Global Candle Market Report and Forecast 2023-2028

Global Candle Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global candle market size attained a value of USD 8054.4 million in 2022. Aided by the rising demand for specialty candles, the market is projected to further grow at a CAGR of 2.8% between 2023 and 2028, to reach a value of USD 9454.1 million by 2028.

A candle is a solid and ignitable collection of a flammable substance, typically wax, with a wick embedded that can be lit to produce a flame that lasts for a longer period of time, based on the flammable substance used. Initially, candles were used for purposes such as to obtain heat and light or to track time but now are widely used as a decorative piece and for various functions and rituals such as weddings, funerals, birthdays, and religious ceremonies. Candles are available in all shapes and size suitable for different occasions which is again a major factor helping in the growth of the market.

Addition of fragrance in the candles has become a growing trend, which, along with providing elegant lighting, results in the spread of the fragrance when the candle is lit. The aroma created is often used to produce a relaxing atmosphere. Based on the fragrances used, various atmospheres and scents can be created upon burning the candle.

The belief in the ability of candles to elevate mood, build self-confidence, promote better sleep better, and improve cognitive as well as physical performance has increased its demand all across the globe boosting the sale of candles. Busy and hectic lifestyles led by people worldwide have increased the demand for scented and aromatherapy candles rapidly, thereby helping in the growth of the candle market. However, simple candles continue to be used as a source of light especially during power outages or emergency situations.

Clean-packaged candles that offer improved transparency regarding ingredients and components and use sustainable packaging are often preferred by consumers due to rising environmental concerns. Hence, many manufacturers are focussing on creating candles from eco-friendly and natural materials such as beeswax and soy. Development of soy candles has further contributed to the growth of the candle market as they are gaining popularity owing to their eye catching and smooth flame.

Market Segmentation

The market can be divided on the basis of product type, raw material, distribution channel, and region.

Market Breakup by Product Type

• Pillars
• Tea Lights
• Votive
• Cartridge Candle
• Birthday Candle
• Wax Filled Container Candles
• Others

Market Breakup by Raw Material

• Stearin
• Beeswax
• Palm Wax
• Soy Wax
• Paraffin Wax
• Others

Market Breakup by Distribution Channel

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the candle market companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Candle Delirium, Inc.
• Bath and Body Works, Inc.
• Empire Candle Company, LLC
• MVP Group International, Inc
• Armadilla Wax Works, Inc.
• S.C. Johnson and Son, Inc
• Others

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.