As per our research report, the Candle Market size is estimated to be growing at a CAGR of 5.7% from 2024 to 2030.
Candles are often manufactured using paraffin wax, a clear material sourced from petroleum oil and coal shales. They are widely used for decoration at different locations, events, and festivities including Diwali, Christmas, weddings, and the ever-popular candlelit dinners.
The candle market has experienced significant growth in recent years, reflecting the increased utilization of candles. Consumers are increasingly buying candles to support a healthy lifestyle. Burning candles offers notable health benefits, helping to maintain mental calmness, improve moods, and support healthy sleep patterns. The rising incorporation of candles into daily life is a key factor driving the market's expansion.
Several elements contribute to the momentum of new residential construction projects, such as increased disposable income, rapid industrialization, growing urbanization, expanding employment opportunities, and a gradual rise in investments. Additionally, ongoing legislative support in the form of low-interest loans and tax incentives significantly boosts the demand for new residential properties.
As a result, there has been a rise in investments aimed at enhancing home interiors. This trend has further increased the demand for candles and other home decor items. Candles, in particular, play a crucial role in enhancing the aesthetic appeal of interior home designs.
Organic candles are made from environmentally friendly materials like beeswax and soy wax, which are entirely natural. Beeswax is obtained from honeycombs, while soy wax is derived from soybean oils, also known as vegetable wax. The growing awareness among consumers about healthy living practices has driven the adoption of eco-friendly and organic products. These candles, which release no harmful substances when burned, are significant contributors to the candle market's growth.
During the COVID-19 pandemic, the candle industry faced substantial economic challenges due to the widespread impact of the coronavirus. Government measures to prevent and control the virus's spread, such as nationwide lockdowns, severely disrupted the supply chain of raw materials, leading to major disruptions in production cycles.
In January 2023, the TOM FORD brand was acquired by ELC, as announced by the company. This acquisition of the TOM FORD trademark by ELC, along with the extension of existing license agreements, ensures continuity and sustained growth for the "TOM FORD" brand, reinforcing its status as one of the leading luxury brands in the market.
KEY MARKET INSIGHTS:
Global Candle Market Segmentation:
By Wax Type:
By Distribution Channel:
By Region:
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