Candle Market Report
Candle Market by Product (Votive, Container Candle, Pillars, Tapers, and Others), Wax Type (Paraffin, Soy Wax, Beeswax, Palm Wax, and Others), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
A candle is an ignitable wick embedded in wax, or another flammable solid substance, such as tallow, that provides light, and in some cases, a fragrance. The main use of candles is for lighting, adornment, and setting a calming mood. A large variety of candle kinds, sizes, forms, and fragrances are available on the market to suit various consumer preferences and uses. The quality of these items is determined by the materials used in their construction, including wax, wicks, and additives.
Global Candle Market Analysis
The global candle market size was $13.07 billion in 2022 and is predicted to grow at a CAGR of 5.9%, by generating a revenue of $22.57 billion by 2032.
COVID-19 Impact on Global Candle Market
The COVID-19 pandemic has profoundly altered consumer behavior and market dynamics in the candle industry. There has been a discernible change in consumer preferences as a result of lockdowns, social isolation tactics, and a greater emphasis on home surroundings. Many individuals used candles to create a relaxing and cozy ambience in their homes in addition to using them as a source of ambient illumination. Sales of scented candles, which are frequently connected to relaxation and stress alleviation, increased as a result of this shift in consumer demand.
The pandemic, however, also affected the manufacture and distribution of candles by upsetting the global supply chain. Frequent shortages and delayed delivery have been caused by factory closures, reduced staff capacities, and transportation issues. Additionally, candle producers and retailers improved their e-commerce skills in response to the loss of physical retail locations and the desire for online shopping, opening up new prospects but also escalating rivalry in the online market.
Growing Usage of Candles for Home Decoration and Special Occasions to Drive the Market Growth
The candle industry has experienced tremendous growth as a result of the diversification of uses for candles beyond simple illumination, including home decoration, aromatherapy, religious ceremonies, and festivals. The major participants in this sector are producers, creators, and retailers, who take part in endeavors such product development, branding, and market placement. Trends in interior design, cultural norms, and seasonal demand are only a few examples of the variables that affect the market's dynamics. Besides, candles are frequently linked to creating a calming atmosphere, the increased awareness of and emphasis on self-care and relaxation has fueled the market for them. Candles are used not just for lighting, but also for aromatherapy, with scented varieties offering a wide variety of scents that can affect moods and general well-being. Additionally, environmental concerns have sparked the creation of sustainable and eco-friendly candles, adding a level of conscientious consumption to the market. The candle industry is a living, evolving example of how usefulness, innovation, and consumer sensibility all coexist in contemporary society.
Volatility in the Prices of Raw Materials to Restrain the Market Growth
A major challenge hampering the growth of the candle market is volatility in the prices of raw materials. Obtainability of numerous substitute products, for example, electric candles, fairy lights, etc. are expected to hinder the growth of the candle market.
Besides, economic turbulence, such as recessions or downturns, might cause consumers to spend less on luxuries like candles, which will reduce demand. Additionally, candles may lose popularity as a result of competition from non-candle home fragrance goods like diffusers or air fresheners.
Rising Awareness about Self-care and Mental Well-being to Drive Excellent Opportunities
An increase in the usage of candles by therapists to create a peaceful environment in therapy rooms, lighting candles in prayers and meditation, etc. are some of the significant factors driving the growth of the candle market. With the growing awareness about mental well-being and self-care, an increasing number of consumers are spending more time at home and ordering online. Additionally, growth in e-commerce has created massive opportunities for manufacturers & suppliers across the globe and thus due to an inclusive range of customers across the globe, manufacturers & suppliers of candles are increasingly focusing on selling their products on several e-commerce websites. Moreover, the rising popularity of scented candles, in line with the wellness trend, is further expected to boost industry growth.
Furthermore, technology has also had a significant impact on candle marketing and sales. Online marketplaces, social media, and e-commerce platforms have created new channels for candle manufacturers to promote to a global audience and display their goods with eye-catching graphics and interesting content.
