Global Candle Market Report 2023: Increase in Demand for Home Fragrance Products Drives Growth

News provided by

Jun 08, 2023, 17:30 ET

DUBLIN, June 8, 2023 /PRNewswire/ -- The "Candle Market Share, Size, Trends, Industry Analysis Report, Product, By Wax Type, By Distribution Channel, By Region, Segment Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global candle market size is expected to reach USD 26.55 billion by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

Companies Mentioned

Bath & Body Works Direct
Better Homes & Gardens
Bridgewater Candle Company
Colonial Candle
Circle E Candles
Diptyque S.A.S
Jo Malone London
MALIN+GOETZ
NEST Fragrances LLC
The Yankee Candle Company
Conscious Candle Company
Contract Candles & Diffusers
Ellis Brooklyn
TRUDON
Le Labo

According to the National Candle Association (NCA), the yearly retail sales of candle goods in the United States are projected to be at USD 3.14 billion. Approximately 80% of all candles produced in the US are produced by the NCA member businesses. Christmas and holiday seasons account for about 35% of candle sales.

Roughly 65% of candle sales are from non-seasonal business. The annual production of candles sold in the United States requires more than 1 billion pounds of wax. A candle typically costs between USD 1.99 and USD 35 at retail, depending on its size (votive, pillar, or jar). Effectively perfumed candles can cost USD 200 or more when they are packaged in exquisitely designed containers and elegant boxes. This will create further demand and increase in the candle market revenue growth in upcoming years.

The rise of the wellness and self-care industries will fuel the growth of the market As Candles are often used in meditation, yoga, and other self-care practices, and as these industries have grown, so has the demand for candles. According to the Survey conducted by the McKinsey insights demonstrates that customers are becoming increasingly interested in wellbeing. In a poll of almost 7,500 customers conducted across six countries, 79 percent of participants indicated they thought wellbeing was essential, and 42% ranked it as a top priority.

In fact, consumers indicated a marked rise in the importance of wellness during the previous two to three years in every region examined. With a projected annual growth rate of 5 to 10%, it is estimated the global wellness sector to be worth more than USD 1.5 trillion. Particularly when spending on personal wellness increases after stagnating or even dropping during the COVID-19 crisis, a boost in consumer interest and purchasing power creates enormous prospects for businesses. This will propel the growth of candle market as it is widely used in wellness and self-care industries.

The growth is expected to be fueled by female millennials' high consumption of candles as aesthetically pleasing household products. Candles are being used more frequently in home decor to improve the psychological state. The sector is also anticipated to develop as scented candles become more and more popular, in keeping with the wellness trend. The popularity of homemade and do-it-yourself candles is projected to drive the market's expansion. Making candles at home is becoming increasingly popular, whether as a hobby or a way to produce one-of-a-kind items.

Candle Market Report Highlights

Votive Product Type is anticipated to grow due to the appeal to consumers who are looking for small, affordable candles for use in religious or spiritual practices, such as prayer or meditation.
The Beeswax segment accounted for the higher growth rate owing to the more environmentally friendly and sustainable alternative to paraffin wax in the candle-making industry.
Offline distribution channels are projected to experience significant growth rate due to the showcase of different sizes, colors, shapes, scents and prices, which can help to increase the sales of candles and attract different segments of customers.
North America is expected to grow at a significant growth rate owing to the winter approaches, there is a greater demand for candles.

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Global Candle Market Insights
4.1. Candle Market - Distribution Channel Snapshot
4.2. Candle Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Increase in demand for home fragrance products
4.2.1.2. Rise of the wellness and self-care industries
4.2.2. Restraints and Challenges
4.2.2.1. High costs
4.3. Porter's Five Forces Analysis
4.4. PESTEL Analysis
4.5. Candle Market Distribution Channel Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Candle Market, by Wax Type

6. Global Candle Market, by Product

7. Global Candle Market, by Distribution Channel

8. Global Candle Market, by Geography

9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
9.1.1. Expansion
9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

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

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets