Candles Market By Type (Pillar Candles, Floating Candles, Votive Candles, Tapers, Filled Candles, Tealight Candles, Gel Candles, Specialty Candles, Liquid Candles, Others), By Distribution Channels (Specialty Or Gift Shops, Department Or Home Decor Stores, Direct Sales, Others) - Growth, Share, Opportunities & Competitive Analysis, 2019 – 2027

Key market insights

Increased adoption of home decor will spur market revenue growth.

The global candle market accounted for US$ 8,426.31 million in 2018 and is anticipated to grow to US$ 13,031.03 million, growing at a CAGR of 5.5% throughout the forecast period from 2019 to 2027.

Consumers are increasingly purchasing candles for their home decor and for aromatherapy-like stress reduction and relaxation. The ease of purchase, as well as the availability of various types of candles on multiple distribution channels, are prompting more and more people to purchase these products. The expansion of distribution channels has boosted sales at department stores, mass merchandise retailers, and home decor stores. Supermarkets and hypermarkets are benefiting from their discounted prices and various offers, which are particularly attracting more and more buyers. The popularity of e-commerce has significantly increased candle sales. The ease of purchase, as well as the availability of extensive information and reviews on products online, are prompting more and more individuals to buy these products.

Volatility in the prices of raw materials is the major factor hampering the market growth. Paraffin is still the most widely used base material for candle production. Meanwhile, in 2014 and 2015, almost 33% of paraffin production in some countries was shut down, forcing candle manufacturers to import large volumes of base material at higher prices. The increasing usage of candles in various applications provides immense opportunities to the manufacturers present in this market.

Type Analysis

Votive Candle Segment to Dominate the Market During the Forecast Period

On the basis of type, the global candle market is segmented into pillar candles, floating candles, votive candles, taper candles, filled candles, tealight candles, gel candles, specialty candles, liquid candles, and others. In 2016, votive candles accounted for the largest share of the global candle market. It accounted for 22.2% of the revenue share in the global candle market, followed by pillar candles and taper candles with 17.2% and 11.9% market shares, respectively. Votive candles are also known as prayer candles and are the most common candle type used across all settings. These candles are often viewed as eco-friendly as they do not emit harmful gases like conventional synthetic products. The demand for scented candles in all forms is higher than that for unscented types. Additionally, over 70% of candle purchases are made by women. Being a focal point of home décor, the demand for specialty candles, gel candles, and similar products is gaining momentum.

Candle gifting is becoming a vogue trend, leading to a rise in demand for specialty candles. Product innovation, safety, and ease of use have led to the emergence of liquid candles as a major product type in the global candle market. Of all the considered types, votive candles held the largest market share in 2018. The tealight candles segment is anticipated to record the highest CAGR during the forecast period of 2019 to 2027.distribution channel analysis

The mass merchandise retailer segment will dominate the market during the forecast period.

On the basis of distribution channels, the global candle market is segmented into specialty or gift shops, department or home decor stores, mass merchandise retailers (discount stores, drugstore chains, etc.), direct sales, the internet, and others (small-scale retailers). In 2018, mass merchandise retailers accounted for the largest share of the global candle market. It accounted for 40% of the revenue share in the global candle market, followed by department stores, home decor stores, and specialty or gift shops.

In 2018, mass merchandise retailers dominated the market in terms of revenue contribution, followed by department or home decor stores, and both channels are projected to remain dominant over the next six years. Some companies, such as Yankee Candles and VILA HERMANOS CARRERA SA, etc., have established their own concept stores for the direct sale of their products. This channel accounted for 11.93% of the global market share in 2018.

Regional Analysis

Increased foreign investment to support growth in the Asia-Pacific region.

In 2018, North America was observed as the largest market, followed by Europe; both of these regions are projected to maintain their market position over the coming six years. Candle sales are fueled by a rise in consumer interest in aromatherapy and increased demand for home fragrance products. In 2018, North America and Europe together accounted for more than 60.00% of the global candle market. In both of these regions, candles are considered decorative accessories rather than purely functional items. The U.S. is the largest regional market for candles. Every year, approximately one billion pounds of wax are used in the production of candles in the United States. The sale of candles is fueled by growing consumer interest in aromatherapy and a rise in demand for home fragrance products. The candle market in Europe is an interesting market in which imports and consumption are increasing continuously, providing immense opportunities to exporters from developing countries.

Asia Pacific will witness swift revenue growth over the forecast period of 2019 to 2027 as a result of changing lifestyles, the availability of the product, and a rise in the consumption of decorative items. India, China, Australia, and Japan are the most attractive markets for candles and provide immense market potential. The availability of a variety of scented and colored candles, along with a rise in disposable income, is the major factor driving market growth in these countries.

List of Companies Covered:

  • The Yankee Candle Company, Inc.
  • Suomen Kerta Oy
  • Balthasar Co., AG
  • Cereria Pernici SL
  • Delsbo Candles AB
  • Gies Kerzen GmbH
  • GALA-Kerzen GmbH
  • Bolsius International BV
  • SC Johnson & Son, Inc.

Key Industry Development:

In March 2018, GALA-Kerzen announced the acquisition of Ramesh Flowers. Through this acquisition, the company aims to expand its geographical presence in the Asia-Pacific region.

Periods of History and Forecast

This study report includes an analysis of each segment from 2017 to 2027, with 2018 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.

Market Segmentation

The current report also includes qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities, which provide a more comprehensive understanding of the overall candle market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.

Key questions are answered in this report.

  • What are the current market trends and dynamics in the candle market, and what are the valuable opportunities for emerging players?
  • Estimated forecasts and market projections up to 2027
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which type of segment holds a larger market share and why?
  • Are low- and middle-income economies investing in the candle market?
  • Which is the largest regional market for candles?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
  • The worldwide market value of the candle market in 2017 and 2018
  • Which are the key trends driving the global candle market's growth?
  • Who are the leading manufacturers in the candle market worldwide?

Frequently Asked Questions:

The market for Candles Market is expected to reach XX Mn in 2027.

The Candles Market is expected to see significant CAGR growth over the coming years, at 5.5%.

The report is forecasted to 2019-2027.

The base year of this report is 2018.

The Yankee Candle Company Inc.,VILA HERMANOS CERERÍA SA, Suomen Kerta Oy.,Balthasar + Co. AG,Cereria Pernici Srl are some of the major players in the global market.

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Published Date:  Mar 2020
Category:  Consumer Goods
Report ID:   58485
Report Format:   PDF
Pages:   120
Rating:    4.5 (70)
Delivery Time: 24 Hours to 48 Hours   
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