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Candle Market Size to be Worth $20.09 Billion by 2030: Grand View Research, Inc.

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The global candle market size is expected to reach USD 20.09 billion by 2030, registering a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. The rise in wellness tourism and the resurgent hospitality industry globally will contribute to product demand over the forecast years. Candles are widely used in hotels, spas, and restaurants. Therefore, a rise in the number of spas, hotels, and restaurants will drive the growth of the industry. Moreover, restaurant aesthetics, including bathrooms, have become an integral part of the customer experience. Candles and scents are an essential part of any restaurant’s sensory experience.

Key Industry Insights & Findings from the report:

  • Votive product type accounted for the largest revenue share in 2022 due to a rise in consumer awareness about the product benefits, such as long burning time.
  • The beeswax segment is expected to register a significant CAGR during the forecast period due to increasing consumer awareness about the benefits of using eco-friendly products.
  • The online distribution channel segment is expected to witness the fastest growth rate during the forecast period due to increasing product sales through this channel.
  • Asia Pacific is expected to register the fastest CAGR during the forecast period due to a rise in infrastructural development, which is boosting product demand in the hospitality sector.

Read full market research report for more Insights, “Candle Market Size, Share & Trends Analysis Report By Product (Votive, Pillars, Tapers, Container Candle), By Wax Type (Paraffin, Beeswax), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.

Candle Market Growth & Trends

It is very important for restaurants to understand which scented candle fragrance will suit their ambiance. Fruity or floral candles add freshness to restaurant washrooms, while scents, such as vanilla, can add a homey vibe to a restaurant setup. Downtown NYC restaurant Dimes makes its own candles, providing a luxurious experience for its patrons and strengthening its brand presence. In addition, candles are an important part of festivals, such as Diwali and Christmas, as well as used for many special occasions. Moreover, votive candles are used in religious places, such as churches, as their burn time is 5-7 hours. They are made of paraffin or soy wax and available in small sizes, along with a glass holder.

According to a 2019 study by the National Candle Association (NCA), customers in the U.S. viewed candles as an appropriate gift for holidays (76%), a dinner party (66%), a housewarming (74%), a thank you (61%), and birthdays (58%).In addition, the industry has several growth opportunities since consumers are receptive to innovative products. Moreover, growing consumer awareness regarding eco-friendly products is favoring industry growth. Candle manufacturers are launching new product lines and some of them are made from all-natural eco-friendly raw materials. Manufacturers are investing more money in natural raw materials to produce pollution-free candles.

The North America region is anticipated to dominate the global industry during the forecast period. Rapid construction in the commercial segment, particularly in the hospitality sector, is driving the growth of hotels in the U.S. The hospitality industry is a major contributor to the market growth in this region. For instance, according to a report released by Lodging Econometrics (LE), in 2022, over 1,911 projects/223,030 rooms, were up 2% by projects and 3% by rooms YOY. Projects and rooms in early planning reached a record high in the first quarter, standing at 2,218 projects/254,488 rooms, up 24% by projects and 12% by rooms YOY.

Candle Market Segmentation

Grand View Research has segmented the global candle market on the basis of product, wax type, distribution channel, and region

Candle Market – Product Outlook (Revenue, USD Million, 2017 – 2030)

  • Votive
  • Container Candle
  • Pillars
  • Tapers
  • Others

Candle Market – Wax Type Outlook (Revenue, USD Million, 2017 – 2030)

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

Candle Market – Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

  • Offline
  • Online

Candle Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • Japan
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa

List of Key Players of the Candle Market

  • Bath & Body Works Direct, Inc.
  • Better Homes & Gardens
  • Bridgewater Candle Company
  • Colonial Candle
  • Circle E Candles
  • Diptyque S.A.S.
  • Jo Malone London
  • MALIN+GOETZ
  • NEST Fragrances, LLC
  • The Yankee Candle Company, Inc.
  • Conscious Candle Company
  • Contract Candles & Diffusers Ltd.
  • Ellis Brooklyn
  • TRUDON
  • Le Labo

Check out more related studies published by Grand View Research:

  • U.S. Air Freshener Market – The U.S. air freshener market is projected to reach USD 2.18 billion by 2025, according to a new report by Grand View Research, Inc. Rising disposable income coupled with consumer’s preference for aesthetic fragrance associated with their residence is one of the essential factors driving the growth of this market. The rise in car sales in this region is also expected to prompt the growth in this market.
  • Scented Candles Market – The global scented candles market size is anticipated to reach USD 690.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.3% from 2021 to 2028. These are candles are available in various sizes, designs, colors, and scents to meet consumers’ requirements and preferences and home décor aesthetics.
  • EuropeMiddle East & Africa Outdoor Candle Market – The EuropeMiddle East & Africa outdoor candle market size is anticipated to reach USD 624.7 million by 2028, registering a CAGR of 3.9% over the forecast years, according to a new report by Grand View Research, Inc. Outdoor candles have a great significance in celebrations, religious ceremonies, get-togethers, and festivals. They not only provide lighting and create a beautiful ambiance for the festival season but can also have a calming effect on the mind. According to a blog post by Affiliate UNguru, 35% of all candle sales take place during Christmas. In addition, theme-based outdoor parties, events, and weddings have been contributing to the product demand.

