-- Market Insight
Global Candles Market is expected to exhibit a strong 4.26% CAGR over the forecast period from 2020 to 2023, according to the latest research report from Market Research Future (MRFR). The market is expected to reach a valuation of more than USD 13 billion by 2023. The global candles market is profiled in detail in the research report, providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the candles market are detailed in the report, to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the candles market’s growth trajectory over the forecast period are provided in the report. The leading players in the global candles market are also profiled in the report to give readers a comprehensive analysis of the leading players in the global candles market. The major drivers and restraints affecting the global candles market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
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Candles are light sources made from various types of wax and a wick made from fibrous substances. The burning of candles is due to the capillary effect, as wax from the candle is drawn up into the wick and burns with a yellow flame. About a quarter of the energy gained from a candle is in the form of heat, the rest being light. The wax in a candle can come from various sources such as paraffin wax, beeswax and other animal sources, or vegetable sources. Paraffin is the most widely used substance in candles.
The increasing demand for scented candles for aromatherapy and stress relief is likely to be the major driver for the global candles market over the forecast period. Scented candles have come into their own in the 21st century, as alternative healthcare modalities have become widely popular and aromatherapy has caught steam.
Competitive Leaderboard
Leading players in the Global Candles Market include Bath & Body Works Direct Inc., Colonial Candle, Armadilla Wax Works Inc., Candle-lite, The Yankee Candle Company Inc., SC Johnson & Son Inc., BeCandle, Empire Candle Co. LLC, Zhong Nam Industrial (International) Co. Ltd., Dandong Everlight Candle Industry Co. Ltd., and Dianne’s Custom Candles LLC. Product development and innovation is likely to be a major tactic for players in the global candles market over the forecast period. Coming up with new flavors and scents is likely to help companies establish a stronger presence in the global candles market.
In January 2019, Birks Group Inc. launched new candle products, named Birks Candle and Birks Boreal.
Segmentation
Global Candles Market is segmented based on material type, category, distribution channel, and region.
By material type, the global candles market is segmented into paraffin wax, synthetic wax, vegetable wax, and animal wax. Paraffin wax dominates the global candles market and is expected to rise to a valuation of USD 6.1 billion by 2023. The vegetable wax segment is expected to grow at the highest CAGR, of 4.63% over the forecast period.
By category, the global candles market is segmented into luxury and economic. Economic candles dominate the global candles market, but luxury candles are expected to grow at a rapid growth rate over the forecast period due to the growing demand for luxury candles.
By distribution channel, the global candles market is segmented into store-based and non-store-based. Non-store-based channels are likely to become increasingly important for the global candles market due to the growing presence of candle sellers on online shopping portals.
Regional Analysis
North America dominates the global candles market, accounting for more than 36% of the market in 2020. Europe accounted for the second largest share of 32.71% in the global candles market in 2020.
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