Candle Market Illuminates Growth, Projected to Reach US$ 14.52 Billion by 2029
In 2022, the Candle Market witnessed a substantial valuation of US$ 8.36 billion, setting the stage for a remarkable growth trajectory. The market is expected to shine even brighter, with a projected Compound Annual Growth Rate (CAGR) of 8.2% from 2023 to 2029, reaching a dazzling US$ 14.52 billion.
Candle Market Dynamics:
The surge in candle usage for special occasions such as birthdays, weddings, and festivals, coupled with their adoption in therapeutic settings to create serene environments, has become a significant driver for market growth. The proliferation of e-commerce has also opened expansive opportunities for manufacturers, providing access to a diverse global customer base.
However, the industry faces challenges such as raw material price volatility and the presence of alternative products like electric candles and fairy lights, which could hinder the market's growth.
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Candle Market Report Scope and Research Methodology:
The growth of different segments in the Candle market helps to identify the key growth factors and develop strategies to target core application areas and fill the gaps in the target market.
The report provides an in-depth analysis of the Candle market, including meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies. A bottom-up approach was used to estimate the Candle market size.
Key players in the Candle industry were identified through secondary research, and their market revenues were determined through primary and secondary research. The report also covers mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the Candle market by region, by investment, and their strategic intent.
Candle Market Regional Insights:
The global Candle market is divided into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The report provides regional analysis with the Candle market size of each region.
The country-level analysis examines a variety of market factors that are expected to influence current and future Candle market trends, as well as changes in market regulations at the country level. Some of the key factors used to forecast the Candle market situation in each country include consumption, production location and volume, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis.
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Candle Market Segmentation:
Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax Filled Container Candles, and Others are the market segments divided based on the type. By 2029, the votive candle segment is anticipated to command the highest market shares. This is because of how slowly it burns. These are available in various colours, such as red, pink, yellow, purple, black, and many more. They measure about 5 cm in height and 4 cm in width. They are placed on a glass holder to enhance their beauty in the light. During the forecast period of 2022-2029, these are the primary benefits that propel the growth of the votive candle segment in the global market.
The market is divided into categories based on the raw material, including beeswax, stearin, paraffin wax, rapeseed wax, palm wax, soy wax, and others. The paraffin wax market is anticipated to expand at a CAGR throughout the forecast period. This is because of its inexpensive cost and versatility in shaping. It's a petroleum by-product that resists water and is frequently used to create floating candles. Moreover, the colourless and semi-translucent qualities enable the addition of colours, giving it a decorative appearance. Throughout the course of the forecast period, these are the main factors propelling the growth of the paraffin wax segment in the global market.
The market is divided into two segments: online and offline, based on the distribution channel. Over the course of the projection period, the offline channel segment is anticipated to grow at a CAGR. This is because consumers in developing nations like China, India, and Bangladesh buy a lot of goods from department stores and local retailers. Customers can also choose to receive a physical confirmation through offline channels, allowing them to sample the scent before purchasing scented items. During the course of the forecast period, these are the factors propelling the growth of the offline channel segment in the global market.
Candle Market Key Players are:
1. Baltic Candles Ltd
2. Bolsius International BV
3. Delsbo Candle AB
4. Diana Lys A/S
5. Duni AB
6. Erich Kopschitz GmbH
7. Hansa Candle AS
8. Bekro Chemie GMBH
9. KORONA Candles S.A.
10. Suomen Kerta Oy
11. Yankee Candle Europe Ltd
12. Affari AB
13. BISPOL Sp. z o.o.
14. Candle Scandinavia Group AB
15. Ceras Roura
16. Duffy & Scott Candlemakers Ltd
17. Engels Kerzen GmbH
18. Ester & Erik A/S
19. Gebr. Müller Kerzenfabrik AG
20. Korpiahon Hunaja Oy
21. Kynttilä-Tuote Oy
22. Liljeholmens Stearinfabriks AB
23. Monterosa Zelandi Srl
24. The Copenhagen Candle Company Limited
25. VILA HERMANOS CERERÍA SA
26. Seal Aromas Gmbh
27. Contract Candles Ltd
28. Spaas Candles Poland Sp Z O O
29. Bartek Candles
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Key Questions answered in the Candle Market Report are:
- What is the forecast period?
- What is the expected Candle market size by the end of the forecast period?
- What are the Candle market segments?
- Which segment in the Candle market is expected to grow rapidly during the forecast period?
- Which are the prominent players in the Candle market?
- What key trends are expected to emerge in the Candle market during the forecast period?
- What was the Candle market size in 2022?
- Which region dominated the global Candle market in 2022?
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