Candles are commonly made up of paraffin wax; paraffin wax is colourless wax which is extracted from petroleum oil and coal shales. Normally candles are used for decoration at several places, events and festivals such as Diwali, Christmas, wedding and very common and popular candle lights dinner. Now a day’s varieties of candles are available in market according to customer preferences such as coloured and shaped candles, scented candles and candles with designer holders. Candle market have shown a significant growth in last few years, as use of candles have increased, consumers are also buying candles for maintain healthy life style. Burning candles have some significant health benefits such as its helps to keep mind clam and refresh moods, it also helps to have healthy sleep. Rise in wide acceptance of candles in daily life is key drivers in growth of candle market.
Market Scope and Structure Analysis
COVID-19 Impact Analysis
- During COVID-19, majorly all the industries were suffering from economic crises, spread of corona virus diseases has led to adverse effect on candle industry.
- To prevent and control spread of corona virus diseases, nation-wide lock down was imposed by government which has resulted into great disruption in supply chain of raw material and caused major disturbance in production cycle.
- Restraints were imposed by government on events and hotels which have led to great down fall in demand of candles, as candles are commonly used for decorations in hotels and events such as marriage. Even after removal of restraints from hotels demand of candles have remained same, as people are avoiding to visit restaurants and hotels due to fear of spread of corona virus and event industry is still suffering as social gathering is not allowed due to spread of Wuhan virus.
Top Impacting Factors
- Candles are very commonly used for decoration purpose such as hotels, restaurants, events, and festivals, as these candles help add beauty into ambience and make it stunning and glamours, which drives the attention in events festivals and other places. Variety of candles are introduced by key players in market for decoration of household purposes such as candles in different shapes and colours for living rooms, bathrooms & dining tables which gives pretty & attractive looks to sweet home. These are some key driver in growth of candle market.
- Key manufactures are highly investing on innovation products to offer improvised products and to compete with competitors and rival products. Key players have made some significant innovation in candle products such eco-friendly candles, these candles are non-toxic in nature and whiling burning it does not release harmful pollutants or substance such as carcinogens. Introduction of eco-friendly candles is a key factor in growth of candle market.
- With the change in life style of consumers, they have adopted candles in uses of psychological treatment, mental disorders and for creating medication ambience which has resulted into incline in demands of candles. Rise in multiple uses of candle in day to day life is a significant factor in growth of candle market.
- Rise in use of organic candles Organic candles are made up of eco-friendly materials such as bee wax and soy wax. These eco- friendly materials are extracted from100% natural sources such as bees wax extracted from honey combs and soy wax is extracted from soybean oils, soy was is also known as vegetable wax. Rise in awareness among consumers about healthy lifestyle has led to adoption of eco-friendly and organic products, which does not release any harmful substance while burning candles are prominent factors that fuel the growth of the candle market.
- Increase in use of scented candles
In last couple of years, there is a rapid growth in use of scented candles, as it is used for mental therapy and creates a meditation ambience. Now candles are available in variety of scents such as lavender, peppermint and geranium which are used for treatment of psychological disorders such as depression and anxiety. Some specific scents in candles are used to enhance memory of brain and gives relaxation. These are some major factor in stoking up in growth of candle market.
Key Benefits of Report-
- This study presents the analytical depiction of the candle Industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the candle market share.
- The current market is quantitatively analyzed to highlight the candle market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed candle market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Report –
- Who are the leading market players active in the candle market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is the candle market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the current trends and predicted trends?
Candle Market Report Highlights
By Products Type
By Price Point
By End User
By Distribution Channel
Key Market Players
Malin +Goetz, Inc., The Yankee Candle Company, Thymes LLC., The Bridgewater Candle Company, LLC, Circle E Candle, Inc., Colonial Candle Company., Vollmar Gmbh., White Barn Candles Company, Blyth Industries, Inc., Slatkin & Co., Diptyque Distribution LLC., Village Candle, Inc.