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

0
124

 

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.