Wilmington, Delaware, United States, July 14, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Candle market statistics estimate the market to rise at a CAGR of 6.5% during the forecast period, from 2022 to 2031. The global candle market size is anticipated to cross valuation of US$ 16.9 Bn by 2031. Given that the adoption of environmentally friendly commodities is rising quickly, it is projected that the rising demand for them will have a significant influence on market growth. The choice of candles that do not cause carbon blackening has led to an expansion of the market for organic candles produced from natural wax. In addition, the market is anticipated to expand due to the rising demand for scented candles and pillar candles in both commercial and residential sectors.
Due to their obvious benefits over traditional candles, LED candles are expected to see increasing demand due to technology and design developments in decorative candles. LED candles are likely to emerge as candle industry trends 2022. Additionally, as more multinational firms with R&D expertise and online resources enter the global candle market, product diversity is expected to rise.
Due to the presence of a huge number of companies, North America is likely to account for a major candle market share. The main trade group that represents American candle makers and their suppliers is the National Candle Association (NCA). Nearly 80% of all candles made in the US are produced by National Candle Association member firms. In North America, the U.S. has the lion's share of the candle market.
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Key Findings of Market Report
- The usage of candles, particularly to create a soft, pleasant, or romantic atmosphere, as backup illumination during power outages, and for various religious or ritualistic purposes, is expected to drive the growth of the global candle market.
- Due to steadily increasing disposable income, it is predicted that home decoration activities would increase in the forthcoming years, which is estimated to increase demand for candles worldwide. Due to growing use of candles and scented candles in wax-filled containers, the global market is expected to expand in the near future. A cozy environment can be produced in a venue with candles. Growing popularity of scented candles is likely to add to the luxury candle market size.
- In order to reach more people, businesses are collaborating with online retailers and developing their own e-portals. It is anticipated that the demand for candles would be impacted by the expanding online e-commerce market. In light of this, it is anticipated that online shopping will encourage expansion of the global candle market during the forecast timeframe.
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Global Candle Market: Growth Drivers
- Using candles for heat treatments and to create a calming atmosphere has become more popular in commercial settings including spas, massage parlours, and healthcare institutions. One of the main factors propelling the candle industry is the rise in the use of candles by therapists to create a tranquil atmosphere in treatment rooms as well as the lighting of candles during prayers and meditation.
- According to data on the candle industry, pillar candles are predicted to have the highest proportion of the global candle market because of its extensive use for table decorating and during power outages. They normally come in a range of sizes and styles and burn for a longer period of time—roughly 50 to 75 hours. Additionally, the booming DIY and craft sector is increasing the utilization of pillar candles
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Global Candle Market: Key Players
Some of the key market players are
- Ortho Medic Care NV
- Johnson & Johnson Consumer, Inc.
- Cardinal Health, Inc.
- Smith & Nephew plc.
- Essity Aktiebolag (publ)
- Medline Industries, LP
Global Candle Market: Segmentation
Type
- Tea Lights
- Pillar Candle
- Birthday Candle
- Wax Filled Container Candles
- Others
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Material
- Beeswax
- Stearin
- Paraffin Wax
- Rapeseed Wax
- Others
Application
- Residential
- Commercial
Price
- Low
- Medium
- High
Distribution Channel
- Online
- Offline
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