The Global Candle Market to grow from USD 8.50 billion in 2022 to USD 13.85 billion by 2030, at a CAGR of 6.29%.

PUNE, MAHARASHTRA, INDIA, November 10, 2023 /EINPresswire.com/ -- The "Candle Market by Raw Material (Beeswax, Palm Wax, Paraffin Wax), Product (Container Candle, Pillars, Tapers), Distribution, End-User - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Candle Market to grow from USD 8.50 billion in 2022 to USD 13.85 billion by 2030, at a CAGR of 6.29%.

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Candles are primarily used for their aesthetic value and scent, mainly to set soft, warm emergency lighting during electrical power outages and for religious or ritual purposes. Traditionally, a candle's primary purpose has been to produce ambiance with its light, heat, and aroma. The increasing demand for aesthetically appealing products and the growing use of candles during the celebration of festivals are accelerating their use worldwide. Additionally, the growing trend of candle massages for relaxation purposes is expanding its use globally across spas and aromatherapy centers. However, the fluctuating cost of raw materials, adverse effects associated with exposure to harmful chemicals, compliance issues for candle production, and availability of flameless candles may limit their use by consumers. Moreover, the increasing availability of eco-friendly, scented, and innovative candle designs is expected to encourage their adoption by consumers across the globe.

Product: Increasing adoption of container candles owing to its versatility and convenience of use
Container candles are small candles housed in a heat-resistant container and are used for decorative purposes. Consumers mainly use votive candles to create a tranquil atmosphere depending on the décor and desired ambiance. A tapered candle is a long, thin candle with a cylindrical base that narrows on top. They can be plain or twisted and are generally inexpensive, making them a good decor option. Pillar candles, also known as church or altar candles, are tall, round candles made of solid wax that burn slowly and are mostly used for decorative purposes. They come in all shapes and sizes, from short and fat to tall and thin, scented and unscented, and are made from various materials.

End-User: Proliferating utilization of candles by individual consumers for personal use or gifting purposes
Candles are utilized in commercial and individual settings and for various purposes. The use of candles in commercial settings, such as restaurants, spa & wellness centers, and event planning organizations, enhances the aesthetic of a place, creating a warm and inviting atmosphere for customers. The majority of the revenue is generated from those candles that are used in the commercial segment due to their bulk purchasing in therapeutic centers and the hospitality industry. In addition, individuals use candles for emergency power outage issues, spiritual practices, and special birthday or anniversary occasions. Moreover, individuals opt for premium and scented candles for carrying out self-care activities at home to reduce stress, exercise & perform yoga and other stress-relieving activities.

Raw Material: Proliferating use of rapeseed wax as an eco-friendly alternative
Beeswax is used for making candles as it has a higher melting point than other waxes and emits the brightest, most warm-toned flame. Palm wax-based candles are mainly used for producing outdoor and church light candles as they hold a high amount of fragrance and color. Rapeseed wax candles provide enhanced fragrance retention and extended burn time. Soy wax candles are natural and biodegradable, burn cleaner light, and produce less soot. Stearin candles are obtained from vegetable or animal fats and oils and are considered to be of higher quality in terms of weight. The commonly used wax is paraffin wax due to its low cost, easy availability, and ability to hold fragrance and color well. However, in recent years, a high growth rate and interest have been witnessed in using natural wax alternatives, such as soy wax, beeswax, and coconut wax, as consumers have become more eco-conscious and concerned about using petroleum-based products.

Distribution: Evolving online distribution channel for candles
Candles are increasingly available in offline distribution channels, including convenience stores, retail stores, and supermarkets. The candle manufacturing companies are introducing innovative scented and decorative candles on company websites and eCommerce platforms to accelerate the sale of candles. Consumers prefer online shopping and appreciate the convenience of home delivery, more comprehensive product selection at competitive prices, easy comparison tools, and access to customer reviews.

Regional Insights:
The candle market is rapidly evolving across the Americas owing to the growing popularity of scented candles and accelerating use in aromatherapy centers. There is a significant surge in the adoption of candles by the consumers of the EMEA and APAC region, which is attributed to the increased use for religious purposes. Candles are widely used in developing economies for emergency lighting as they are affordable and readily available in convenience stores. Moreover, in APAC, the growing popularity of various scented candles and the increasing availability of aromatic and customized candles on eCommerce platforms are expected to encourage their adoption by customers worldwide.

FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Candle Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Candle Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Candle Market, highlighting leading vendors and their innovative profiles. These include Armadilla Wax Works, Inc., AS Hansa Candle, AUS Wax Pty. Ltd., Baltic Candles Ltd., Bath & Body Works Direct, Inc., Bolsius International BV, Bridgewater Candle Company, Candle Delirium, Inc., Candles Scandinavia AB, Ceras Roura S.A., Chandelles Tradition MB Inc., Circle E Candles, Coastal Living Co., Colonial Candle, Conscious Candle Co., Contract Candles & Diffusers Ltd., Delsbo Candle AB, Duni AB, Ellis Brooklyn, Empire Candle Co., LLC, Gala Group GmbH, Jo Malone London Inc., M and Sense (Suzhou) Arts and Crafts Co., Ltd., Malin+Goetz Inc., Mimico Candle Company, MVP Group International, Inc., NEST Fragrances, Newell Brands, Inc., OZ Candles, S.C. Johnson & Son, Inc., The Kelowna Candle Factory, Wilhelm Vollmar Sternstrasse GmbH, and Wright Power.

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Market Segmentation & Coverage:

This research report categorizes the Candle Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Raw Material, market is studied across Beeswax, Palm Wax, Paraffin Wax, Rapeseed Wax, Soy Wax, and Stearin. The Paraffin Wax commanded largest market share of 28.50% in 2022, followed by Beeswax.

Based on Product, market is studied across Container Candle, Pillars, Tapers, and Votive. The Pillars commanded largest market share of 29.43% in 2022, followed by Container Candle.

Based on Distribution, market is studied across Offline and Online. The Offline commanded largest market share of 81.49% in 2022, followed by Online.

Based on End-User, market is studied across Commercial and Individual. The Commercial commanded largest market share of 76.57% in 2022, followed by Individual.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 38.35% in 2022, followed by Americas.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Candle Market, by Raw Material
7. Candle Market, by Product
8. Candle Market, by Distribution
9. Candle Market, by End-User
10. Americas Candle Market
11. Asia-Pacific Candle Market
12. Europe, Middle East & Africa Candle Market
13. Competitive Landscape
14. Competitive Portfolio
15. Appendix

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Candle Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Candle Market?
3. What is the competitive strategic window for opportunities in the Candle Market?
4. What are the technology trends and regulatory frameworks in the Candle Market?
5. What is the market share of the leading vendors in the Candle Market?
6. What modes and strategic moves are considered suitable for entering the Candle Market?

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Mr. Ketan Rohom
360iResearch
+1 530-264-8485
ketan@360iresearch.com

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