Browse through Grand View Research’s  Homecare & Decor Industry Research Reports.

Artificial Intelligence

LinkShadow is positioned as a Representative Vendor in the 2024 Gartner® Market Guide for Network Detection and Response (NDR)

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ATHENS, Georgia, April 18, 2024 /PRNewswire/ — LinkShadow, a global leader in intelligent Network Detection and Response (NDR) has been recognized in the Gartner 2024 Market Guide for NDR solution. This insightful Gartner Report elaborates on how NDR can amplify infrastructure security by seamlessly integrating with various technologies such as SOAR, SIEM, EDR, MDR and numerous others.

 
 
As per Gartner, “The network detection and response market continues to grow and expand to hybrid network scenarios with IaaS deployment. Security and risk management leaders should reprioritize NDR as a key provider of AI analytics in the context of more automated security operations assistants.” 
Gartner also recommends that “enterprises should strongly consider NDR solutions to complement signature-based network security tools and network sandboxes. Many Gartner clients have reported that NDR tools have detected suspicious network traffic that other perimeter security tools had missed.”
Commenting on this, Fadi Sharaf, Regional Sales Director, LinkShadow, said: “We believe this Gartner recognition strengthens LinkShadow’s positioning in the NDR domain. Our aim is to extend the robust LinkShadow NDR capability to enterprises and empower them to stay ahead of the threat curve, taking a proactive approach to safeguard their sensitive assets.”
According to Gartner, “Despite strong competition from other platforms, NDR global market revenue continues to grow double digit, registering an increase of 19% for the period 1Q23 through 3Q23, year over year. When the NDR market was nascent, it was composed of a mix of pure-play startups and network monitoring companies expanding to security use cases. As the market grows, it is attracting more and more large platform providers.”
Gartner Key Findings:
Network detection and response (NDR) is commonly used as a complementary detection and response technology as part of a broader arsenal of security operations center (SOC) tools.The emergence of “AI-augmented” analytics overlays, in the form of SOC assistants, will benefit the NDR market as a useful source of insights for aggregated and summarized views.A handful of NDR vendors capture most of the attention in the market. Higher maturity organizations, often with more specialized detection use cases, often mix these well-known vendors with emerging local players in their shortlists.Most organizations value the response capabilities during their NDR provide evaluations, but only deploy very narrowly automated responses past the pilot phase.Gartner Recommendations:
Start small. Implement NDR to detect abnormal behaviors and provide investigation capabilities for post breach activity, extending incrementally across different types of networks.Identify how NDR’s behavior-based detections, once tuned, might augment your SOCability to respond to incidents faster and more accurately.Compare NDR vendors by defining rationalized metrics and evaluating how these NDR tools positively impact threat detection and incident response.Roll out automated response progressively, based on your existing incident response SLA for the type of incident and on the false positive rate of the detection engines.For more interesting details on the Gartner Report: https://www.linkshadow.com/LinkShadow-as-a-Representative-Vendor-in-2024-Gartner-Market-Guide-for-Network-Detection-and-Response.
Disclaimer:
Gartner, Market Guide for Network Detection and Response, Jeremy D’Hoinne, Thomas Lintemuth, et al, 29 March 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About LinkShadow
LinkShadow is a US-registered company with regional offices in the Middle East. Pioneered by a highly skilled team with a vision to formulate a next-generation cybersecurity solution that provides unparalleled detection of even the most sophisticated threats. LinkShadow was built with the vision of enhancing organizations’ defenses against advanced cyber-attacks, zero-day malware, and ransomware, while simultaneously gaining rapid insight into the effectiveness of their existing security investments. Visit www.linkshadow.com.
Photo: https://mma.prnewswire.com/media/2390905/LinkShadow.jpg
Media contact: Ann Paterson VP of Marketing [email protected]+1 877 267 7313

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Nanoprecise Sci Corp Expands Energy Centered Predictive Maintenance Operations in Europe and Africa

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EDMONTON, AB, April 18, 2024 /PRNewswire/ — Nanoprecise Sci Corp is excited to announce the expansion of their Energy Centered Predictive Maintenance (ECM) operations into Europe and Africa. This expansion addresses the significant shift towards corporate sustainability within these regions, aligning with growing demands for technological solutions that enhance both environmental stewardship and operational reliability.  

