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Candle Market size is estimated to grow by USD 3.03 billion at a CAGR of 5.84% between 2023 and 2028. The growing home decor market is positively impacting the market. The candle market is experiencing significant growth due to increasing trends in their usage for special occasions and home decor. Candles have become a popular choice for creating ambiance and adding a touch of elegance to various celebrations. Furthermore, the rising popularity of aromatherapy has led to an increase in demand for scented candles, offering both functional and aesthetic benefits. In addition, the home decor market is expanding at a rapid pace, with candles being a key player in this sector. The versatility and affordability of candles make them an essential element in home decor, contributing to the overall growth of the candle market.
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In the realm of Artificial Intelligence (AI) and Information and Communication Technology (ICT), innovation knows no bounds. The fusion of AI and ICT has revolutionized the way businesses operate, especially in the online distribution channel. The ability of AI to process vast amounts of data and make real-time decisions has streamlined the online shopping experience, making it more personalized and efficient. In the context of retail, AI-powered systems are being used to analyze consumer behavior and preferences, leading to targeted marketing strategies and improved product recommendations. However, it's not all about visuals and audio; there's potential for olfactory experiences as well. Imagine a future where online retailers utilize AI to simulate smell discharge experiences, enhancing the sensory aspects of shopping for products like scented candles or tea lights. The challenge lies in creating a safe and controlled environment for such sensory experiences, possibly through the use of heat-resistant containers that can emit scents without compromising safety. As the frontier of AI and ICT continues to expand, the potential for enhancing the online shopping experience through multisensory engagement is endless.
Growing home decor market is a key driving the market growth. Rising affluence in major global economies and lifestyle changes have led to a radical surge in demand for home decor products. Innovations in aromatherapy diffusers, plug-ins, and customized candles have positively grabbed the attention of retailers and millennials among the consumer group. Millennials are among the most Internet-savvy age groups and prefer to spend on luxury items and desire brands that offer the highest convenience. It is projected that by 2025, the number of millennials will increase, accounting for more than 70% of the global workforce. The projected rise in the number of millennials is expected to drive the demand for home decor products such as candles.
Moreover, efforts on the part of major retailers have further increased the growth potential of the market. For instance, leading retailer Amazon has doubled its offerings in home decor items, ranging from mediocre-quality furnishings and accessories to products from reputable brands. Therefore, the growing home decor market will positively impact the growth of the market during the forecast period.
A positive trend in the global market is the increasing adoption of wooden wicks. These wicks are small strips or tubes of wood specifically designed for wicking purposes. They can be produced using various types of wood and come in different widths to match the products they are used with. Wood wicks are not only sustainable and environmentally friendly, but they are also free of toxins and phthalates.
Moreover, when lit, these products with wooden wicks create a distinctive crackling sound, which enhances the ambiance and promotes relaxation. Moreover, wooden wick candles have a broader fragrance throw than cotton wicks. They burn at a slower pace, transfer heat to the wax more efficiently, and diffuse up to 35% more scent throughout a room. As a result, the growing use of wooden wicks is expected to fuel the market growth and trends during the forecast period.
The criticality of inventory management and product sourcing is a major challenge. Maintaining an advantageous position in the market requires efficient inventory management, which is an integral aspect of supply chain management. As consumer shopping and spending patterns have shifted, the principles and outlooks of inventory management have also evolved. With the increasing pace of changing consumer preferences, inventory turnover requirements have become more demanding. Amazon, a prominent player in the market, has established effective supply chain management practices. The company employs impressive automation and robotic solutions to align its supply management with that of its rivals.
Additionally, the company outsources the storage and distribution of products that are infrequently purchased or have storage costs that exceed the marginal returns. Similarly, other major vendors, such as Walmart, invest in advanced technological innovations to optimize their inventory management methods and strategies. However, managing inventory for small products presents a significant challenge for vendors and may hinder the growth of the global market during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Candle Market Customer Landscape
Companies are implementing various market growth analysis and strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the container based segment will be significant during the forecast period. Container based products are sold in containers such as jars and tins. Most stores offer a wide range of container based products.
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The container based segment was valued at USD 4.44 billion in 2018 and continued to grow by 2022. Some manufacturers sell their candles in recycled-material containers to save packaging wastage. The containers can be reused or used as molds for new candles. These factors will drive the container candles segment's growth during the forecast period.
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North America is estimated to account for 29% of the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing demand for these products during festive seasons and holidays is expected to drive the growth of the market in North America during the forecast period. The demand for products with natural essential oils will also fuel the market's growth. The rise in awareness about the ingredients used to make these items, the use of environment-friendly containers, and the packaging of such products are other factors that play a major role in driving the demand in North America.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
1. Decorative Candles Retail Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, Germany, UK - Size and Forecast
2. Scented Candles Market by Distribution Channel, Product, and Geography - Forecast and Analysis
3. Paraffin Wax Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Canada, China, Japan, Germany - Size and Forecast
The residential construction activities surge has boosted demand for home interiors and home furnishings, driving interest in eco-friendly housing solutions. With increasing online sales, consumers now prefer artificial intelligence-enhanced shopping experiences, influenced by social media and widespread smartphone adoption. Products like Moose Tracks Ice Cream and Wax Poetic Candle Bar are gaining popularity. Candles, made from soy wax, organic candles, and alternatives like synthetic wax, vegetable wax, and animal wax like beeswax and palm wax, cater to various preferences. The tourism and hospitality industries utilize economical candles and luxury candles for Christmas, Easter, and spa treatments.
Moreover, the rise in cyber insurance has improved the security of online distribution channels. Home decoration and home textiles, along with home accessories, are thriving. The market includes basic candles, fancy candles, and options like soy, oil palm, gel candles, mineral oil, and polymer. Innovative products like timer-controlled electrical candles, battery-powered candles, and remote control flameless candlelight are also popular. In spas and massage centers, candle massaging with votive candles in heat-resistant containers, fragranced candles, and luxury lifestyles enhance relaxation. Metal tins, ceramics, and glass containers offer stylish options for these products.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.84% |
Market growth 2024-2028 |
USD 3.03 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.56 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 29% |
Key countries |
US, China, Germany, UK, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Armadilla Wax Works Inc., Bath and Body Works Direct Inc., Bolsius International BV, Colonial Candle, Curio Brands LLC, Dandong Everlight Candle Industry Co. Ltd., Diannes Custom Candles, Diptyque Distribution LLC, Empire Candle Co. LLC, Lalique Group SA, NEST Fragrances, Newell Brands Inc., Portmeirion Group Plc, Reckitt Benckiser Group Plc, Stonewall Kitchen LLC, The Bridgewater Candle Co., The Estee Lauder Companies Inc., The White Company UK Ltd., The Yankee Candle Co. Inc., and Universal Candle Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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