Candles Market Scope
Traditionally candles were used as the only source of light. But, in this era, candles have been creating different value in the field of decoration. Increasing demand for candles due to the increasing demand for good appearance and fragrance products. Additionally, increasing adoption of colorful candles in home décor and the availability of a variety of designed candles with robust distribution channels have been fuelling the growth of the market. However, the presence of alternative such as electronic or other fossil fuel-based light sources and volatile raw material prices in manufacturing candles are the reasons that are hampering the overall growth of the market. Moreover, established key players are developing new candles with attractive shapes and sizes, this can create a big opportunity for the market in the forecasted year.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Billion) |
Key Companies Profiled | Korona Candles S.A. (Poland), Yankee Candle Company, Inc. (United States), Vila Hermanos Cerería Sa (Spain), Suomen Kerta Oy (Finland), Balthasar + Co. AG / Mislin + Balthasar AG (Switzerland), Cereria Pernici SRL (Italy), Delsbo Candles AB (Sweden), Gies Kerzen Gmbh (Germany), Gala-Kerzen Gmbh (Germany) and Bolsius International BV (Netherlands) |
CAGR | 5.44% |
"According to AMA, the Global Candles market is expected to see growth rate of 5.44% and may see market size of USD11.01 Billion by 2028."Candles market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.The Vendors having a strong hold in the market are Korona Candles, Yankee Candle Company, Vila Hermanos Cerería, Suomen Kerta, and Balthasar. Research Analyst at AMA estimates that European Vendors will contribute to the maximum growth of Global Candles market throughout the predicted period.
Korona Candles S.A. (Poland), Yankee Candle Company, Inc. (United States), Vila Hermanos Cerería Sa (Spain), Suomen Kerta Oy (Finland), Balthasar + Co. AG / Mislin + Balthasar AG (Switzerland), Cereria Pernici SRL (Italy), Delsbo Candles AB (Sweden), Gies Kerzen Gmbh (Germany), Gala-Kerzen Gmbh (Germany) and Bolsius International BV (Netherlands) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Vollmar GmbH (Germany), Baltic Candles Ltd (Latvia), Duni AB (Sweden), Hansa Candle AS (Estonia) and Sc Johnson & Son, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Candles market by Type and Region with country level break-up.
On the basis of geography, the market of Candles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Spain, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
On 27th April 2018, a leading manufacturer of candles backed by Equistone Partners Europe (“Equistone”) 'GALA Kerzen', has acquired a leading manufacturer of private label and candle products 'Korona Candles S.A.'. With the acquisition of Korona, GALA Kerzen is further expanding its product range, growing its international presence, and establishing itself as a leading global candle manufacturer following the recent additions of Indian company Ramesh Flowers and Berlin-based JewelCandle to the group.
The current law that applies to the overall safety of goods is The General Product Safety Regulations 2005 (GPSR for short). There aren’t any specific laws that relate to just candles, but there are some ‘European standards’ which give clear guidance on candle safety and are recommended to adhere to as they demonstrate ‘due diligence’ under the GPSR.
Influencing Trend:
Increasing Adoption of Candles in Aromatherapy such as Relaxation and Stress Reduction and Availability of Discounted Candle Products on E-Commerce Websites
Market Growth Drivers:
Growing Adoption of Colourfull Candles in Home Decor and Availability of Variety of Designed Candles with Robust Distribution Channels
Challenges:
Threat of Substitutes like Electronic or other Fossil Fuel Based Light Sources and Strong Competitive Rivalry amongst the Key Players and the Emergence of Local Manufacturers
Restraints:
Reduced Paraffin Production will Maximise the Candle Prices and Volatile Raw Material Prices in Manufacturing Candles
Opportunities:
Customized Candle Shapes will further increase Consumer Satisfaction and Rising Department, Mass Merchandise Retailers, and Home Decor Stores.
Key Target Audience
Candle Manufacturers, Candle DIstributors and Traders, Candle Upstream and Downstream Buyers, Government Agencies, Consumer Safety and Protection Regulators, Home Appliance Industry Associations and Others