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Candle Market Is Estimated To Hit At a Highest CAGR of 8.4% By 2025: Grand View Research, Inc

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Candle Market Is Estimated To Hit At a Highest CAGR of 8.4% By 2025: Grand View Research, Inc

April 02
09:20 2020
Candle Market Is Estimated To Hit At a Highest CAGR of 8.4% By 2025: Grand View Research, Inc

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,Increasing popularity of using candles in home décor and ambience creation is expected to fuel the growth.

According to a report, “Candle Market Size, Share & Trends Analysis Report By Product (Votive, Container, Pillars, Tapers), By Wax Type (Paraffin, Soy Wax, Beeswax, Palm Wax), By Distribution Channel, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,The global candle market size is expected to reach USD 6.06 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.4% during the forecast period. Increasing popularity of using candles in home décor and ambience creation is expected to fuel the growth. Rapid rise in adoption for residential and commercial applications coupled with the demand for candles for religious purposes is anticipated to further drive market. Service providers such as hotels, restaurants, and beauty and spa use candles to create a warm, cozy, and relaxing ambiance. This factor is projected to further drive the product demand.

Scented candles have been gaining popularity in the recent years among urban millennials from developed countries including U.S., Germany, and France. These scented candles are available in various fragrances including basil, eucalyptus, jasmine, lavender, lemon, orange, rosemary, and vanilla among many others. Each of these fragrances are situation specific and have unique health benefits. For instance, basil helps create a positively alert mental state. It helps ensure better concentration and is found to be beneficial for nervous system stimulation, migraine relief, and improved digestion. Similarly, eucalyptus is found beneficial for the treatment of various diseases including asthma, sinusitis, bronchitis, cough, pneumonia, rheumatism, and arthritis.

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In April 2019, Yankee Candle Company, launched a Sunday Brunch Candle collection. These products are available in jars under the brand names, Easter Basket and Rainbow Shake. These products will be launched in seven different fragrances including Grilled Peaches, Vanilla, Honey Lavender Gelato, Strawberry Bellini, Belgian Waffles, Blush Bouquet, and Sweet Morning Rose. Louis Vuitton, the French fashion house and luxury retailer, launched a line of scented candles in October, 2018. It will comprise of four scented candles including L’Air du Jardin, Île Blanche, Feuilles d’Or, and Dehors Il Neige.

U.S. candles Market

Further key findings from the report suggest:

  • Votives product forms accounted for more than 25% of the global revenue in 2018

  • Pillar candles is expected to witness the fastest CAGR of 9.0% from 2019 to 2025

  • Online segment is expected to register the fastest CAGR of 8.7% over the forecast period

  • Paraffin products accounted for more than 30% of the global market share in terms of revenue in 2018

  • Key players operating in the candle market are Yankee Candles, White Barn Candles, Village Candles, Thymes, Slatkin & Co, NEST, Malin + Goetz, Jo Malone, Diptyque, Colonial Candle, Circle E Candles, Bridgewater Candles, Better Homes and Garden, and Bath & Body Works

Distribution Channel Insights

Offline accounted for the largest market share in 2018 as the people in developing countries including China, India, and Bangladesh hugely purchase the products from local convenience and departmental stores. People enjoy shopping through brick and mortar stores for decorative items during festive seasons. The offline channels also provide the choice of physical verification to buyers as they can test the fragrance before purchasing the scented products.

Global candles Market

Online sales is expected to witness the fastest growth over the forecast period as a result of the increasing number of millennials using smart phones and tablets. These platforms provide access to various products irrespective of any regional and country barriers. Furthermore, big brands such as Yankee and Louis Vuitton prioritize the initial sales of products through online channels.

Have Any Query? Ask Our Experts for More Details on Report: https://www.grandviewresearch.com/inquiry/6191/ibb

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

Candle Product Outlook (Revenue, USD Million, 2015 – 2025)

  • Votive

  • Container Candle

  • Pillars

  • Tapers

  • Others

Candle Wax Outlook (Revenue, USD Million, 2015 – 2025)

  • Paraffin

  • Soy Wax

  • Beeswax

  • Palm Wax

  • Others

Candle Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)

  • Offline

  • Online

Candle Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • India

    • China

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)

    • South Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
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Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
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Website: https://www.grandviewresearch.com/industry-analysis/candles-market