The global candles market was valued at US$ 8,426.31 Mn in 2018, and is expected to reach US$ 13,031.03 Mn by 2027, expanding at a CAGR of 5.5% from 2019 to 2027.
Market Insights
"Availability of the product in various colors, shapes, size and fragrances is stimulating the market growth"
Candle manufacturing is a multibillion-dollar industry worldwide. During the holiday season, more than, one-third of candle sales take place. Candles come in all sorts of shapes, sizes, colors and scents. It has been observed that end users tend to use candles once a week. Fragrance, color and price are widely considered among the most important factors when buying candles. Mass merchandise retailers and department or home decor stores are most common locations where people tend to buy candles.
In the consumer goods industry, retail shelf space and product availability plays a very vital role in creating demand for the product. Distribution is a key success factor in the current candles industry. Rising competition and comparatively moderate growth rate of the candles market has compelled companies to focus on increasing product penetration. Supermarkets, drugstores, mass merchandisers, discount stores etc. play an important role in the distribution of candles. Rising consumer demands for organic scented candles, specialty candles, and liquid candles among others is driving the shift from niche distribution channels to mainstream mass retailers. Mass merchandisers such as Wal-Mart are introducing scented candles products. Moreover, supermarkets are also expanding their product range. This has resulted in a sharp increase in sales of candles.
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"Votive candle segment to dominate the market during the forecast period"
On the basis of types, the global candles 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 candles market. It accounted for 22.2% revenue share in the global candles market, followed by pillar candles and tapers with 17.2% and 11.9% market share 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 to be eco-friendly as they do not emit harmful gases like conventional synthetic products. The demand for scented candles in all forms is the highest than the 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 rise in demand for specialty candles. Product innovation, safety and ease of use has led to emergence of liquid candles as a major product type in the global candles market. Of all the considered types, votive candles hold the largest market share in 2018. Tealight candles segment is anticipated to record the highest CAGR during the forecast period of 2019 to 2027.
Industrial Developments
- In May 2018, GALA-KERZEN announced the acquisition of Korona Candles S.A. Through this acquisition the company is trying to expand its geographical outreach and product portfolio.
Key Market Movements
- Globally, the piezoelectric devices market is expanding at a CAGR of 5.5% in terms of revenue for the period of 2019 to 2027. In 2018, the market accounted for US$ 8426.31 Mn and is expected to reach US$ 13,031.03 Mn by 2027.
• The market is highly fragmented owing to presence of numerous players. The barriers to entry in the candle industry are low. The small candle makers are rising up and taking their piece of the pie. Many customers are opting to purchase candles from the smaller hand-crafted market owing to the uniqueness, quality, and the ability to customize their orders.
• Asia Pacific region anticipated to grow swiftly on the back of changing customer lifestyle, availability of products and rise in aroma therapeutic activities in countries such as India, China, and japan among others.
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List of Companies
- The Yankee Candle Company, Inc.
• VILA HERMANOS CERERÍA SA
• Suomen Kerta Oy
• Balthasar Co. AG
• Cereria Pernici Srl
• Delsbo Candles AB
• Gies Kerzen GmbH
• GALA-Kerzen GmbH
• Bolsius International BV
• SC Johnson & Son, Inc.
Type Segment (2017–2027; US$ Mn)
- Pillar Candles
- Floating Candles
- Votive Candles
- Tapers
- Filled Candles
- Tealight Candles
- Gel Candles
- Specialty Candles
- Liquid Candles
- Other
Distribution Channel Segment (2017–2027; US$ Mn)
- Specialty or Gift Shops
- Department or Home Decor Stores
- Mass Merchandise Retailers
- Direct sales
- Internet
- Others (Unorganized sales)
Key questions answered in this report
- What are the current market trends and dynamics in the candles market and valuable opportunities for emerging players?
- Estimated forecast and market projections up to 2027.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which type segment holds a larger market share and why?
- Are low and middle-income economies investing in the candles market?
- Which is largest regional market for candles?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
- Worldwide market value of the candles market in 2017 and 2018
- Which are the key trends driving the global candles market growth?
- Who are the leading manufacturers in the candles market worldwide?
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DoC: https://issuu.com/robsonspot/docs/candles_market.docx
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