Candle Market size to grow by USD 2.84 billion from 2022 to 2027 | Increasing adoption of candles for special occasions to drive market growth - Technavio

NEW YORK, Nov. 1, 2023 /PRNewswire/ -- The candle market size is expected to grow by USD 2.84 billion from 2022 to 2027. The market is estimated to be progressing at a CAGR of 5.79%, as per the latest Technavio market research report. The growing home decor market positively impacts the candle market. A significant upsurge in the demand for home decor merchandise is due to the increasing prosperity in major global economies and evolving lifestyles. Innovative products such as aromatherapy diffusers, plug-ins, and personalized candles have captured the attention of retailers and the millennial demographic. Due to their strong affinity for luxury goods and a preference for high-convenience brands, millennials, who are highly internet-savvy, are expected to account for over 70% of the global workforce by 2025, fueling the demand for home decor products, including candles. Hence, such factors drive the market growth during the forecast period. For more insights on the market share of various regions- Download sample report in MINUTES

Candle Market: Regional Analysis

North America is estimated to account for 28% of the market's overall growth. The regional growth can be attributed to the increasing demand for candles during festive seasons and holidays. Furthermore, the demand for candles with natural essential oils will also fuel the market's growth. Moreover, the rise in awareness about the ingredients used to make candles, the use of environment-friendly containers, and the packaging of candles are other factors that play a major role in driving the demand for candles in North America

Candle Market: Rising Use of Wooden Wicks 

• An emerging trend in the global candle market is the increasing adoption of wooden wicks.
• Wooden wicks are small strips or tubes of wood specifically designed for candle-wicking purposes. Such wicks can be produced using various types of wood and come in different widths to match the candles they are used with.
• Moreover, wood wicks are not only sustainable and environmentally friendly, but they are also free of toxins and phthalates.
• Hence, the growing use of wooden wicks is expected to fuel market growth in the forecast period.

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Some of the key Candle Market Players:

The candle market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Armadilla Wax Works Inc., Bath and Body Works Direct Inc., Bolsius International BV, Colonial Candle, Dandong Everlight Candle Industry Co. Ltd., Desirepath Mississippi, LLC, Diannes Custom Candles, Diptyque Distribution LLC, Empire Candle Co. LLC, Lalique Group SA, NEST Fragrances, Newell Brands Inc., Portmeirion Group Plc., Reckitt Benckiser Group PLC, Stonewall Kitchen LLC, The Bridgewater Candle Co., The Estee Lauder Co. Inc., The White Company, The Yankee Candle Co. Inc., and Universal Candle Co. Ltd.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Candle Market: Segmentation Analysis

This report extensively covers market segmentation by product type (container based, pillars, and others), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the container-based segment will be significant for the overall market during the forecast period. These candles are sold in containers such as jars and tins and most candle stores offer a wide range of container candles. Moreover, the containers can be reused or used as molds for new candles. Hence, such factors drive the container candles segment's growth during the forecast period.

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Table of Contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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