, stearin, paraffin wax, and others. According to National Candle Association (NCA), in the United States, all candles are constructed with solid fuel and wick and the solid fuel made of paraffin wax is used in nearly 85% of the total candles manufactured. Hence candles made of paraffin wax are expected to hold the largest share of the global candle market.
Based on the distribution channel, the candle market can be segmented into retail stores, shopping malls, online stores, etc. Peoples prefer to buy candles from the convenience stores nearby them for different types of celebrations. Retail stores category is expected to hold the largest share due to the consumer preference of shopping and extensive stores network. According to the Indian Brand Equity Foundation (IBEF), India’s FMCG retail market is expected to increase to USD 103.7 Billion as of 2020.
By geography, the global candle market can be segmented into regions such as North America, South America, Europe, Asia Pacific, Africa, and the Middle East.
North America is expected to hold the largest share of the global candle market because of the large candle manufacturing base of NCA listed companies in North America, such as AAK USA Inc., Alpha Aromatics, Alene Candles Inc., Allstate Can Corporation, and others.
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According to the Centre for the Promotion of Imports (CBI), consumption and imports of candles are continuously increasing, offering opportunities for exporters in developing countries. Hence, the European region is expected to grow at a faster rate because of the increasing demand for candles.
By Raw Material
By Distribution channel
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