Global Candle Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Candle Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global candle market report has been segmented on the basis of type, raw material, and region.

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Global Candle Market: Overview

A candle is one of the light source which is mostly used for ceremonial, event, and decorative purpose. Candle consists of tallow, wax, wick or similar slow burning materials, usually find in cylinder-shaped form. Nowadays, modern candle produced are of different shapes, sizes, designs, colors, and scents in order to attract the customer. The different kind of wax is used in manufacturing candle such as stearin, beeswax, palm wax, rapeseed wax, soy wax, and paraffin wax.

Global Candle Market: Dynamics

The major key factor driving growth of global candle market is increasing usage of candles for special occasion such as marriage ceremonies, birthdays, events, festivals, etc. Rising usage of candle by therapists to make a peaceful atmosphere, lighting candle during devotions, prayer, and meditation are some of the other factors driving growth of the candle market. Growing popularity of scented candle is expected to boost growth of global candle market during the forecast period. The paraffin wax is one of the widely used raw material in the production of candle. Now-a-days, shifting preference for organic wax as a substitute of paraffin wax in candle production is anticipated to support revenue growth of the global market.

However, the availability of various alternative products such as fairy lights, electric candles, etc. are factors challenging growth of the global candle market. In addition, fluctuating price of raw material is expected to hamper growth of the target market. Evolution in e-commerce made huge opportunities for manufacturers and suppliers in order to sell their products on several e-commerce website across the globe.

Global Candle Market: Segment Analysis

Among the type segments, the pillars segment is expected to register significant growth in the target market, due to growing consumer demand for candles to décor homes.

Among the raw material segments, the paraffin wax segment is expected to account for highest revenue share contribution and projected to grow at a faster rate in the global market, owing to widely used raw material in the production of candle.

Global Candle Market: Regional Analysis

The North America market is expected to account for major revenue share in the global market, owing to increasing consumption of aromatic candles, coupled with growing aromatherapy treatment in countries such as US and Canada in the region. In addition, manufacturers have launched mosquito repellent candles in order to protect from mosquitoes which is anticipated to support growth of the global market.

The Asia Pacific market is projected to register significant growth in the global market followed by Europe market. Growing demand for aromatherapy as medicinal treatment in emerging economies such as India and China is a factor driving growth of the target market. In addition, rising popularity of wax filled container candles and scented candles is another factor expected to drive growth of the candle market in the region. Furthermore, the Latin America and Middle East & Africa markets are projected to register moderate revenue growth in the global market over the forecast period.

Global Candle Market Segmentation:

Segmentation by type:

Tea Lights
Votive
Pillars
Birthday Candle
Cartridge Candle
Wax Filled Container Candles

Segmentation by raw material:

Beeswax
Stearin
Paraffin Wax
Rapeseed Wax
Palm Wax
Soy Wax