Candle Market to Grow by USD 3.03 Billion from 2024-2028, as Demand for Special Occasion Candles Rises with AI Driving Market Transformation - Technavio

NEW YORK, Nov. 8, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global candle market size is estimated to grow by USD 3.03 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.84% during the forecast period. Increasing adoption of candles for special occasions is driving market growth, with a trend towards rising use of wooden wicks. However, emission of toxic fumes poses a challenge.Key market players include Armadilla Wax Works Inc., Bath and Body Works Direct Inc., Bolsius International BV, Colonial Candle, Curio Brands LLC, Dandong Everlight Candle Industry Co. Ltd., 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 Companies Inc., The White Company UK Ltd., The Yankee Candle Co. Inc., and Universal Candle Co. Ltd..

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Key Market Trends Fueling Growth

The Candle Market is experiencing a demand due to increasing residential construction activities and home interiors trends. Home furnishings and eco-friendly housing are key drivers, with consumers preferring eco-friendly options like soy wax, organic candles, and vegetable wax. Online sales are on the rise, fueled by social media and smartphone adoption. Scented candles, especially those made of soy wax, remain popular. Eco-friendly materials like beeswax, palm wax, and mineral oil are used in various types of candles, including container candles, pillars, tapers, and votives. Economical and luxury candles cater to different market segments. Seasonal trends, such as Christmas and Easter, boost sales. Cyber insurance is crucial for online distribution channels. Artificial intelligence and remote control technologies are transforming the market with timer-controlled electrical candles, battery-powered candles, and flameless candlelight. Home accessories, basic and fancy candles, and candle massaging are growing niches. 

The candle market is witnessing a notable trend towards the use of wooden wicks. These wicks are small wooden strips or tubes designed for candlewick applications. Manufactured from various woods, they come in various widths to fit different candles. Wooden wicks are eco-friendly, sustainable, toxin-free, and phthalate-free. When lit, they produce a distinctive crackling sound and offer a broader fragrance throw than cotton wicks. The unique ambiance they create makes them a popular choice among consumers. Wooden wicks contribute positively to the candle industry by catering to the growing demand for eco-conscious and high-quality products. 

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Market Challenges

• The Candle Market faces several challenges in various sectors. Residential construction activities impact demand, with home interiors and furnishings driving growth in scented candles. Eco-friendly housing trends favor organic and soy wax candles over synthetic paraffin, animal, or vegetable wax alternatives. Online sales and AI-driven marketing strategies are crucial for reaching customers. Scented candles, especially during holidays like Christmas and Easter, remain popular. Cyber insurance is essential for online distribution channels. Artificial flameless candles, timer-controlled electrical candles, battery-powered candles, and remote-controlled options cater to diverse consumer preferences. Home accessories, basic and fancy candles, and various types like gel, votives, tea lights, and spa candles expand the market. Heat-resistant containers in metal tins, ceramics, or glass are necessary for candle safety.
• The candle market may face challenges due to health concerns related to fragrance ingredients. Allergic reactions to compounds like acetaldehyde can cause irritation and discomfort, while phthalates can disrupt hormones. The European Union has restricted the use of synthetic musk due to its toxic chemicals. These limitations and potential health risks may impede the demand for fragrance ingredients and negatively impact the growth of the global candle market in the next five years.

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Segment Overview

This candle market report extensively covers market segmentation by

1. Product Type
• 1.1 Container based
• 1.2 Pillars
• 1.3 Others
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Container based- Container candles, sold in jars and tins, are a popular choice in the candle market due to their aesthetic appeal and enhanced safety features. These candles are formed directly inside their original containers, which can be made of various materials such as glass, wood, or metal. Scented container candles often come with lids to preserve the aroma and make transportation easier. Environmentally-conscious manufacturers offer recycled-material containers to reduce packaging waste and promote sustainability. The self-contained nature of container candles makes them safer to burn and less likely to topple over, making them ideal for gatherings and outdoor celebrations. With a wide selection of styles, sizes, and materials, container candles are expected to remain a dominant trend in the candle market.

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Research Analysis

The Candle Market is experiencing steady growth, driven by various factors. Residential construction activities and home interiors renovations continue to fuel demand for candles as home accessories. Home furnishings and eco-friendly housing trends also contribute to the market's expansion. Scented candles remain popular, with container candles, tapers, and tealights leading the way. Wax types include paraffin, soy, beeswax, and palm wax, each offering unique benefits. Online sales are a significant distribution channel, fueled by social media and smartphone adoption. Artificial intelligence and advanced technology are also transforming the industry, with customizable scents and smart candles that adjust to room temperature and mood. The market encompasses both basic and fancy candles, catering to diverse consumer preferences.

Market Research Overview

The Candle Market encompasses various types of candles, including scented, soy, organic, synthetic, and economical ones. The market is driven by residential construction activities, home interiors, and home furnishings. Eco-friendly housing trends have led to the popularity of eco-friendly candles made from soy, vegetable, and beeswax. Online sales have become a significant distribution channel, fueled by social media and smartphone adoption. Artificial intelligence and sensors are used to create timer-controlled electrical candles, battery-powered candles, and remote-controlled flameless candlelight. Scented candles, especially those made from essential oils, are popular for their ability to create ambiance and evoke emotions. The market includes basic and fancy candles, such as container candles, pillars, tapers, votives, tea lights, and specialty candles for occasions like Christmas and Easter. Home accessories, such as metal tins, ceramics, and glass, are used to hold and display candles. Luxury lifestyles and wellness trends have led to the popularity of luxury candles and candle massaging in spas and massage centers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Container Based
• Pillars
• Others
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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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