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.
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.
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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
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)
Candle Wax Outlook (Revenue, USD Million, 2015 - 2025)
Candle Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Candle Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa (MEA)
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