Candle Market Size to Grow At 5.7% CAGR From 2024 to 2030.

Candle Market size (2024-2030)

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:

• Based on the Wax Type, The Paraffin Wax segment has established its dominance in the market and is expected to hold the largest share of the Candle Market throughout the forecast period. Paraffin wax is one of the most commonly used materials in candle manufacturing due to its cost-effectiveness, versatility, and ease of use. In contrast, Palm wax-scented candles use hydrogenated palm oil as their main ingredient, providing a sustainable alternative to traditional wax. These candles offer a burn quality similar to that of paraffin wax while having comparatively lower environmental toxicity.
• Based on the Distribution Channel, Offline distribution channels; Mass Market Retailers including brick-and-mortar retail establishments, play a significant role in the growth of the candle market. Physical retail outlets, such as department stores, home goods stores, gift shops, and specialty stores, allow consumers to physically inspect and experience candles before purchasing. Additionally, these stores enable customers to visualize how candles will complement their living spaces, aiding in more informed purchasing decisions.
• Based on the region, The Asia Pacific candles market holds the leading position and is expected to exhibit a remarkable 42.90% Compound Annual Growth Rate (CAGR) over the forecast period. This growth is driven by the increasing use of candles and the adoption of luxury lifestyles in the region's expanding economies, particularly in China and India. In North America, the candles market is also set to experience significant growth with a substantial CAGR projected from 2024 to 2030. This increase is primarily fueled by the rising demand for candles, especially during festive seasons such as Christmas and Easter.
• Companies playing a leading role in the Candle Market profiled in this report are Dianne's Custom Candles, ZHONG Nam Industrial (International) Co. Ltd, Dandong Everlight Candle Industry Co. Ltd., Candle-lite, Bath & Body Works Direct Inc., SC Johnson & Son Inc., Armadilla Wax Works, BeCandle, NEST Inc., The Yankee Candle Company Inc.

Global Candle Market Segmentation:

By Wax Type:

• Paraffin Wax
• Soy Wax
• Beeswax
• Vegetable Wax
• Blend Wax

By Distribution Channel:

• Mass Market Retailers
• Specialty Candle Stores
• Online Retailers
• Direct-to-Consumer

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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