Pune, India, June 06, 2019 (GLOBE NEWSWIRE) -- The Latest Report published by Market Research Future (MRFR) suggests that the Global Candles Market is poised to attain the valuation of USD 13,006.9 Million by 2023. The report also adds that the market will be clocking a CAGR of 4.26% during the forecast period (2018-2023)
Market Analysis
The Hike in Product Demand for Special Occasions to Elevate the Market Position
The crucial factors influencing the candle market include the rising use of candles for special occasions like marriage ceremonies or birthdays, festivals, events and so on. Further, the growth in the use of candles by therapists for inducing relaxation by creating a peaceful environment in therapy rooms and during prayers and meditation are additional factors that are working in favor of the candle market. Other than this, the expansion of e-commerce has led to an explosion of exciting growth opportunities for the manufacturers as well as suppliers the world over. With the aim of meeting with the constantly changing taste of the customers, the candles manufacturers and suppliers are now putting their focus on making their products available on several e-commerce websites. These factors are bound to bring excellent business for the candles market soon.
The Rising Production of Customized Candles to Aid in Market Growth
The continuously evolving trends and customer taste are prompting the candles manufacturers to develop and design customized candles. On that note, the scented candles enjoy considerable demand owing to their property of lightening the mood. Likewise, the aromatherapy treatment also involves the use of scented candles, for relieving mental and physical duress. The growth of the aromatherapy market has been rapid in recent years, as evidenced by the increased consumption of aromatic candles.
In addition to this, manufacturers are also churning out various innovative products, for instance, the mosquito repellent candles that help protect against mosquitoes. These mosquito repellent candles are in high demand due to their organic nature, and the pleasant scent emanated when burnt without the production of any toxic or harmful fumes. These favorable factors are presumed to have a lucrative effect on the candles market during the evaluation period.
Key Players and Industry Buzz
Candles Market comprises of numerous key players, including ZHONG Nam Industrial (International) Co., Ltd (Hong Kong), Colonial Candle (US), Empire Candle Co., LLC (US), SC Johnson & Son, Inc. (US), Candle-lite (US), Dandong Everlight Candle Industry Co., Ltd (China), Dianne’s Custom Candles LLC (US), BeCandle (Hong Kong), Bath & Body Works Direct, Inc. (US), Armadilla Wax Works, Inc. (US), The Yankee Candle Company, Inc. (US), are the players currently leading the global candles market.
Latest News
December 2018 Village Candle re-launched its latest product range of luxury candles in United Kingdom (UK), with the latest collection inclusive of various products boasting of new and exciting fragrances.
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Competition from Alternative Products Could Curb the Market Growth
With the availability of several alternative products including fairy lights, electric candles etc., the growth rate of the candle market is expected to decelerate to a certain extent. Yet, the growth in the popularity of scented candles as well as the wax filled container candles will ensure the smooth growth trajectory of the candle market in the years ahead.
Paraffin Wax Candles note the most Demand owing to its Favorable Properties
The material type-based segments in the market include synthetic wax, paraffin wax, vegetable wax, and animal wax. Between these, the paraffin wax segment is poised to gain the upper hand by depicting a significant growth rate and touching the valuation of USD 6,094.8 million by 2023. The segmental dominance has been established based on the increasing product demand, as its melting point is between 49°C and 71°C. Additionally, paraffin wax is utilized in the making of candles available in different shapes and sizes like tarts, tapers, containers, tealights, votives and pillars.
The Eco-Friendly Nature of Vegetable Wax helps secure the Dominant Position
In terms of the category, the Global Candles Market has been broken down into luxury candles and economical candles. Out of these, the vegetable wax segment is slated to note the best growth rate of 4.63% in the subsequent years. Vegetable wax is ideal when it comes to making container, jar, tart, votive and tealight candles. As this type of wax produces no soot and burns clean, its eco-friendly nature establishes its top position in the global market.
The Non-Store-Based Segment Garners Massive Demand as E-Commerce Gains Popularity
The worldwide candles market, depending on the distribution channel, has been categorized into store-based and non-store-based. With the emerging popularity of e-commerce, the sale of candles has been significant via the non-store-based distribution channels compared to the store-based ones. This could be due to the ease of buying and convenience experienced by the customers, along with the attractive discounts offered by the online sellers.
North America Steals the Spotlight with the Elevated Focus on Aromatherapy
North America is in the vanguard of the Global Candles Market, with its estimated share valued at 36.94% of the total market share in the year 2017. The regional market is expected to market a moderate growth rate from 2018 to 2023, with the support of lucrative factors like the increasing sale of candles for aromatherapy, stress reduction, relaxation and home décor. Also, the beauty retailers based in North America are now taking notice of the market potential and are beefing up the assortments of candles for the ever-expanding customer base in the region. This aspect is set to be a highly profitable factor for the market in the following years.
Browse the market data and Information spread across 137 pages with 168 data tables and 27 figures of the report “Global Candles Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at https://www.marketresearchfuture.com/reports/candles-market-7761
Europe Thrives as the Runner Up as the Demand for Paraffin Wax Rises Significantly
Europe is reckoned to be another formidable region in the Global Candles Market, dashing ahead with a gainful share of 32.71% in 2017. In Europe, the consumption as well as the import of candles has noted a sharp rise in recent times, resulting from the surging popularity of candles as decorative accessory instead of its functional use. In the region, Poland has been identified as the biggest candle supplier, whereas the paraffin wax segment holds the substantial share of the regional market, as reported in 2017.
Asia Pacific Grows at the Fastest Rate, Aided by the Rising Number of Small Sized Manufacturers
Asia Pacific has been identified as the fastest-expanding region in the worldwide Candles Market, albeit with the small market share of around 18.63%, said the report in 2017. The Asia Pacific market is inundated with several small-sized manufacturers, striving to expand the size of the regional market with their marketing strategies and associated efforts in the candle-making field. The prominent candle producing nations within the region are Vietnam, India and China, which are known for producing the bulk of candles and exporting it at an international level. The data analysts at MRFR state that Vietnam and China jointly made for almost 35% of the complete exports in 2017.
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Scented Candles Market Global Information by Raw Material (Waxes, Liquid Dyes, Soy, Glass and others), Product Type (Jar, Pillar, Tea Light, Tumbler, Vase and others), Distribution Channel (Specialty Store, Home Décor Store, E-Commerce and others), Fragrance (Fruit, Flower, Spice, Blends and others) and Region- Forecast to 2022
https://www.marketresearchfuture.com/reports/scented-candles-market-2495
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