Candle Market To Achieve Prominent Growth At 8.4% CAGR Owing To Increasing Inclusion of Candles As Home Decor Items Till 2025 | Million Insights

August 04 06:08 2020
Candle Market To Achieve Prominent Growth At 8.4% CAGR Owing To Increasing Inclusion of Candles As Home Decor Items Till 2025 | Million Insights

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The global candle industry size was worth USD 3.45 billion in the year 2018. The commercial value of candles has seen significant growth over the years, with the onset of massage centers and spa that use scented candles for a mild atmosphere. Similarly, fine dines and restaurants use the candles for an aromatic and a beautiful ambience.

The global candle market size is projected to reach USD 6.06 billion by 2025, according to a new report published by Million Insights, with a CAGR of 8.4% over the forecast duration. The increasing inclusion of candles as home décor items is predicted to drive the market. Moreover, a significant increase in demand for candles for commercial and residential purposes along with its inclusion for religious needs is expected to provide a boost to the market. Hotels, beauty parlors, spa, and restaurants uses this candles for a soothing effect.

Scented candles are highly popular among the millennials in countries like Germany, France, and the U.S thus resulting in high revenue share. These are beneficial for health including nervous system stimulation, improved digestion, better concentration, and migraine relief. For example, basil creates a positive mental state while eucalyptus helps in the treatment of diseases like asthma, bronchitis, sinusitis, pneumonia, rheumatism, arthritis, and cough.

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Yankee Candle Company introduced a Sunday Brunch Candle collection, in April 2019. These are present in jars with a brand name of Rainbow Shake and Easter Basket. The products pertain to seven unique fragrances such as Vanilla, Grilled Peaches, Honey Lavender Gelato, Belgian Waffles, Strawberry Bellini, Sweet Morning Rose, and Blush Bouquet. Louis Vuitton, the French luxury retailer, and fashion house, in 2018, introduced a range of scented candles which included L’Air du Jardin, Feuilles d’Or, Dehors Il Neige, and Île Blanche.

 

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Further key findings from the report suggest:

• Votives form held around 25% revenue share in the global candles market as of 2018

• Pillar candle is projected to grow at a CAGR of 9.0% for the year 2019 to 2025.

• The online channel is predicted to grow at a CAGR of 8.7% over the years.

• Paraffin products held a 30% market share on account of revenue as of 2018.

• The key players include Better Homes and Garden, Bath & Body Works, Bridgewater Candles, Circle E Candles, Colonial Candle, Diptyque, Malin + Goetz, Slatkin & Co., White Barn Candles, Village Candles, Yankee Candles, Thymes, and Jo Malone.

Million Insights has segmented the global candle market on the basis of product, wax, distribution channel, and region:

Candle Product Outlook (Revenue, USD Million, 2015 – 2025)
    • Votive
    • Container Candle
    • Pillars
    • Tapers
    • Others

Candle Wax Outlook (Revenue, USD Million, 2015 – 2025)
    • Paraffin
    • Soy Wax
    • Beeswax
    • Palm Wax
    • Others

Candle Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
    • Offline
    • Online

Candle Regional Outlook (Revenue, USD Million, 2015 – 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

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