The MRFR report suggests that the global candles market is likely to register a healthy CAGR of over 4.26% during the review timeframe. It further states that the market is projected to acquire a size of USD 13,006.9 Million by 2023.
Candles are essentials for every house. Electricity-saving ideas and power blackouts ask for the use of candles. The global Candles Market has recorded massive growth in recent years. The market's growth is primarily being driven by the speedy growth in candle application amongst the bigger group of people worldwide. Furthermore, the commercial application of the candles across massage parlors and spas across the globe is also likely to catalyze the market's growth over the coming years. However, the growth of the candles market is likely to be restricted by the competition from unorganized sectors and volatility of raw materials prices.
The global candles market has been fragmented into numerous segments based on category, material, distribution channel, and region.
The candle market has been split into economical and luxury candles based on category.
By material, the global market for candles is split into animal wax, synthetic wax, vegetable wax, and paraffin wax.
The global candle market is divided into non-store-based and store-based based on distribution channels.
The global candles market is studied across five major regions: North America, South America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the MRFR report, the global market for candles is likely to be led by the North American region over the projected timeframe. The presence of high per capita income across the region is the primary cause behind the upsurge in the regional market's growth.
The European region will likely acquire a substantially larger market size by the end of the forecasted era.
The candles market for the Asia-Pacific region is anticipated to register the highest growth rate over the assessment timeframe. The regional market's growth is being driven by the growing adoption of western culture and the rise in the per capita income across the region.
The global candles market has a strong and competitive landscape. The players in the market are adopting several new policies and plan to grow their global market presence. The growing demand for scented candles worldwide will likely encourage market players to launch new and innovative products with a range of fragrances over the coming years. The list of leading players in the global candles market includes NEST, Inc., Armadilla Wax Works, The Yankee Candle Company, Inc., SC Johnson & Son, Inc., Empire Candle, Dianne's Custom Candles, Bath & Body Works Direct, Inc., Colonial Candle, BeCandle, Dandong Evelight Candle Industry Co. Ltd., Candle-lite, ZHONG Nam Industrial (International) Co. Ltd, and many others.
- August 2021 – following the launch of branded candles, Budweiser announced the plans to double down on a partnership with Homesick, a leading home fragrance brand. At the beginning of August, these two brands launched their limited-edition Backyard BBQ scented candle that probably smells like the last dregs of a hot vaxxed summer—and like a smoky grill, of course. The news arrived after a few months of the launch of a dive bar-scented brandle by Miller Lite. Lauren Lamagna, Homesick General Manager, said that the brands are marketing the candle through their social channels and influencer marketing efforts, organic social, SMS, and email.
- July 2021 – The San Antonio-based grocer, H-E-B, has launched a series of scented candles featuring the smells of some of its most popular bakery items. The present flavors include the Cowboy Cookie, blueberry muffin, cinnamon roll, signature two-bite brownies, and butter tortilla. Flavors such as Creamy Creations vanilla ice cream and Texas wildflower honey are also available for customers.
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