San Francisco, 13 May 2024: The Report Candle Market Size, Share & Trends Analysis Report By Product (Votive, Pillars, Tapers, Container Candle), By Wax Type (Paraffin, Beeswax), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

The global candle market size is expected to reach USD 20.09 billion by 2030, registering a CAGR of 5.7% during the forecast period, according to a new report by Grand View Research, Inc. The rise in wellness tourism and the resurgent hospitality industry globally will contribute to product demand over the forecast years. Candles are widely used in hotels, spas, and restaurants. Therefore, a rise in the number of spas, hotels, and restaurants will drive the growth of the industry. Moreover, restaurant aesthetics, including bathrooms, have become an integral part of the customer experience. Candles and scents are an essential part of any restaurant’s sensory experience.

It is very important for restaurants to understand which scented candle fragrance will suit their ambiance. Fruity or floral candles add freshness to restaurant washrooms, while scents, such as vanilla, can add a homey vibe to a restaurant setup. Downtown NYC restaurant Dimes makes its own candles, providing a luxurious experience for its patrons and strengthening its brand presence. In addition, candles are an important part of festivals, such as Diwali and Christmas, as well as used for many special occasions. Moreover, votive candles are used in religious places, such as churches, as their burn time is 5-7 hours. They are made of paraffin or soy wax and available in small sizes, along with a glass holder.

According to a 2023 study by the National Candle Association (NCA), customers in the U.S. viewed candles as an appropriate gift for holidays (76%), a dinner party (66%), a housewarming (74%), a thank you (61%), and birthdays (58%).In addition, the industry has several growth opportunities since consumers are receptive to innovative products. Moreover, growing consumer awareness regarding eco-friendly products is favoring industry growth. Candle manufacturers are launching new product lines and some of them are made from all-natural eco-friendly raw materials. Manufacturers are investing more money in natural raw materials to produce pollution-free candles.

The North America region is anticipated to dominate the global industry during the forecast period. Rapid construction in the commercial segment, particularly in the hospitality sector, is driving the growth of hotels in the U.S. The hospitality industry is a major contributor to the market growth in this region. For instance, according to a report released by Lodging Econometrics (LE), in 2022, over 1,911 projects/223,030 rooms, were up 2% by projects and 3% by rooms YOY. Projects and rooms in early planning reached a record high in the first quarter, standing at 2,218 projects/254,488 rooms, up 24% by projects and 12% by rooms YOY.

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High consumption of candles as an aesthetic-appealing product among female millennials for household application is anticipated to drive the growth. Candles are increasingly being adopted in home décor to enhance the overall ambiance. The rising popularity of scented candles, in line with the wellness trend, is further expected to boost industry growth.However, the COVID-19 pandemic has impacted the growth of the market.

Candle Market Report Highlights

• Votive product type accounted for the largest revenue share in 2022 due to a rise in consumer awareness about the product benefits, such as long burning time
• The beeswax segment is expected to register a significant CAGR during the forecast period due to increasing consumer awareness about the benefits of using eco-friendly products
• The online distribution channel segment is expected to witness the fastest growth rate during the forecast period due to increasing product sales through this channel
• Asia Pacific is expected to register the fastest CAGR during the forecast period due to a rise in infrastructural development, which is boosting product demand in the hospitality sector

With rising awareness about self-care and mental well-being, an increasing number of consumers are ordering online and spending more time at home looking for entertainment and a cozy environment; furthermore, consumers are increasingly spending on renovation and redecorating their homes. According to The Dubrovnik Times, in 2021, many people started using candles as part of their self-care routines, since particular aromas have been proven to improve mood. Over the past few years, there has been a rise in the commercial utility of candles, with numerous spas and massage centers using candles with essential oils for a soothing effect. The rising popularity of spas and aromatherapy is generating a strong demand for candles.

Candle therapy, for instance, has been gaining much traction as it is known to relieve back pain, osteoarthritis, headache, and anxiety. Similarly, restaurants and fine dining spaces have been increasingly using luxury candles to create a beautiful and aromatic ambiance for their customers. In addition, candles have great significance in celebrations, religious ceremonies, get-togethers, and festivals. According to a blog post by National Candle Association (NCA), in the U.S., 35% of all candle sales take place during the Christmas/holiday season. Moreover, theme-based outdoor parties, events, and weddings have been contributing to the demand for outdoor candles. Furthermore, the demand for natural wax-based organic candles has increased.

Candle Market Report Scope

The preference for candles that don't cause carbon blackening has a beneficial impact on demand. Along with this, millennials’ growing understanding of how burning candles affects the environment is motivating them to work toward lowering their carbon impact. Synthetic candles that include tainted oil, lead wicks, and synthetic scent contaminates indoor air, which, in turn, causes respiratory problems and other health problems. According to research by the U.S. Environmental Protection Agency (EPA), using too many Volatile Organic Compounds (VOCs) in candles can lead to health problems like headaches, rashes on the skin, exhaustion, nausea, runny noses, dizziness, and even cancer and organ damage.

List of Key Players of the Candle Market

• Bath & Body Works Direct, Inc.
• Better Homes & Gardens
• Bridgewater Candle Company
• Colonial Candle
• Circle E Candles
• Diptyque S.A.S.
• Jo Malone London
• MALIN+GOETZ
• NEST Fragrances, LLC