Candle Market Size to be Worth USD 16.9 billion by 2031, With a CAGR of 6.5% | Exclusive Report by Transparency Market Research, Inc.

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Dec 05, 2023, 10:30 ET

Candles serve as both functional and aesthetic elements, enhancing ambiance and decor and creating cozy atmospheres in diverse settings.

WILMINGTON, Del., Dec. 5, 2023 /PRNewswire/ -- The global candle market is estimated to flourish at a CAGR of 6.5% from 2022 to 2031. According to Transparency Market Research, candle sales are slated to total US$ 16.9 billion by the end of the aforementioned assessment period.

Rising concerns about air quality have propelled the demand for clean-burning candles made from natural materials like soy or beeswax. Consumers are increasingly seeking candles devoid of harmful chemicals like paraffin, aligning with health-conscious choices.

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Candles are recognized for their therapeutic benefits, contributing to stress relief, relaxation, and mood enhancement. Scent varieties tailored to evoke specific emotions or aid relaxation have gained traction. Smart candles with technology, such as app-controlled features, color-changing LEDs, and even aromatherapy functionalities, appeal to tech-savvy consumers seeking interactive and customizable experiences.

Candle Market Report Scope:

Report Coverage	Details
Forecast Period	2022-2031
Base Year	2017-2020
Size in 2021	US$ 9.2 Bn
Forecast (Value) in 2031	US$ 16.9 Bn
Growth Rate (CAGR)	6.5 %
No. of Pages	156 Page
Segments covered	Type, Material, Application, Price, Distribution Channel

Key Findings of the Market Report

Wax-filled container candles lead the market due to versatility, varied designs, and longer burn times catering to diverse preferences.
Beeswax and soy wax lead the candle market, favored for their eco-friendly, non-toxic nature and sustainable production methods.
Residential applications are leading the candle market, driven by increased demand for ambiance and personal well-being at home.

Candle Market Growth Drivers & Trends

Holidays and festivities consistently boost candle sales, with thematic and seasonal varieties becoming popular choices for gifting and decoration.
Personalized candles, offering bespoke scents, shapes, and designs, cater to individual preferences and special occasions, fostering a niche market.
E-commerce platforms and social media have expanded market reach, enabling smaller candle makers to access a broader audience and niche markets.
Growing interest in the therapeutic benefits of aromatherapy has resulted in candles being infused with specific essential oils for targeted relaxation or focus.
Consumers appreciate handcrafted and artisanal candles, valuing the uniqueness, quality, and story behind each meticulously made product.

Global Candle Market: Regional Profile

North America dominates the candle market, driven by a culture that embraces candles for ambiance, decor, and aromatherapy. The United States leads in candle consumption with diverse preferences, from scented candles to specialty shapes and sizes. Environmental consciousness and premium quality expectations further shape the market, driving demand for cleaner, sustainable options.
European markets emphasize craftsmanship, quality, and eco-consciousness. Countries like the United Kingdom, Germany, and France display a preference for luxury candles, artisanal craftsmanship, and organic materials. Sustainable practices and natural ingredients align with consumer values, influencing purchasing decisions and leading to a growing premium and environmentally friendly candle offerings market.
This region experiences a surge in candle consumption driven by increasing urbanization, rising disposable incomes, and a growing appreciation for home decor. Countries like China, Japan, and India witness a burgeoning market for scented candles, decorative pieces, and cultural influences in design, catering to a diverse consumer base seeking ambiance and relaxation in their homes.

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Candle Market: Competitive Landscape

The candle market presents a dynamic and competitive landscape marked by a blend of established brands and emerging players. Industry giants like Yankee Candle, Bath & Body Works, and Diptyque maintain market dominance through extensive product offerings, robust distribution networks, and brand loyalty. Smaller boutique brands and local artisans carve niches by emphasizing artisanal craftsmanship, unique designs, and personalized experiences.

E-commerce platforms further intensify competition, enabling smaller brands to reach global audiences. Innovation in product development, packaging, and marketing strategies remains pivotal, driving competition amidst the evolving consumer demands for sustainability, customization, and enhanced sensory experiences in the candle market. Some prominent manufacturers are as follows:

Baltic Candles Ltd
Bath & Body Works
Better Homes and Garden
Bridgewater Candles
Colonial Candles
KORONA Candles S.A.
NEST
Slatkin and Co.
Thymes
Village Candles
Yankee

Product Portfolio

Baltic Candles Ltd presents an exquisite product portfolio boasting handcrafted artisanal candles infused with premium fragrances. From elegant pillar candles to intricately designed votives, their collection caters to diverse tastes, offering unique scents and designs inspired by Baltic craftsmanship and nature's beauty.
Bath & Body Works offers an extensive product portfolio featuring an array of scented candles crafted with meticulous attention to detail. From soothing lavender to festive seasonal aromas, their collection encompasses diverse fragrances, catering to customers seeking quality, variety, and ambiance-enhancing candles.
Better Homes and Garden presents a diverse portfolio of candles tailored for every occasion and decor style. From classic jar candles to modern decorative pieces, their collection exudes versatility, offering an assortment of scents and designs curated to elevate homes with sophistication and style.

Candle Market: Key Segments

By Type

Tea Lights
Pillar Candle
Birthday Candle
Wax Filled Container Candles
Others (Votive, Cartridge Candle, etc.)

By Material

Beeswax
Stearin
Paraffin Wax
Rapeseed Wax
Others (Palm Wax, Soy Wax, etc.)

By Application

Residential
Commercial

By Price

Low
Medium
High

By Distribution Channel

Online
- E-commerce Websites
- Company-owned Websites
Offline
- Supermarket/Hypermarket
- Specialty Stores
- Retail Stores

By Region

North America
Latin America
Europe
Asia Pacific
The Middle East & Africa

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