January 24, 2022 08:40 ET | Source: Facts & Factors Facts & Factors
London, United Kingdom, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published the latest research report titled “Global Candle Market Size, Share & Trends Analysis Report By Type (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, Others), By Wax (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, Others), By Business Model (Private Lable, Stand Alone Brand), By Fragrances (Scented Candle, Unscented Candle), By Color (Monochrome, Color Candle), By End-Use (Home, Commercial), By Distribution Channel (Hypermarket/Supermarket, Online Stores, Convenience Stores, Speciality Stores, Wholesale/Distributors) By Region, And Segment Forecasts, 2021–2026” in its research database.
“According to the latest research study, the demand of global Candle Market size & share was valued at approximately USD 8,900 million in 2020 and is predicted to create revenue of roughly USD 13,700 million by the end of 2026, with a Compound Annual Growth Rate (CAGR) of approximately 6.7% between 2021 and 2026.”
This is a professional and very detailed report about the primary and secondary drivers of the candle market, as well as production, market share, leading segments, and geographic analysis (such as North America, South America, Europe, Asia-Pacific and Middle East & Africa.)
What is a candle market? How big is the candle market?
A candle is a flammable wick that is made up of wax that delivers light. Candles were initially used as a light source but nowadays, candles are a celebration symbol. It signifies soothes the senses, aroma, defines events & ceremonies, and many more. Candles are accessible in various sizes, shapes, colors and designs which include wax-filled container candles, pillars, tea lights, birthday candles, votive, cartridge candles and others. Candles are manufactured from various kinds of waxes such as paraffin wax, soy wax, palm wax, beeswax and others. Among these, paraffin wax is the most broadly used raw material in the manufacturing of candles. The substitute of paraffin wax candles is also available such as the candles made up of organic wax.
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Global Candle Market: Growth Factors
The increase in demand for organic candles has increased significantly for natural wax over the years. This is due to their effect called the non-carbon blackening effect. Moreover, the growing awareness among the individuals for the negative impact of burning candles on the environment is motivating them to aim at carbon footprint drop, thus it further drives the demand for such candles. The demand is positively inclined by the preference for candles that do not result in carbon blackening.
Along with this, growing awareness among millennials regarding the effects of candles burning on the environment is inspiring them to strive towards reducing their carbon footprint. Synthetic candles made up of lead wicks, synthetic fragrance and contaminated oil cause indoor air pollution which certainly leads to breathing/respiration and other health-related issues. The U.S. Environmental Protection Agency (EPA) found that the excessive use of Volatile Organic Compounds (VOCs) in candles can cause headaches, skin irritation, fatigue, nausea, runny nose, dizziness, irritated mood, and even cancer and organ damage.
To estimate the total attractiveness of the candle market, current and prospective candle industry trends are outlined. During the forecast timeframe, the top impacting factors emphasized opportunities. The rise of the candle market is fueled by factors such as High consumption of candles as an aesthetic-appealing product among female millennials for domiciliary application is projected to drive the growth. Independent brands, beauty retailers and fashion houses have been coming up with new & innovative products to constantly capture a new customer base and to retain the older ones. Meanwhile, the commercial utility of candles has been growing, with the majority of massage centers and spa using candles which is scented for a mild & soothing effect. Similarly, fine dines and restaurants are gradually using the products to create an aromatic and beautiful ambience for the customers.
Global Candle Market: Report Scope
The global Candle market is segmented based on type, wax, business model, fragrances, color, end-use and distribution channel.
As per type candle market is segmented into (tea lights, votive, pillars, birthday candles, cartridge candles, wax-filled container candles, others), by wax (beeswax, stearin, paraffin wax, rapeseed wax, palm wax, soy wax, others), by business model (private lable, stand alone brand), by fragrances (scented candle, unscented candle), by color (monochrome, color candle), by end-use (home, commercial) and by distribution channel (hypermarket/supermarket, online stores, convenience stores, speciality stores, wholesale/distributors).
In 2018, the paraffin wax held a market share of more than 30% owing to its ability to mold into different shapes and at a low cost. It is a petroleum by-product and is water-resistant, significantly used for producing floating candles. Moreover, the semi-translucent and colorless feature allows including colors giving it a decorative look.
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Candle Market Analysis: by Region
Throughout the projected period, North America is expected to be the fastest-growing regional market. The North American market is expected to account for major revenue share in the global market, owing to the increasing consumption of aromatic candles, coupled with growing aromatherapy treatment in countries such as the US and Canada in the region. In addition, manufacturers have launched mosquito repellent candles to protect from mosquitoes which are anticipated to support the growth of the global market. Meanwhile, the region is expected to continue leading shortly attributed to increasing product demand during the festive seasons such as Easter and Christmas. Another trend, driving the market in the U.S. is gifting candles during festivals and special occasions.
Browse the full “Global Candle Market Size, Share & Trends Analysis Report By Type (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, Others), By Wax (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, Others), By Business Model (Private Lable, Stand Alone Brand), By Fragrances (Scented Candle, Unscented Candle), By Color (Monochrome, Color Candle), By End-Use (Home, Commercial), By Distribution Channel (Hypermarket/Supermarket, Online Stores, Convenience Stores, Speciality Stores, Wholesale/Distributors) By Region, And Segment Forecasts, 2021–2026” Report at https://www.fnfresearch.com/candle-market
The global candle market is segmented into:
Global Candle Market: Type Segment Analysis
Global Candle Market: Wax Segment Analysis
Global Candle Market: Business Model Segment Analysis
Global Candle Market: Color Segment Analysis
Global Candle Market: End-Use Segment Analysis
Global Candle Market: Distribution Channel Segment Analysis
Key Insights from Primary Research
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