Global Candle Market Share, by Product, 2022
The votive sub-segment accounted for the highest market share in 2022. This is mainly because votive candles serve a particular niche of consumers who are looking for a balance between practicality and beauty in their candle selections. These candles are frequently used for a variety of activities, including meditation, religious or spiritual practices, and as ornamental items to create cozy and private environments. Votive candles are used in both private spaces and larger occasions like weddings, parties, and ceremonies because of their small size and adaptability. Their attractiveness as a choice for thoughtful and aesthetically pleasing gifts extends to gift-giving as well. As a result, the votive sub-segment not only adds to the variety of products available in the candle industry but also serves a discerning clientele that appreciates both the functional and aesthetic qualities of candles.
Global Candle Market Share, by Wax Type, 2022
The paraffin sub-segment accounted for the highest market share in 2022. This is mainly because paraffin wax is one of the most widely used resources for candle making Its accessibility, adaptability, and use are credited with its appeal. Paraffin wax candles are popular among consumers because of their reputation for clean, reliable burning. Additionally, paraffin wax is easily colored and perfumed, enabling producers to offer a wide range of alternatives to suit various tastes and situations. Furthermore, paraffin wax manages to balance cost effectiveness and product quality while adjusting to shifting consumer preferences and environmentally sensitive tendencies.
Global Candle Market Share, by Distribution Channel, 2022
The offline sub-segment accounted for the highest market share in 2022. In the candle industry, the offline sector is crucial for serving a variety of customers and offering a tactile, sensory experience that online platforms frequently can't match. Brick-and-mortar stores, craft fairs, markets, and other actual retail locations where customers may interact with the candles are all considered offline categories. These locations give clients the chance to personally feel the fragrances, textures, and aesthetic qualities of the products in addition to seeing and touching them. The offline component also promotes close relationships between vendors and customers, allowing vendors to impart their knowledge, background, and enthusiasm for their candle-making processes. Additionally, offline channels enable on-the-spot purchases and fast product delivery, which provide instant gratification.
Global Candle Market Share, by Region, 2022
The North America candle market generated the highest revenue in 2022. This is mainly because candles have cultural and symbolic value across the region due to the wide variety of cultures and traditions that exist. The substantial size and high customer demand defines the market. In addition, candles are frequently used for many different things, such as interior design, aromatherapy, religious rituals, and festive occasions. The region's robust retail sector, which includes brick-and-mortar shops and online marketplaces, helps make candles more widely available and well-liked by customers. Additionally, there are many candle manufacturers in the North America region, ranging from modest artisanal producers to big industrial enterprises. This variety in manufacturing enables a vast range of candle types, sizes, smells, and designs to accommodate consumers' various preferences. Furthermore, the North America candle market is significantly influenced by seasonal variables, with sales increasing throughout the winter and holiday seasons as people look for warmth, tranquil, and festive decorations.
Competitive Scenario in the Global Candle Market
Product development and investment are common strategies followed by major market players. For instance, in January 2022, Balmain and Trudon announced that a limited-edition version of their Balmon-Trudon fragrance candle would be available. It has a fresh smell that comes from the well-known Ernesto candle by Trudon.
Some of the leading candle market players are Bath & Body Works Direct, Inc., Better Homes & Gardens, Bridgewater Candle Company, Colonial Candle, Circle E Candles, Diptyque S.A.S., Jo Malone London, MALIN+GOETZ, NEST Fragrances, LLC, The Yankee Candle Company, Inc., Conscious Candle Company, and Contract Candles & Diffusers Ltd.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Product
Segmentation by Wax Type
Segmentation by Distribution Channel
Key Companies Profiled
Q1. What is the size of the global candle market?
A. The size of the global candle market was over $13.07 billion in 2022 and is projected to reach $22.57 billion by 2032.
Q2. Which are the major companies in the candle market?
A. Bath & Body Works Direct, Inc. and Better Homes & Gardens are some of the key players in the global candle market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and agreement are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Bridgewater Candle Company, Colonial Candle, and Circle E Candles are the companies investing more on R&D activities for developing new products.