Coconut Wax Candles Market Product (Container Candle, Pillars, Votive, Tapers, Others) By Distribution Channel (Offline, Online) - Growth, Share, Opportunities & Competitive Analysis, 2016 – 2028

What are the Advantages of using a Coconut Wax Candle?

A candle is a block of wax that contains a wick. It produces heat, light, and the occasional scent when lit. Candles are typically categorized as home accessories in the Home Decoration and Home Textiles (HDHT) business. In 2020, the global scented candle market was worth USD 533.5 million. Coconut wax is a colorless and odorless wax created by combining cold-pressed coconut meat or coconut oil with soy wax. It is regarded as one of the best and healthiest types of wax for making candles since it produces less soot than other types. It is also frequently mixed with other natural waxes to create candles with improved burn quality and fragrant throw.

Coconut wax has a brilliant white color; because it is natural, you may easily tint the wax and make various colored candles. Compared to other wax forms, candles made from coconut wax burn the cleanest. It emits less soot, so you won't have to worry about keeping your surfaces clean. Coconut candle waxes are ideal for folks who prefer aromatherapy with their candles. It has a superior smell throw, which means you may use it to make long-lasting, intensely scented candles. Coconut wax burns more slowly than other waxes and blends well with other natural, tougher waxes. This is why it is commonly found in wax mixtures and is widely utilized in candle production. They are the most environmentally beneficial sort of candle to manufacture. They are non-toxic and burn cleanly because, as previously said, coconut wax releases no smoke and produces no soot.

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What is the Market Size of Coconut Wax Candles in terms of value?

The global Coconut Wax Candles Market is projected to increase at a significant CAGR of 5.50% in the coming years. In 2021, the global Coconut Wax Candles market was valued at USD xx billion and is projected to reach the value of USD xx billion by 2028. The demand for Coconut Wax Candles is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD xx billion during the forecast period of 2022 and 2028.

What is the purpose of Blending Coconut Wax Candles?

To take advantage of the properties of one type of wax, it is blended with another (or several) types of wax. For example, coconut wax can be combined with palm wax to produce candles with high burning quality and throw. Blends are often labeled based on which type of wax constitutes most of the mixture. For instance, if the candle contains 51% coconut wax, it is described as coconut mix. Finally, what you value the most determines the sort of wax or blend you select for your candles. A candle made with coconut wax may appear more expensive than the more significant and cheaper paraffin wax candle next to it, but it is also crucial to consider the candle's burn time and aroma quality. Moreover, all coconut waxes are typically combined with soy wax to raise the melting point. Because coconut wax can be very soft, it can cause melting issues in the heat.

Interesting Facts about Coconut Wax Candles Industry

  • Market growth is driven by increased hotels, restaurants, spa centers, and religious organizations. As disposable income has increased, there has been an increase in house renovation and beautification activities. Because the epidemic has resulted in more extended periods spent at home, a rising number of people seek to make their homes more comfortable, fuelling the market growth.
  • The North American region had a significant share in terms of volume and value in the global Coconut Wax Candles market in 2021 and is projected to continue its dominance over the forecast period.
  • Organic candles are created from environmentally friendly components such as coconut wax. These environmentally friendly products are derived entirely from natural sources. Increased consumer awareness about living a healthy lifestyle has resulted in adopting eco-friendly and organic goods that do not emit harmful substances when burning candles.
  • Key manufacturers are heavily investing in innovative products to provide improved outcomes and fight with competitors and rival items. Key players have created substantial innovations in candle goods, such as eco-friendly candles, which are non-toxic and do not emit hazardous pollutants or substances such as carcinogens when burned.

Who are the Top 10 Players/Companies in the Coconut Wax Candles market regarding value?

The key players in the global Coconut Wax Candles market in terms of value include Yankee Candles, Thymes, White Barn Candles, Jo Malone, Village Candles, NEST, Slatkin & Co, Malin + Goetz, Colonial Candle, and Diptyque. These key players are concentrating on new product developments as well as technological innovation to enhance their production of Coconut Wax Candles to gain a competitive market share at a global level. For instance, in February 2021, the largest home fragrance company in the world, Yankee Candle®, announced the release of its new Signature Collection. The new line gives Yankee Candle's design new life with redesigned tumbler candles and hand-illustrated labels that show the aroma notes in each scent.

Who are the Top 10 Countries in the Coconut Wax Candles Market?

