Candles Market Outlook, Key Trends, Demand and Forecast to 2028
Market highlights:
The global candles
market will grow at a CAGR of 4.26% during the forecast period. The market for
candles is set to reach USD 13,006.9 million by 2023. As per market analysts,
the global market is anticipated to witness growth owing to the factors such as
increasing application of candles as well as the increasing demand for candles.
However, the candles market will face challenges and restraints due to the
growing competition from the unorganized sector and unstable prices of raw
materials during the forecast period.
The commercial
application of candles in the market will support the growth. As per market
analysts, the market-based companies will face certain challenges during the
forecast period. The market research report provides in-depth analysis of the
distribution channel, material type, and category segments. The market research
report presents factors such as the growing competition among local players
that could slow down the market's growth.
Market Segmentation
The market has been
segmented into distribution channel, material type, and category. Based on the
segment which is the distribution channel, the market is categorized on the basis
of store-based and non-store-based. The global market for candles is further
segmented based on material type into animal wax, paraffin wax, synthetic wax,
and vegetable wax. Furthermore, the market, on the basis of category is
segmented into luxury candles and economical candles.
The market report
offers comprehensive study of the market segments including distribution
channel, material type, and category. The analysts have also studied the
market's spread across the regional markets across many of the market’s
segments at country levels. The distribution channel, material type, and
category segments spread across the market along with the subsegments are
studied. The global market for candles is spread across various product and
service-based segments. The market research report highlights these key
segments and offers forecasts based on primary and secondary data. The global
market research report presents key company profiles of organizations active
across the market.
Regional Overview
The fluctuating
prices of raw material may hinder the candles market growth. The
candles market research report suggests that companies in the market could be
supported by the rising number of spa and massage centers that use scented
candles as well as the growing popularity of candle massage during the forecast
period. The market is set to register growth at a high CAGR owing to these key
factors. The market is spread across North America, Europe, Asia-Pacific, and
other parts of the world. As per candles market analysts, the market is set to
witness tremendous growth across distribution channels, material type, and
category segments. The global market’s North American region covers markets
across the United States, Mexico, Canada, and others. Businesses present in the
market are also profiled and their strategies have been presented in detail in
the market research report.
The market across
the European region covers Italy, France, Germany, and the United Kingdom.
Furthermore, the market research report provides details about the APAC region
covering markets from China, India, Australia, Japan, and others. The market is
also active across several other parts of the world. The candles market report
covers all these key regions including the Middle East, Africa, Brazil, and
others active in the global market.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/candles-market-7761
Competitive Landscape
Candles have seen
tremendous growth, due to the growing demand for organic candles and the need
for candles that do not produce carbon blackening. However, fluctuating prices
of raw material and the availability of substitutes would challenge the
businesses active in the candles market. Furthermore, companies using growth
strategies to stay ahead in the global market are expected to help the market
during the forecast period. As the market report suggests that the market will
register a CAGR of 4.26% and reach a US$13,006.9 million by 2023, the market
report highlights key areas market-based companies need to focus on. The market
research report projects a long-term growth till 2023. Based on the market’s
analysis on the basis of SWOT and Porters’ Five Force Model, the market will
rise during the forecast period, however the companies need to move ahead with
caution. The world
market candle research report highlights such key areas.
Industry News
Stonewall Kitchen,
leading Food Company, recently announced its fourth purchase, with the purchase
of the Village Candle line of fragrant candle, gifts and accessories. Village
Candle in Wells, Maine is a high quality candle maker distributed in the USA
and around the world. Village Candle was founded in 1993 and is devoted to
making and sharing unforgettable scent experiences. The company has a wide range
of items produced with exquisite care and artistry in Maine from traditional
apothecary containers and vase to more modern columns and cups to paraffin, soy
waxes.
NOTE: Our Team of Researchers
are Studying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research
and Media Private Limited),
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New York 10013, United States of America
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