Overview
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.
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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.
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 candles market 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.
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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.
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