The major countries in the global Coconut Wax Candles market are the US, Canada, Mexico, China, India, Japan, France, Italy, Spain, and the U.K. The largest market share is in the United States. Actual private consumption spending is a vital sign of rising demand. The Home Decoration and Home Textiles (HDHT) industry, which includes the coconut wax candle market, is exposed to cyclical economic conditions. As a result, private consumers' spending and non-essential HDHT products rise. The world's most excellent economy and consumer market in recent years are the United States. In 2020, American consumers will spend $12.5 trillion on durable and nondurable goods and services. Additionally, candles are often used for decorating in hotels, restaurants, events, and festivals because they give beauty to the atmosphere and make it magnificent and glamorous, which draws attention to events, festivals, and other locations. According to the article 'U.S. Leads in Hotel Openings During Pandemic,' published by Hospitality Net Organisation, the United States opened 55,395 hotels from March 2020 to September 2020.

Which is the Key Product Segment in the Coconut Wax Candles Market?

The container-based segment dominated the coconut wax candle market. Customers benefit the most from the wide variety of scent selections offered and the flexibility to customize the smell to their preferences. Scented coconut wax container-based candles are becoming increasingly popular in restaurants and home décor. These perfumed candles may create the appropriate mood and setting for events. Soothing scents are favored by millennials who want to create a relaxed environment while remaining upbeat. Many producers provide coconut wax candles in customizable containers. For years, they have been a popular candle choice. These candles are essentially non-flammable canisters filled with wax and a wick.

What are the Major Driving Factors for Coconut Wax Candles Market?

Expanding the number of hotels, restaurants, spa centers, and religious organizations is driving the market growth. As disposable money has increased, there has been an upsurge in house restoration and decoration activities. Since the epidemic has resulted in extended durations spent at home, an increasing number of people seek to make their homes a comfortable place to live, driving the market growth. However, because these candles offer therapeutic characteristics, they are widely used in commercial settings such as spas. To increase market share, industry participants focus on providing unique products that resonate with their clients. Several corporations have raised their R&D investments to develop superior products. All these factors drive the growth of the coconut wax candles market.

What are the Major Restraints for Coconut Wax Candles Market?

The availability of product alternatives will restrain the growth of the coconut wax candle market. Due to how soft coconut wax can be, melting issues throughout the summer may arise, hindering market expansion. The candles made of coconut wax are regarded as high-end goods. Therefore, they cost more than standard candles. The primary market limitation is the price. The market for LED candles is expected to expand due to technological and design advancements in decorative candles, which will restrain the market expansion for coconut wax candles.

Which Region Dominated the World Coconut Wax Candles Market?

In 2021, North America will dominate the Coconut Wax Candles market over the forecast period. Although the market for HDHT products, such as scented candles, was affected in the epidemic's early stages, it increased as customers prioritized their health and wellness and delighted in little extras. According to the 2020 HomeAdvisor survey, the average domestic spending on home services in the U.S. in 2020 was USD 13,138, up from USD 9,081 in 2019, pushed partly because of an increase in the number of home improvement projects. The budgets of the respondents claimed to have been switched from travel, vacations and eating out to home repair tasks. Moreover, candle-making is the most popular lockdown trend, according to social media channels like TikTok, which has resulted in a 3,500% increase in searches for coconut wax candle-making kits. Furthermore, National Candle Association (NCA) representative Kathy LaVanier, CEO of Renegade Candle Company, noted that total candle sales in the United States have climbed by 30% since the pandemic.

The Asia Pacific is expected to grow significantly. Since the candles are utilized in spas and massage parlors, the commercial use of candles is also anticipated to increase in this region. In addition, commercial company sectors purchase scented coconut wax candles in bulk since they are a type of luxury candle used for therapies. However, the demand for green candles, also known as organic and eco-friendly candles, has prompted producers to expand their product lines to include items made of materials other than paraffin, such as coconut wax. As a result, organic candles are becoming increasingly popular, leading to more market fragmentation.

Frequently asked questions about the global Coconut Wax Candles industry

 

The global Coconut Wax Candles market is expected to be impacted significantly by COVID-19.

North America accounted for the highest share in the global Coconut Wax Candles market in terms of value.

The growth of the market is being driven by the increase in the number of hotels, eateries, spas, and religious organisations. As disposable income has increased, there has been an uptick in home renovation and beautification projects. Since the epidemic has caused individuals to spend longer periods of time at home, more people are trying to make their homes more comfortable, which is causing the market to rise.

Container candles segment had a major share in 2021 with more than 40% of the market revenue share.

Offline segment had a major share in 2021 with more than 60% of the market revenue share.

Coconut Wax Candles Market Scope

Report Attribute Details
Market Value in 2021 USD xx billion
Market Value in 2028 USD xx billion
CAGR 5.50%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Published Date:  Jul 2022
Category:  Consumer Goods
Report ID:   60578
Report Format:   PDF
Pages:   190
Rating:    4.8 (16)
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