Motor-driven machinery accounts for 65% of the world’s electricity consumption, with poorly maintained equipment using up to 30% of this energy, inefficiently. By improving visibility into the energy utilization of equipment, Nanoprecise’s ECM solution allows organizations to use energy consumption to prioritize preventative maintenance. This approach helps drive down energy consumption and carbon emissions, while ensuring production uptime and asset reliability.  
One of the big additions to their expansion into the region is the appointment of Kalyan Meduri as Head of Sales for Europe and Africa. Kalyan has over 18 years of global experience in incubating new technologies, scaling new businesses and motivating teams to solve customer problems differently. With experience across India, France and Denmark, he is passionate about creating a positive impact through technology and collaboration to present the next generation with a sustainable future. “The substantial shift towards sustainability in Europe makes it a prime market for our ECM solution,” remarked Kalyan Meduri. “By integrating our state-of-the-art predictive maintenance solutions with strategic energy management, we are helping businesses meet their sustainability goals while improving operational efficiency. It’s a win for them and for the planet!”  
Nanoprecise has become a preferred ESG solution provider for industrial organizations globally, and now for European organizations that want to accelerate their journey to reduce emissions and increase uptime, without further capital expenditures. Plus, with the recent announcement of their money-back guarantee, enterprises can make a risk-free, ROI guaranteed shift to energy-centric predictive maintenance.  
Join Kalyan and the Nanoprecise team at Hannover Messe in Hall 7, Booth #D28 and explore the capabilities and benefits of ECM.  
About Nanoprecise Sci Corp:  
Nanoprecise Sci Corp is an AI-powered energy centered predictive maintenance solution combining IoT sensor technology with artificial intelligence and machine learning to improve efficiency of machines and contribute to sustainability.  nanoprecise.io 
Media Contact:  Christian Keon  Head of Marketing, Nanoprecise  [email protected] 
Photo: https://mma.prnewswire.com/media/2390796/Nanoprecise.jpg
 

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Artificial Intelligence

oneZero partners with New Change FX to boost client trading performance

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Clients gain access to additional robust, independent FX reference data within oneZero’s Data Source
BOSTON, April 18, 2024 /PRNewswire/ — oneZero, a global leader in multi-asset enterprise trading technology solutions, today announced the integration of New Change FX benchmark data feeds into oneZero’s suite of analytics in Data Source. The addition of this new stream of high quality, independent FX reference data will enable clients to further enhance their trading performance, by providing the option for clients to utilize the New Change FX reference data in reporting.

New Change FX is a leading provider of continuous, officially regulated benchmark FX rates that are constructed by aggregating data from the entire global market. New Change FX is independent of liquidity providers and venues and has been authorized since 2018 as a benchmark administrator by the UK’s Financial Conduct Authority.
Andrew Ralich, CEO and Co-Founder of oneZero, commented: “As a technology provider committed to market neutrality, our primary goal is to empower clients with transparency throughout the entire trade lifecycle. Since 2009, we have advanced our position as an industry leader by establishing a liquidity-neutral EcoSystem for our clients. Today’s integration with New Change FX exemplifies how our adaptable data framework further enables clients to seamlessly access value-added services within our network of data partners. We are committed to continuing to build in new capabilities alongside the industry leading data and analytics capabilities that have been developed within oneZero’s Data Source product.”
Paul Lambert, CEO, New Change FX commented: “oneZero provides clients with extremely powerful analytics via Data Source Insights, and the addition of New Change FX’s benchmark data takes that to a new level. FX analytics are proving increasingly important for liquidity management and at New Change FX we share oneZero’s view that independent data is key to objective price measurement and improved trading outcomes.”
About oneZero
oneZero Financial Systems has been a leading innovator in multi-asset class enterprise trading technology for over a decade. Its powerful software encompasses the Hub, EcoSystem and Data Source – three components that together provide a complete solution for execution, distribution and analytics. Through reliable connectivity, technology, infrastructure and market access, oneZero empowers financial institutions and brokers to compete effectively in the global financial markets through a globally compliant, liquidity-neutral solution. oneZero is certified to the standards of ISO 27001 information security management systems, and has development and operations centers in Asia, Australia, Europe and North America.
For more information, please contact:
Talia GeberovichHead of Marketing and [email protected]
About New Change FX
New Change FX is an independent company dedicated to the measurement of foreign exchange pricing to deliver transparency and eliminate costs. New Change FX calculates independent benchmark rates which are published in real-time and used to support live trading processes. NCFX do not offer market access, trading or brokerage services and therefore users cannot directly influence the NCFX Benchmark calculation process.
To find out more please visit www.newchangefx.com.
The EU Benchmark Regulation ((EU) 2016/1011 of the European Parliament and the Council of 8 June 2016, “BMR”) came into effect on 1 January 2018 and introduces a common framework to ensure the accuracy and integrity of indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.On 27 February 2018, HM Treasury in the UK passed into legislation the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018, thereby fully adopting the BMR.In 2018, NCFX was granted permission by the Financial Conduct Authority (FCA) in the UK under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of administering a benchmark.
In accordance with Article 27 of the BMR, NCFX provides benchmark statements for its families of benchmarks.
NCFX can be found on the FCA financial services register with firm reference number 793983. The FCA is the sole regulatory supervisor for NCFX.
For more information, please contact:
Kinga Broel-Plater Chief Commercial OfficerE-mail: [email protected]
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 Photo – https://mma.prnewswire.com/media/2389770/NCFX_Without_Backgroung__1.jpg

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