The latest market report published by Credence Research, Inc. “Global Candles Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global candle market has witnessed steady growth in recent years and is expected to grow at a CAGR of 6.10% between 2023 and 2030. The market was valued at USD 12.1 Billion in 2022 and is expected to reach USD 18.31 Billion in 2030.
The market is segmented by product, with votive candles leading the market in terms of value share in 2022. The tapers segment is expected to exhibit the fastest growth during the forecast period. Paraffin wax dominates the demand for candles globally, while beeswax contributes to the rest of the demand.
The candles market major challenges are many, and they can have a significant impact on the industry. One of the main difficulties is the competition from alternative sources of light. With LED lights becoming more affordable and widely available, some consumers may choose to use them instead of traditional candles. Another challenge is related to safety concerns, such as fire hazards associated with burning candles or toxic emissions that can harm human health. Additionally, environmental issues have become increasingly relevant in recent years, with many people looking for eco-friendly alternatives to conventional products – including candles made from natural materials or renewable resources. Finally, changes in consumer preferences and habits can also affect the demand for candles: for example, younger generations may be less interested in traditional scents or shapes and prefer more modern designs or fragrances that reflect their lifestyle choices.
The key drivers of the global candles market include the wide use of candles by female millennials as aesthetically pleasing household products. Candles are increasingly being used for home décor to enhance the atmosphere, and the growing popularity of scented candles, aligned with the wellness trend, is expected to support industry growth.
However, the market also faces challenges, such as the rising cost of raw materials. The prices of scents, components, and natural waxes like soy and beeswax have increased, posing difficulties for smaller candle businesses to compete with larger, established brands.
Despite the challenges, the global candles market offers significant growth opportunities. The rising demand for natural and environmentally friendly candles presents a major opportunity. Consumers are increasingly seeking candles made from sustainable materials like soy, beeswax, and coconut wax, reflecting their growing awareness of environmental issues. By offering these eco-friendly candles, businesses can attract customers who prioritize sustainability and capture new clients looking for green alternatives.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Candles Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Product and Wax Type
- Major nations in each region with their import/export statistics
- The global Candles Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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