New York, NY, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Candle Market By Product (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, and Others) and By Raw Material (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, and Others): Industry Trends, Size, Share, Growth, Estimation and Forecast, 2018–2026”. According to the report, the global candle market accounted for USD 8.38 billion in 2018 and is expected to reach around USD 13.72 billion by 2026, at a CAGR of 6.3% between 2019 and 2026.
A candle is generally a cylindrical piece of wax with a wick embedded in it. This wick is used to produce light when it burns. A candle burns as long as the surrounding wax does not melt completely. Apart from lightning purpose, candles are now also used in celebrations and for creating a positive and soothing environment.
Browse through 37 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Candle Market: By Product Type, Applications, Industry Size, Share, Trends, Analysis, and Forecast, 2018–2026”.
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The global candle market is expected to witness significant growth over the forecast time period, owing to increasing applications of candles. Candles are also used for decoration of houses and offices and in celebrating festivals like Diwali and Christmas, which is another major factor driving this market. Moreover, the increasing disposable incomes and changing lifestyles of consumers have enabled them to spend more money on candles with better shapes and exotic aroma, which is also boosting this global market. However, the presence of a large number of unorganized candle manufacturers may hamper the candle market globally.
The global candle market is fragmented based on product and raw material. The product segment includes wax-filled container candles, votive, tea lights, pillars, cartridge candles, birthday candles, and others. Tea light candles are circular in shape and come inside of a metal or plastic cup and have more width than height. These candles are inexpensive, which will fuel this segment’s growth over the forecast time period. Wax-filled container candles and birthday candles are expected to witness significant growth in the years ahead. Birthday candles are used on birthdays, anniversaries, farewells, promotion, etc., which is a major factor for this segment’s growth.
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By raw material, the candle market is divided into soy wax, stearin, rapeseed wax, beeswax, palm wax, paraffin wax, and others. The beeswax segment is expected to show moderate growth, owing to its shiny appearance which makes it suitable for use during festivals. Moreover, these candles are organic in nature and improve air quality. Stearin based candles cannot be bent easily and are highly durable with regard to slant, draft, and temperature.
Europe dominates the global candle market and is expected to maintain the trend over the forthcoming years as well, with CAGR of about 6.2%. An average individual in the UK buys around six candles in a year, generating a total revenue of about USD 2.54 billion annually. The use of candles is mostly for prayers and decoration purposes across the region.
Browse the full “Candle Market By Product (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, and Others) and By Raw Material (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, and Others): Industry Trends, Size, Share, Growth, Estimation and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/candle-market
North America is expected to show significant growth over the forecast timeline. The candle sales in the U.S. are expected to be around USD 2.5 billion annually. This figure is expected to grow further in the future, at a CAGR of about 6.1%. High disposable incomes and increasing modernization across the region are primarily responsible for the North American candle market growth.
The Asia Pacific candle market is expected to witness the highest CAGR, of about 6.4%, in the future, owing to a large number of festivals celebrated across the region all the year-round. India and China are the main regional players, owing to growing urbanization and changing the lifestyle of people in these growing economies. Moreover, India is known for various festivals with an estimation of about 40 festivals celebrated in different parts of the country annually, which will further drive this market.
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Latin America is expected to show decent growth over the estimated time period, owing to the increasing regional demand for scented and decorative candles. Brazil is among the highest growing regional economies, where a surge in disposable income of the people has been observed in recent times. Moreover, the growing regional population is another major factor driving the candle market.
The Middle East and Africa will show moderate market growth over the forecast time period, owing to improving living standards of people in GCC countries, which is fuelling the demand for scented and organic candles. Moreover, the rising demand for mosquito repellent candles is witnessed in Saudi Arabia. South Africa is expected to show decent market growth in the future.
Some key players in the candle market are Vollmar, Baltic Candles, Bolsius International, Delsbo Candle, Duni, Hansa Candle, KORONA Candles, CerasRoura, Contract Candles, and Candle Scandinavia.
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This report segments the global candle market into:
Global Candle Market: Product Analysis
- Tea Lights
- Votive
- Pillars
- Birthday Candles
- Cartridge Candles
- Wax-Filled Container Candles
- Others
Global Candle Market: Raw Material Analysis
- Beeswax
- Stearin
- Paraffin Wax
- Rapeseed Wax
- Palm Wax
- Soy Wax
- Others
Global Candle Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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