Global Candle Market Size To Exceed USD 24.48 Billion By 2033 | CAGR of 6.36%
Category: Consumer GoodsGlobal Candle Market Size To Exceed USD 24.48 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Candle Market Size is Expected to Grow from USD 13.21 Billion in 2023 to USD 24.48 Billion by 2033, at a CAGR of 6.36% during the Forecast period 2023-2033.
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Browse key industry insights spread across 240 pages with 120 Market data tables and figures & charts from the report on the "Global Candle Market Size, Share, and COVID-19 Impact Analysis, By Product (Votive, Container Candle, Pillars, and Tapers), By Wax Type (Paraffin Wax, Soy Wax, Beeswax, and Palm Wax), By Distribution Channel (Online and Offline), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/candle-market
The candle is a wick that can be lit, set in wax or any other combustible solid material like tallow, used for lighting purposes, and sometimes yielding a scent. A candle can also emit heat or be a means of timekeeping. The industry has become integral to personal wellness routines, fueled by a rising interest in home fragrances and self-care. Furthermore, as more people recognize the psychological benefits of certain fragrances, such as reducing stress and improving mood, the demand for candles with sophisticated blends continues to grow. This trend underscores the candle industry’s expanding role in enhancing mental health and wellness. An increasing number of consumers are buying online, staying home to seek out entertainment and a relaxing environment, and spending more on home decorating and renovation as self-care and mental health gain broader recognition. Moreover, key market players are aggressively driving innovation and expanding product lines to suit shifting user demands. They are investing in research projects to create candles with unique fragrances, shapes, and eco-friendly ingredients such as soy and beeswax, designed to appeal to environmentally aware consumers. However, raw material price unpredictability is one of the main barriers to the growth of the candle business. The presence of various substitute products, like electric candles, fairy lights, etc., will likely hinder the growth of the candle industry.
The votive segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the products, the candle market is segmented into votive, container candles, pillars, and tapers. Among these, the votive segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to its slow-burning property. These measure approximately 5 cm in height and 4 cm in width and come in several colours like red, pink, yellow, purple, black, and so on. Additionally, the fact that they can be put into holders contributes to a measure of safety as well as a touch of elegance.
The paraffin wax segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the wax type, the global candle market is divided into paraffin wax, soy wax, bees wax, and palm wax. Among these, the paraffin wax segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by predominantly found in solid slabs, pellet, and flake. The wax is white but becomes translucent when in the liquid state. Paraffin waxes occur in three forms of melting point: low, medium, and high melting point.
The online segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the global candle market is categorized into online and offline. Among these, the online segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to online shopping, enabling customers to browse and buy candles from the comfort of their homes, which makes it particularly convenient for busy people. Additionally, online websites often provide price cuts, package offers, and festival offers, thus proving to be affordable for consumers.
North America is expected to hold the majority share of the global candle market during the forecast period.
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North America is expected to hold the majority share of the global candle market during the forecast period. North America dominates the market due to an increased emphasis on home decor. The more time that people spend in the home, the more attention is placed on making interior spaces both aesthetically attractive and comfortable. Candles, as a way of adding warmth and style to interiors, are increasingly popular with consumers.
Europe is anticipated to grow at the fastest pace in the global candle market during the forecast period. Europe is rapidly growing due to the Scandinavian term "hygge," which refers to the creation of a cozy environment with an emphasis on using candles. Moreover, it has become entrenched in the social culture of having candles as an integral part of many European living rooms, especially to create mood during long and cold winters.
Major vendors in the global candle market are Colonial Candle, Circle E Candles, Diptyque S.A.S., Jo Malone London, MALIN+GOETZ, NEST Fragrances, LLC, The Yankee Candle Company, Inc., Conscious Candle Company, Contract Candles & Diffusers Ltd., Ellis Brooklyn, TRUDON, Le Labo, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Devlopment
In November 2022, Tara Candels launched a Special Candle range, Flavours of india With a traditional charm to fit the seasonal appeal, citing the impending festivities.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the candle market based on the below-mentioned segments:
Global Candle Market, By Product
- Votive
- Container Candle
- Pillars
- Tapers
Global Candle Market, By Wax Type
- Paraffin Wax
- Soy Wax
- Beeswax
- Palm Wax
Global Candle Market, By Distribution Channels
- Online
- Offline
Global Candle Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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