Candle Market Ignites Innovation and Growth, Set to Illuminate Future Trends
In an illuminating development, the Global Candle Market is set to blaze a trail of innovation and unprecedented growth, marking a significant surge from its valuation of US$ 8.36 billion in 2022. The market is projected to experience a glowing CAGR of 8.2%, reaching a dazzling US$ 14.52 billion by 2029.
Driving Forces and Dynamics:
Key factors fueling the candle market include the increased use of candles for special occasions, festivals, and therapeutic environments. The growth of e-commerce has opened up extensive opportunities for manufacturers worldwide. However, the market faces challenges such as raw material price volatility and the availability of substitute products like electric candles.
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Research methodology:
This report estimates and validates the size of the global Candleg market using top-down and bottom-up methodologies. In order to compile a comprehensive list of current and notable participants, players strictly abide by a range of industry classification requirements. The market companies that are most relevant to the inquiry are chosen after a thorough validation procedure. Priority rankings are arranged in accordance with the revenue from the most recent quarter using subscription databases like Factiva, Bloomberg, and others. Last but not least, a survey that focuses on the key target categories was especially created to meet all requirements for primary data collection by appointment only. This makes it easier for us to collect information on a range of issues, such as player earnings, operating expenses, profit margins, and the growth of different goods and services. A variety of secondary sources, including the World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and more are used to validate roughly 70-80% of the data before it is utilized.
Candleg Market Dynamics:
Examining the key market dynamics in both developed and developing regions of the globe is achievable with the use of MMR Analysis, a focused and practical research methodology. To help customers and businesses flourish in specialised industries and expand in new global marketplaces, MMR specialists also conduct in-depth studies of geographic locations. The dynamic Player landscape that affects the market’s development is also discussed in this market research analysis.
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Candleg Market Segment:
by Type
Tea Lights
Votive
Pillars
Birthday Candle
Cartridge Candle
Wax Filled Container Candles
Others
Type: Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax Filled Container Candles, and Others are the categories into which the market is divided. By 2029, the votive candle segment is anticipated to command the highest market shares.
This is because of how slowly it burns. These are available in various colours, such as red, pink, yellow, purple, black, and many more. They measure about 5 cm in height and 4 cm in width. They are placed on a glass holder to enhance their beauty in the light. During the forecast period of 2022-2029, these are the primary benefits that propel the growth of the votive candle segment in the global market.
by Raw Material
Beeswax
Stearin
Paraffin Wax
Rapeseed Wax
Palm Wax
Soy Wax
Others
The market is divided into categories based on the raw material, including beeswax, stearin, paraffin wax, rapeseed wax, palm wax, soy wax, and others. The Paraffin Wax segment is anticipated to expand at a CAGR during the forecast period.
This is because of its inexpensive cost and versatility in shaping. It’s a petroleum by-product that resists water and is frequently used to create floating candles. Moreover, the colourless and semi-translucent qualities enable the addition of colours, giving it a decorative appearance. Throughout the course of the forecast period, these are the main factors propelling the growth of the paraffin wax segment in the global market.
by Distribution Channel
Offline
Online
The market is divided into two segments based on the distribution channel: online and offline. The offline channel market is anticipated to expand quickly over the anticipated period of time. This is because consumers in developing nations like China, India, and Bangladesh buy a lot of goods from department stores and local retailers.
Customers who purchase through offline channels benefit from having a physical copy of any product. Before deciding to buy, it enables them to examine the product with their senses—touch, look, feel, smell, etc. During the anticipated time frame, this factor supports the expansion of offline channels in the global candle market.
Candleg Market Key players:
1. Baltic Candles Ltd
2. Bolsius International BV
3. Delsbo Candle AB
4. Diana Lys A/S
5. Duni AB
6. Erich Kopschitz GmbH
7. Hansa Candle AS
8. Bekro Chemie GMBH
9. KORONA Candles S.A.
10. Suomen Kerta Oy
11. Yankee Candle Europe Ltd
12. Affari AB
13. BISPOL Sp. z o.o.
14. Candle Scandinavia Group AB
15. Ceras Roura
16. Duffy & Scott Candlemakers Ltd
17. Engels Kerzen GmbH
18. Ester & Erik A/S
19. Gebr. Müller Kerzenfabrik AG
20. Korpiahon Hunaja Oy
21. Kynttilä-Tuote Oy
22. Liljeholmens Stearinfabriks AB
23. Monterosa Zelandi Srl
24. The Copenhagen Candle Company Limited
25. VILA HERMANOS CERERÍA SA
26. Seal Aromas Gmbh
27. Contract Candles Ltd
28. Spaas Candles Poland Sp Z O O
29. Bartek Candles
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Regional Insights: North America Leads, Asia Pacific Emerges as Growth Epicenter
North America currently dominates the Candleg software market, closely followed by the Asia Pacific (APAC) region. The latter is poised to emerge as the fastest-growing region in the global Candleg market, driven by a dynamic adoption of new technologies such as Software-as-a-Service (SaaS), cloud computing, DevOps, big data, and enterprise mobility.
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