Candle Market 2020 Segment Analysis, Opportunity Assessment

Posted by shivf on November 10th, 2020

A candle is usually a cylindrical piece of wax with a wick in it. The wick is used to create light when it is burned. The candle burns if the wax does not fully melt. Apart from the lighting, candles are now also used in celebrations and to create a positive and attractive environment.

The global market for candles is projected to see significant growth over the forecast period due to increasing applications for candles. Candles are used for decoration of houses and offices and in celebrating festivals and parties like birthdays, anniversaries, farewells, promotions, etc. Furthermore, growing disposable incomes and changing customer preferences have allowed them to spend more money on better-shaped candles and exotic aromas, which are also boosting this global candle market.

The global candle market was valued at USD 4.2 billion in 2018 and is expected to reach USD 6.4 billion in 2026, growing at a CAGR of 5.5% during the forecast period.

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The demand for organic candles made from natural wax has grown over the last few years. Demand is positively affected by the demand for candles that do not result in carbon blackening. In addition, increasing awareness among millennials about the impact of burning candles on the atmosphere enables them to aspire to reduce their carbon footprint. However, the increasing safe ingredients preference of customers, new product development and innovative promotional strategy are expected to boost the growth of the global candle market.

Candle manufacturers are manufacturing customized candles to fulfill the different needs of customers. Scented candles are mostly used for lightening the mood owing to their added characteristics. It also helps to release mental and physical stress. However, the volatile prices of raw materials and rising demand for alternative products are few of the factors, which primarily hamper the market growth during the forecast period.

Key Findings:

• Based on product type, the votive segment is expected to lead with 25% market share in 2018

• Based on the raw material, the paraffin segment expected to grow at the fastest rate of 6.8% CAGR during the forecast period

• The online segment is anticipated to lead the global market during the forecast period

• North America to dominate the candle market with 34% market share in terms of value in 2018

Recent News:

• In January 2019, Yankee Candle Company, Inc. has launched the first-ever scent of the year, named as One Together. One Together is created with the fragrance of the rare Miracle Flower, a scent that has never been used in the Yankee Candle. This lustrous floral covered in softwoods, suede, and amber, is blended with mandarin, nectarine, and sandalwood.