Candles Market Share, Top Key Players Update, Sales, Market Penetration, Business Opportunity and Global Forecast to 2024


Posted October 20, 2021 by james4220

Global Scented Candles Market types By Distribution Channel (Convenience Stores, Hypermarkets & Supermarkets and Online), By Product (Container based, Pillars and Other Products), By Region, Industry Analysis and Forecast, 2020 - 2026

 
Market Overview
The global Candles Market Share will grow at a CAGR of 4.26% during the forecast period. The market for candles is set to reach USD 13,006.9 million by 2023. As per market analysts, the global market is anticipated to witness growth owing to the factors such as increasing application of candles as well as the increasing demand for candles. However, the candles market will face challenges and restraints due to the growing competition from the unorganized sector and unstable prices of raw materials during the forecast period.

The commercial application of candles in the market will support the growth. As per market analysts, the market-based companies will face certain challenges during the forecast period. The market research report provides in-depth analysis of the distribution channel, material type, and category segments. The market research report presents factors such as the growing competition among local players that could slow down the market's growth.
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Competitive Landscape
Candles have seen tremendous growth, due to the growing demand for organic candles and the need for candles that do not produce carbon blackening. However, fluctuating prices of raw material and the availability of substitutes would challenge the businesses active in the candles market. Furthermore, companies using growth strategies to stay ahead in the global market are expected to help the market during the forecast period. As the market report suggests that the market will register a CAGR of 4.26% and reach a US$13,006.9 million by 2023, the market report highlights key areas market-based companies need to focus on. The market research report projects a long-term growth till 2023. Based on the market’s analysis on the basis of SWOT and Porters’ Five Force Model, the market will rise during the forecast period, however the companies need to move ahead with caution. The candles market research report highlights such key areas.

Market Segmentation
The market has been segmented into distribution channel, material type, and category. Based on the segment which is the distribution channel, the market is categorized on the basis of store-based and non-store-based. The global market for candles is further segmented based on material type into animal wax, paraffin wax, synthetic wax, and vegetable wax. Furthermore, the market, on the basis of category is segmented into luxury candles and economical candles.
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Regional Analysis
The fluctuating prices of raw material may hinder the candles market growth. The candles market research report suggests that companies in the market could be supported by the rising number of spa and massage centers that use scented candles as well as the growing popularity of candle massage during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per candles market analysts, the market is set to witness tremendous growth across distribution channels, material type, and category segments. The global market’s North American region covers markets across the United States, Mexico, Canada, and others. Businesses present in the market are also profiled and their strategies have been presented in detail in the market research report.

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Tags candles market share
Last Updated October 20, 2021