NEW YORK, Oct. 21, 2021 /PRNewswire/ -- Zion Market Research has published a new report titled "Candle Market By Product (Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax-Filled Container Candles, and Others) and By Raw Material (Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, and Others): Industry Trends, Size, Share, Growth, Estimation and Forecast, 2018–2026". According to the report, the global candle market accounted for USD 8.38 billion in 2018 and is expected to reach around USD 13.72 billion by 2026, at a CAGR of 6.3% between 2019 and 2026.
The global candle market is expected to witness significant growth over the forecast time period, owing to increasing applications of candles. Candles are also used for decoration of houses and offices and in celebrating festivals like Diwali and Christmas, which is another major factor driving this market. Moreover, the increasing disposable incomes and changing lifestyles of consumers have enabled them to spend more money on candles with better shapes and exotic aroma, which is also boosting this global market. However, the presence of a large number of unorganized candle manufacturers may hamper the candle market globally.
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The global candle market is fragmented based on product and raw material. The product segment includes wax-filled container candles, votive, tea lights, pillars, cartridge candles, birthday candles, and others. Tea light candles are circular in shape and come inside of a metal or plastic cup and have more width than height. These candles are inexpensive, which will fuel this segment's growth over the forecast time period. Wax-filled container candles and birthday candles are expected to witness significant growth in the years ahead. Birthday candles are used on birthdays, anniversaries, farewells, promotion, etc., which is a major factor for this segment's growth.
By raw material, the candle market is divided into soy wax, stearin, rapeseed wax, beeswax, palm wax, paraffin wax, and others. The beeswax segment is expected to show moderate growth, owing to its shiny appearance which makes it suitable for use during festivals. Moreover, these candles are organic in nature and improve air quality. Stearin based candles cannot be bent easily and are highly durable with regard to slant, draft, and temperature.
Europe is the dominating region in the global candle market and is expected to witness substantial growth over the forecast time period as well. This region is mostly dominated by the Christian population, which uses votive candles. The Asia Pacific candle market is expected to witness maximum growth in the future, owing to a large number of festivals celebrated across the region all the year-round, especially in India.
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Some key players in the candle market are Vollmar, Baltic Candles, Bolsius International, Delsbo Candle, Duni, Hansa Candle, KORONA Candles, CerasRoura, Contract Candles, and Candle Scandinavia.
This report segments the global candle market into:
Global Candle Market: Product Analysis
- Tea Lights
- Birthday Candles
- Cartridge Candles
- Wax-Filled Container Candles
Global Candle Market: Raw Material Analysis
- Paraffin Wax
- Rapeseed Wax
- Palm Wax
- Soy Wax
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- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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