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

Report Overview

The global candle market size was valued at USD 12.88 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. 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.

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.

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.

Product Insights

On the basis of products, the global industry has been further categorized into votives, container candles, pillars, tapers, and others. The votive product type segment dominated the global industry in 2022 and accounted for the largest share of more than 26.97% of the overall revenue. Votive candles are small, slow-burning with a bell-top design for the wax to melt evenly. These candles also help in allowing the fragrance to spread evenly. Votive candles are slightly bigger than tea-light candles and burn for an average of about 10 hours.

Votive candles are mostly used by consumers to create a tranquil atmosphere depending on the décor and desired ambiance. These benefits offered by the votive candles is favoring the growth of the segment. Taper product type is expected to register a significant CAGR over the forecast period. The COVID-19 pandemic gave rise to the trend of tablescaping-a decorative arrangement of ornaments or other objects on a tabletop. Several consumers were seen trying their hands at the art of dressing at the dinner table. This trend has particularly driven the growth of this segment.

Wax Type Insights

On the basis of wax types, the industry has been further categorized into paraffin wax, soy wax, beeswax, palm wax, and others. The paraffin wax type segment dominated the industry with a share of more than 30.40% in 2022. Rising awareness among consumers about the various advantages of paraffin wax has largely influenced product adoption. Paraffin wax is most commonly used for luxury candles as it is easily available and easier to work with when compared to other types of wax. The wax is widely used by several market participants as it can hold high amounts of color and fragrance.

The wax is also suitable for all kinds of molds and shapes, from pillar to container candles. Beeswax is expected to register a considerable CAGR from 2023 to 2030. The rising importance of sustainability and wellness is promoting the usage of beeswax candles. Beeswax candles produce negative ions when burned and help clear the pollutants in the air. This factor also helps in improving the ambiance and mood. These candles cause minimal indoor air pollution, which is ideal for people suffering from sinus and asthma.

Distribution Channel Insights

On the basis of distribution channels, the industry has been further categorized into online and offline. In terms of revenue, the offline distribution channel segment dominated the industry and accounted for the maximum share of more than 67.35% in 2022. The growing demand for home décor items and the rising importance of candles in reducing stress and improving one’s mood is driving product sales. Stores, such as Walmart, Bed Bath & Beyond, and Bath & Body Works, offer customers a wide range of candles in various shapes, sizes, price ranges, and scents likely favoring the growth of the segment.

The online distribution channel segment, on the other hand, is estimated to register the fastest growth rate during the forecast period. Rapid digitization is accelerating the adoption of online shopping. Moreover, the growing number of millennials opting for self-care, coupled with a rise in disposable income, is primarily driving product sales through online portals. In addition, several businesses have transferred their offerings digitally to stay afloat during the COVID-19 pandemic, which has also aided segment growth.

Regional Insights

North America dominated the global industry in 2022 and accounted for the largest share of more than 32.70% of the overall revenue. The demand for candles increases with the arrival of colder weather. Fragranced candles can help people escape their daily stress and troubles. The self-care trend primarily contributes to this region’s rising demand for candles. According to glass packaging manufacturer Glassnow in 2021, retailers have been focusing on keeping a consistent supply of seasonal scents to keep sales steady all year round.

Spring scents include apple blossom, cherry blossom, lavender, and honeysuckle, while summer fragrances include sea salt and coconut. Asia Pacific is expected to witness the fastest CAGR from 2023 to 2030. The rising number of hotels, restaurants, and spas will also drive the market. According to the TOP HOTEL PROJECTS Construction database, 2,626 projects and 6,18,676 rooms in 2021 were opened around the Asia Pacific region, making it the world’s most rapidly growing market.

Key Companies & Market Share Insights

The industry is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of candles. Companies are diversifying their service offerings to maintain industry share. For instance:

• In January 2022, Balmain and Trudon announced the release of a limited-edition version of their Balmon-Trudon scented candle. It features a new scent, derived from Trudon’s popular Ernesto candle

• In May 2021, Le Labo released Encens 9, a new home scent, as a part of its candle collection. The aroma of Encens 9 was created by Le Labo’s scent experts using resins and amber to generate a sense of calm

Some of the key players operating in the global candle market include:

• 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

• The Yankee Candle Company, Inc.

• Conscious Candle Company

• Contract Candles & Diffusers Ltd.

• Ellis Brooklyn

• TRUDON

• Le Labo

Candle Market Report Scope

Global Candle Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global candle market report on the basis of product, wax type, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Votive

  • Container Candle.

  • Pillars

  • Tapers

  • Others

• Wax Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Paraffin

  • Soy Wax

  • Beeswax

  • Palm Wax

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)

    • South Africa