Dec 7, 2022   SOURCE: BusinessWire

The Worldwide Candles Industry is Expected to Reach $15 Billion by 2030 - ResearchAndMarkets.com

The "Candles Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.

The global candles market accounted for US$ 9,816.6 Million in 2020 and is anticipated to grow to US$ 15,181.14 Million growing at a CAGR of 5.5% throughout the forecast period from 2022 to 2030.

Consumers are increasingly purchasing candles for their home decor, and for aromatherapy-like stress reduction and relaxation. The ease of purchase as well as the availability of various type of candles on multiple distribution channels is prompting more and more people to purchase these products.

Proliferation in the number of distribution channels has benefited the sales through department, mass merchandise retailers and home decor stores. Supermarkets and hypermarkets are benefiting due to their discounted prices and various offers particularly attracting more and more buyers. The popularity of e-commerce has significantly increased candles sales. The ease of purchase as well as the availability of extensive information and reviews on products online is prompting more and more individuals to buy these products.

Volatility in the prices of raw materials is the major factor hampering the market growth. Paraffin is still the most widely used base material for candle production. Meanwhile in 2014 and 2015, almost 33% of paraffin production in some countries was shut down; forcing candle manufacturers to import large volumes of base material at higher prices. Increasing usage of candles in various applications provide immense opportunities to the manufacturers present in this market.

Regional Analysis

In 2020, North America was observed as the largest market followed by Europe both these region are projected to maintain their market position over the coming six years. Candle sales is fueled by rise in consumer interest in aromatherapy and increased demand for home fragrance products. In 2020, North America and Europe together accounted for more than 60.00% share of the global candles market.

In both these regions, candles are consider as decorative accessories rather than purely functional items. The U.S. is the largest regional market for candles. Every year, in the U.S. approximately, more one billion pounds of wax are used in producing the candles. The sale of candles is fueled by growing consumer interest in aromatherapy and rise in demand for home fragrance products. The candles market in Europe is an interesting market, in which imports and consumption are increasing continuously, providing immense opportunities to exporters from developing countries.

Asia Pacific will witness swift revenue growth over the forecast period of 2022 to 2030, as a result of changing lifestyle, availability of the product, and rise in consumption of decorative items. India, China, Australia and Japan are the most attractive market for candles and provide immense market potential. Availability of variety of scented and colored candles along with rise in disposable income is the major factor driving the market growth in these countries.

List of Companies Covered:

  • The Yankee Candle Company, Inc.
  • VILA HERMANOS CERERIA SA
  • Suomen Kerta Oy
  • Balthasar Co. AG
  • Cereria Pernici Srl
  • Delsbo Candles AB
  • Gies Kerzen GmbH
  • GALA-Kerzen GmbH
  • Bolsius International BV
  • SC Johnson & Son, Inc.

Market Segmentation

Type

  • Pillar Candles
  • Floating Candles
  • Votive Candles
  • Tapers
  • Filled Candles
  • Tealight Candles
  • Gel Candles
  • Specialty Candles
  • Liquid Candles
  • Other

Distribution Channel

  • Specialty or Gift Shops
  • Department or Home Decor Stores
  • Mass Merchandise Retailers
  • Direct sales
  • Internet
  • Others (Unorganized sales)

Region Segment (2020-2030; US$ Million)

  • North America
  • U.S.
  • Canada
  • Rest of North America
  • UK and European Union
  • UK
  • Germany
  • Spain
  • Italy
  • France
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East and Africa
  • GCC
  • Africa
  • Rest of Middle East and Africa

Key Questions Answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Candles market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2030.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Candles market?
  • Which is the largest regional market for Candles market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Candles market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Candles market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/q05cec