Candles Market 2018 Size, Share, Trends And Industry Growth Analysis, Forecast To 2025

The latest market report published by Credence Research, Inc. “Candles Market, By Type, distribution channel and Geography – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025,” the global candles market was valued at US$ 7,567.50 Mn in 2016, and is expected to reach US$ 11,707.76 Mn by 2025, expanding at a CAGR of 5.5% from 2017 to 2025.

Browse the full Candles Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/candles-market

Market Insight

Consumers are increasingly purchasing candles for their home decor, and for aromatherapy-like stress reduction and relaxation. The ease of purchase, as well as the availability of the various type of candles on multiple distribution channels, is prompting more and more people to purchase these products. Proliferation in the number of distribution channels has benefited the sales through department, mass merchandise retailers and home decor stores. Supermarkets and hypermarkets are benefiting due to their discounted prices and various offers particularly attracting more and more buyers. The popularity of e-commerce has significantly increased candles sales. The ease of purchase, as well as the availability of extensive information and reviews on products online, is prompting more and more individuals to buy these products.

Volatility in the prices of raw materials is the major factor hampering the market growth. Paraffin is still the most widely used base material for candle production. Meanwhile, in 2014 and 2015, almost 33% of paraffin production in some countries was shut down; forcing candle manufacturers to import large volumes of base material at higher prices. Increasing usage of candles in various applications provides immense opportunities to the manufacturers present in this market.

Competitive Insights

The market is highly fragmented owing to the presence of numerous players. The barriers to entry in the candle industry are low. The small candle makers are rising up and taking their piece of the pie. Many customers are opting to purchase candles from the smaller handcrafted market owing to the uniqueness, quality, and the ability to customize their orders.

Key Trends

  • Rising demand from emerging economies
  • The market is projected to benefit from growing demand for candles from various applications
  • Availability of the product in various shapes, colors, types and retail formats

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