Candles Market is Expected to Expand at an Impressive Rate by 2023

Major Key Players:

Some of the key players in the global candles market are Dianne’s Custom Candles, LLC (US), Dandong Everlight Candle Industry Co., Ltd (China), ZHONG Nam Industrial (International) Co., Ltd (Hong Kong), Empire Candle Co., LLC (US), BeCandle (Hong Kong), SC Johnson & Son, Inc. (US), Bolsius International BV (Netherlands), The Yankee Candle Company, Inc. (US), Candle-lite (US), Armadilla Wax Works, Inc. (US), Colonial Candle (US), Vollmar GmbH (Germany), Gies Kerzen GmbH (Germany), Bath & Body Works Direct, Inc. (US), and LVMH Moët Hennessy-Louis Vuitton (France).

The Global Candles Market is expected to register noteworthy growth during the forecast period. One of the significant reasons for the growth of the candles market is the rising use of scented candles as a homecare product. Increasing per capita disposable incomes have affected consumer spending behavior. Consumers are more likely to spend on home furnishings, such as candles, which is expected to drive demand. Scented candles find widespread application in aromatherapy which includes pain management and the treatment of cardiovascular disease, insomnia, and colds and coughs.

Industry Segments:

The Global Candles Market has further been segmented by Material Type, Category, and Distribution Channel.

The global candles market has also been segregated, on the basis of Material Type, into synthetic wax, paraffin wax, vegetable wax, and animal wax. The paraffin wax segment accounted for the majority market share in 2017; however, the vegetable wax segment is expected to be the fastest-growing segment during the forecast period.

By Category, the global candles market has also been segregated into luxury candles and economical candles. The economical segment accounted for the larger market share in 2017, while the luxury candles segment is projected to register the higher CAGR during the forecast period.

The global candles market has also been classified, on the basis of Distribution Channel, as store-based and non-store-based. The store-based segment accounted for a larger market share in 2017. However, the non-store-based segment is expected to exhibit higher CAGR during the forecast period.

Regional Analysis:

North America is expected to be the largest market for candles and the regional market is projected to register a substantial CAGR of 3.83% during the forecast period. The US is the major contributor to the growth of the North American candles market, followed by Canada. In North America, the shape, color, and scent of candles are the most important factors affecting sales in the region. Pillar, votive, and container candles are the most widely purchased candle types in the US. According to the National Candle Association, economical candles range between USD 1.99 to 35; however, luxury candle prices can go as high as USD 200. Moreover, the majority of candle sales, i.e., nearly 35% of annual sales, in the US, occur during Christmas time. In Canada, the trends for the candle industry are similar to that of the US. However, due to a smaller population, the market size is lower. However, the Canadian market is expected to register the highest growth rate due to the high immigration rate and increasing expat population size.

Europe is also expected to account for a significant share of the global candles market and the regional market is projected to grow at a moderate pace during the forecast period. In 2017, the demand for candles in Europe was higher than production, according to the Centre for the Promotion of Imports from Developing Countries (CBI). The major candle importing countries include Germany, the UK, and the Netherlands. Spain and the UK represent lucrative growth opportunities for candle manufacturers mainly due to the popularity of aromatherapy and awareness of the health benefits of essential oil-infused candles.

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Asia-Pacific held a prominent share of the global candles market in 2018 and the regional market is projected to exhibit the highest CAGR during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. However, the Indian market is expected to exhibit the highest growth rate of 5.78% during the forecast period. The major candle producing countries in the region include China, Vietnam, and India, with the bulk of production exported across the world. China and Vietnam together accounted for nearly 35% of all exports in 2017, according to MRFR analysis.

South America accounted for the largest share of the market in the rest of the world in 2017 and the regional market is expected to register a significant CAGR during the forecast period. Moreover, the Middle East is a potential market for candles and is expected to register the highest CAGR of 5.03% during the forecast period.