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, March 7, 2024 /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. 

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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

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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Key Companies

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.

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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In recent years, the candle market has witnessed a significant surge in demand, particularly among female millennials seeking to enhance their home décor and indulge in self-care practices. Scented candles have become a quintessential element of this wellness trend, offering not only a pleasant aroma but also contributing to mental well-being.

As the preference for online shopping continues to rise, consumers are exploring a plethora of options for renovating and redecorating their spaces, with scented candles playing a pivotal role in creating a cozy ambiance. Moreover, the allure of aromatherapy has led to a surge in the popularity of natural wax-based organic candles, favored for their soothing properties and minimal carbon blackening.

Millennials, known for their inclination towards sustainable and eco-friendly products, are gravitating towards alternatives to traditional synthetic candles that emit harmful Volatile Organic Compounds (VOCs). In response to this demand, candle manufacturers are increasingly opting for soy wax, beeswax, and palm wax as sustainable alternatives to paraffin wax.

The U.S. Environmental Protection Agency (EPA) has also underscored the importance of using environmentally friendly candles, prompting consumers to prioritize products that comply with stringent regulations. When it comes to product types, candle enthusiasts have a plethora of options ranging from votives to container candles, pillars, and tapers, each catering to different preferences and occasions.

In terms of distribution channels, both online and offline platforms play a crucial role in reaching consumers. While online platforms offer convenience and accessibility, offline retailers provide the opportunity for customers to experience the fragrance firsthand.

Glass packaging manufacturers like Glassnow have emerged as key players in the candle market, providing aesthetically pleasing and sustainable packaging solutions that resonate with environmentally conscious consumers.

Whether it's for everyday use, celebrations, religious ceremonies, or festivals, scented candles have become an indispensable part of modern living, offering a sensory experience that uplifts the mind, body, and soul. As the demand for wellness products continues to soar, the candle market is poised for sustained growth, catering to the diverse needs and preferences of consumers worldwide.

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The decorative candle retail market size is expected to increase to USD 1.94 billion from 2021 to 2026, at a CAGR of 6.5%. This decorative candles retail market research report extensively covers decorative candle retail market segmentation by distribution channel (offline and online) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The diversified product portfolio of key vendors is notably driving the decorative candles retail market growth.

The scented candles market is estimated to grow at a CAGR of 3.46% and the size of the market is forecast to increase by USD 758.83 million between 2022 and 2027. This report extensively covers market segmentation by distribution channel (offline and online), product (container-based, pillars, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increasing investment in household interiors is notably driving the market growth.

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

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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