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The Global Candle Market size is expected to reach $16.9 billion by 2028, rising at a market growth of 5.7% CAGR during the forecast period
A wax block with a wick inside it is known as a candle. When it is ignited, it gives heat and light, as well as a scent in some cases. Candles are generally classified as accessories in the Home Decoration & Home Textiles (HDHT) sector.
New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Candle Market Size, Share & Industry Trends Analysis Report By Product, By Distribution Channel, By Wax Type, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06422831/?utm_source=GNW
There are various kinds of candles, but out of them, the most popular ones are; the basic candles taper with around 2.2 cm diameter, which is suitable for most conventional candle holders and pillars, with a range of widths is the most common types of functioning candles; fancy candles or decorative candles which comes in a fancy shape or form; scented candles which releases a soothing scent when ignited.
Both basic and fancy candles come in the set, but the scented ones are generally sold in modest quantities. To ignite a candle, a heat source is utilized to light the candle’s wick, which melts and vaporizes a small amount of fuel which is, in most cases, the wax. Once vaporized, the fuel combines with oxygen in the atmosphere to ignite and create a constant flame. This flame provides enough heat to burn the candle through a self-sustaining chain of events.
First, the flame’s heat melts the top of the solid fuel’s mass, after which the liquefied fuel moves upward through the wick through capillary action, and at the end, the liquified fuel is vaporized to burn within the candle’s flame. With the melting and burning of the wax, the candle becomes shorter in size. Portions of the wick are consumed in the flame that is not emitting the vaporized fuel.
The length of the wick’s exposed portion is limited by the incineration of the wick, which maintains the fuel consumption rate and constant burning temperature. Some wick needs regular trimming with scissors or a specialized wick trimmer to ensure a slower and steady burning while also preventing smoking. Snuffers are such specialized trimmers that are often combined with an extinguisher. Currently, wicks are constructed to curve over as they burn to ensure that the end of the wick gets oxygen and is then consumed by fire.
COVID-19 Impact Analysis
The demand remained the same as people avoided visiting restaurants and hotels due to the spread of the pandemic. These reasons were responsible for the restriction on the growth of the candle market. Basic and scented candles are present in both online and offline stores, and the growth of the e-commerce industry, especially after the lockdowns, has been responsible for the sales of candles after the lockdown. As governments started lifting bans all over the world, production also began to reach its original volume. Also, the popularity of scented candles for various health and meditation benefits increased sales among millennials. These factors aided the candle market in getting back on track after the COVID-19 bans.
Market Growth Factors
Utilization for household decoration
Due to the rising affluent population, home décor has been gaining attention in various emerging economies. There is an increasing environment awareness among consumers, which has shifted their preference toward eco-friendly home décor products. Consumers’ rising disposable income in developed and emerging nations fuels. Aggressive advertisements and celebrity endorsements have majorly contributed to the sector’s growth. Also, there is an increasing demand for unique and trending products like scented candles. They add a unique finish to the room, and many people use different colored candles to enhance their home features further and look. This supports the growth of the regional market.
Rising awareness regarding aromatherapies
Burning candles can majorly help to fight anxiety and stress. Candles have calming properties; the flickering light makes the user feel calm, and the ambiance is more tranquil. On top of that, the particular scent allows the user to relax. This is one of the major factors why candles are utilized during aromatherapy sessions. These benefits associated with aromatherapy are expected to attract more people due to the rising stress among the general public. This will further increase the demand for such candles and propel market growth.
Market Restraining Factors
The presence of better alternative
Candles are known to give aesthetics to the room, but wax-made candles are not for long-term usage. Generally, an 8-ounce candle will burn in 2 to 3 days. But on the other hand, essential oils that come in smaller bottles will give many full sessions of the diffuser. A 5ml bottle of essential oil will last the user more than three days. A diffuser will last around a year, and the essential oils’ aroma can be extended much further. Also, it is possible to combine these oils and create a customized scent. These benefits of the essential oils over the candles may result in their wider adoption, which can hamper the candle market’s growth.
Product Outlook
On the basis of product, the candle market is divided into votive, container candle, pillars, tapers and others. The votive segment generated the highest revenue share in the candle market in 2021. This is because they are small, slow-burning with a bell-top design, so the wax can melt evenly. The fragrance is spread evenly with these candles. Votive candles burn for around ten hours and are utilized mainly by the consumer to create a tranquil atmosphere depending on the décor and desired ambiance. The small size and other features related to the votive candle will surge the segment’s growth in the projected period.
Wax Type Outlook
By wax type, the candle market is classified into paraffin, soy wax, beeswax, palm wax and others. The palm wax segment garnered a substantial revenue share in the candle market in 2021. This is because they are very stable and are ideal for luxury container candles while also burning clean and without soot in numerous ambient conditions. They are used to make high-quality yet cost-effective bases for waxes for multiple melting ranges. Also, they maintain fragrance throughout the burning. These factors, combined with their excellent compatibility with essential oils, will surge the market segment growth in the forecasted period.
Distribution Channel Outlook
Based on distribution channel, the candle market is bifurcated into offline and online. The online segment procured a prominent revenue share in the candle market in 2021. The growth is attributed to the fast digitalization increasing the adoption of online shopping. The rising number of millennials opting for self-care, joined with the increasing disposable income, is advancing sales on online channels. Also, many companies have shifted their products to digital mediums to stay afloat in the pandemic. These factors will boost segment growth in the forecasted period.
Regional Outlook
Region-wise, the candle market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region held the highest revenue share in the candle market in 2021. This is due to the assistance provided by the candles to relieve some of their stress. The demand for candles increases with the arrival of colder weather. Businesses are trying to keep the supply of seasonal scented candles constant throughout the year. Also, these candles come in various fragrances to suit everyone’s needs. Owing to all this, the growth of the candle market is expected to propel in the projected period.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Yankee Candle Company (Newell Brands, Inc.), Estee Lauder Companies, Inc., Bed Bath & Beyond, Inc., Diptyque (Manzanita Capital Ltd.), Ellis Brooklyn, Trudon, Contract Candles & Diffusers Ltd., Conscious Candle Co., The Bridgewater Candle Company, and NEST Fragrances.
Scope of the Study
Market Segments covered in the Report:
By Product
• Votive
• Container Candle
• Pillars
• Tapers
• Others
By Distribution Channel
• Offline
• Online
By Wax Type
• Paraffin
• Soy Wax
• Beeswax
• Palm Wax
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• The Yankee Candle Company (Newell Brands, Inc.)
• Estee Lauder Companies, Inc.
• Bed Bath & Beyond, Inc.
• Diptyque (Manzanita Capital Ltd.)
• Ellis Brooklyn
• Trudon
• Contract Candles & Diffusers Ltd.
• Conscious Candle Co.
• The Bridgewater Candle Company
• NEST Fragrances
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06422831/?utm_source=GNW
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