SAN FRANCISCO, January 24, 2023 /PRNewswire/ — The global candle market size is expected to reach $20.09 billion by 2030, recording a CAGR of 5.7% over the forecast period, according to a new report from Grand View Research, Inc. The rise of wellness tourism and the resurgence of the hospitality industry globally will contribute to product demand over the forecast years. Candles are widely used in hotels, spas and restaurants. Hence, an increase in the number of spas, hotels, and restaurants will drive the growth of the industry. Additionally, restaurant aesthetics, including bathrooms, have become an integral part of the guest experience. Candles and fragrances are an essential part of any restaurant’s sensory experience.
Key industry insights and findings from the report:
- The votive product type accounted for the largest share of revenue in 2022 due to increased consumer awareness of product benefits such as long burning time.
- The beeswax segment is expected to register a significant CAGR during the forecast period owing to the growing consumer awareness about the benefits of using eco-friendly products.
- The online distribution channel segment is expected to experience the fastest growth rate over the forecast period owing to the increase in product sales through this channel.
- Asia Pacific is expected to register the fastest CAGR over the forecast period owing to an increase in infrastructure development, which is driving the demand for products in the hospitality sector.
Read the full market research report for more insights, “Candle Market Size, Share and Trend Analysis Report by Product (Votive, Pillar, Taper, Containing Candle), By Product Type Wax (Paraffin, Beeswax), by Distribution Channel (Offline, Online), Forecast by Region and Segment, 2023 – 2030,” published by Grand View Research.
Candle Market Growth and Trends
It is very important for restaurants to understand which scented candle scent will suit their ambiance. Fruity or floral candles add freshness to restaurant washrooms, while scents, such as vanilla, can add a warm ambiance to a restaurant setup. Dimes restaurant in downtown New York makes its own candles, providing a luxurious experience for its customers and reinforcing its brand presence. Additionally, candles are an important part of festivals, such as Diwali and Christmas, as well as many special occasions. In addition, votive candles are used in religious places, such as churches, because their burning time is 5 to 7 hours. They are made of paraffin or soy wax and come in small sizes, complete with a glass holder.
According to a 2019 study by the National Candle Association (NCA), customers in the United States considered candles an appropriate gift for the holidays (76%), dinner parties (66%), housewarming parties (74% ), a thank you (61%), and birthdays (58%). Additionally, the industry has several opportunities for growth as consumers are receptive to innovative products. Additionally, growing consumer awareness of green products is driving the growth of the industry. Candle makers are launching new product lines and some of them are made from all-natural and eco-friendly raw materials. Manufacturers are investing more money in natural raw materials to produce pollution-free candles.
The North America The region is expected to dominate the global industry over the forecast period. Rapid construction in the commercial segment, especially in the hotel sector, is driving the growth of hotels in the United States. The hospitality industry is a major contributor to the growth of the market in this region. For example, according to a report by Lodging Econometrics (LE), in 2022 over 1,911 projects/223,030 rooms grew by 2% per project and 3% per room YOY. Projects and rooms in advance planning reached a record high in the first quarter, amounting to 2,218 projects/254,488 rooms, up 24% per project and 12% per room YOY.
Candle market segmentation
Grand View Research has segmented the global candle market on the basis of product, type of wax, distribution channel and region.
Candle Market – Product Outlook (Revenue, USD Million, 2017 – 2030)
- candle container
Candle Market – Wax Type Outlook (Revenue, USD Million, 2017 – 2030)
- soy wax
- palm wax
Candle Market – Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
Candle Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Candle Market Players
- Bath & Body Works Direct, Inc.
- Better homes and gardens
- Bridgewater Candle Company
- Colonial candle
- Circle E candles
- SAS Diptych
- Jo Malone London
- NEST Fragrances, LLC
- Yankee Candle Company, Inc.
- Conscious Candle Company
- Candles & Diffusers Ltd. Contract
- Ellis Brooklyn
- The laboratory
Check out other related studies published by Grand View Research:
- US air freshener market – The U.S. Air Freshener Market is Expected to Reach $2.18 billion by 2025, according to a new report by Grand View Research, Inc. Rising disposable income coupled with consumer preference for aesthetic fragrances associated with their residence is one of the key factors driving the growth of this market. Rising car sales in this region are also expected to boost the growth of this market.
- scented candle market – The global scented candle market size is expected to reach $690.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 3.3% from 2021 to 2028. These candles are available in different sizes, designs, colors and scents to meet the consumers. ‘ requirements and preferences and aesthetics of interior decoration.
- Europe, Middle East & Africa Outdoor Candle Market – The Europe, Middle East & Africa the outdoor candle market size is expected to reach $624.7 million by 2028, registering a CAGR of 3.9% over the forecast years, according to a new report from Grand View Research, Inc. Outdoor candles have great importance in celebrations, religious ceremonies, gatherings and festivals. They not only provide illumination and create a beautiful ambiance for the festival season, but can also have a calming effect on the mind. According to a blog post by Affiliate UNguru, 35% of all candle sales take place around Christmas. Additionally, themed outdoor parties, events and weddings have contributed to product demand.
Browse Grand View Research results Housekeeping and decoration industry Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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