Candle Market 2023 (Latest Report) is Anticipated to

PUNE, March 17, 2023 (GLOBE NEWSWIRE) — The global candle market size is estimated at US$6469 million in 2021 and is forecast to reach a newly adjusted size of US$6469 million by 2028, at a CAGR of 5.5% during the review period

Global Candles Market research report covers the analysis and insights related to the size and growth rate of the market by various segments for the period 2019-2028, with 2019-2021 as historical data, 2022 as base year and 2023-2028 as forecast period. The report provides a detailed overview of the market size, growth rate and distribution of the market by various segments (mainly product type, technology, applications and geography) for the entire study period.

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The quantitative insights in the report are complemented with coverage of the underlying market drivers, restraints, opportunities, and trends that aid in the analysis of the market over the forecast period. The report includes a detailed competitive landscape section with information on the major players in the market, market share analysis and comprehensive profiles of these major players.

The global Candles Market research report also mainly includes information on the latest technological trends, recent industry developments (mergers, acquisitions and partnerships), the impact of the pandemic on the market, a regulatory overview, pricing analysis, supply chain analysis, Porter’s five forces analysis, etc The report covers all major regions (mainly North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) and key countries (mainly USA, Canada, UK, Germany, France, Italy, Spain, Japan, China). , India, Australia, Brazil, Mexico, South Africa and UAE).

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LATEST TRENDS:

Continuous technological innovations to change the market outlook

The candle market is expected to be positively impacted by technological trends driven by increased R&D spending and an increasing focus on innovation by industry players, leading to novel breakthroughs. Significant opportunities during the forecast period will result in new players entering the market and the market will become more competitive. Consumer expectations will continue to evolve, which will be met by new product launches with new features or lower prices, as top companies focus on maintaining their leadership position and new players seek to establish market presence.

DRIVING FACTORS:

Increase in demand from key end-user verticals to accelerate market growth

The candle market is expected to continue growing due to the surge in demand from the major application industries. Macroeconomic factors such as global economic expansion, rapid urbanization, a growing middle class and increased consumer purchasing power will drive the growth of key industries.

• Global economic output was over 100 trillion US dollars in 2022. The top 5 economies (USA, China, Japan, Germany and UK) generated around 58% of global economic output in 2022.
• By 2030, the middle-class population is expected to exceed 5.5 billion, accounting for over 65% of the world’s population.
• Global GDP per capita is projected to reach $13,920 in 2025, an increase of 35% over 2015-2025.

Industries are expanding their product portfolios or increasing their existing production capacities to meet growing consumer demand for products and services. The rise of various end-use sectors would therefore give the market a significant boost in the future.

LIMITING FACTORS:

High costs and a bleak economic outlook are hampering demand

The candle market has witnessed rapid demand and acceptance across various key applications and end-use sectors over the past several years. However, the global economy, which has been struggling since the pandemic, is expected to grow more slowly due to the Russia-Ukraine war, rising inflation and rising interest rates. All of these factors are causing consumers to refrain from making purchases, which is adversely affecting the manufacturing sector and the overall market potential.

High product costs and the availability of alternatives are a key factor limiting its demand and acceptance also in several regions.

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EFFECTS OF COVID-19:

COVID-19 has affected almost every industry, including the global candle market. Severe restrictions put in place by respective governments to curb the spread of the pandemic created multiple obstacles for certain markets, while the same factors presented a major opportunity for others. Due to nationwide lockdowns in most countries, including restrictions on the movement of goods and people, the candle market has been affected. The COVID-19 pandemic affected market dynamics in both developed regions and emerging markets. Almost all regions had enforced strict lockdowns and other restrictions to curb the spread of the coronavirus. However, after the pandemic, all economies have gradually recovered, bringing the market back on track.

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Global Candle Market: Segmentation Analysis

The research report contains specific segments by product type, technology, application, and region (country). The report provides details of revenue during the historical and forecast period. Understanding the segments helps in identifying the importance of different factors supporting the market growth.

Candles Market Segment By Type:

• Commodities segment
• petroleum and minerals
• Vegetables
• animal
• synthetic

Candles Market Segment By Application:

• Traditional field
• craft field

REGIONAL INSIGHTS:

Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Developed economies will continue to account for a larger share of the market, but growth in per capita income and economic growth will translate into much stronger growth in developing countries. However, as inflation continues to rise, the market is threatened with a recession. The high level of uncertainty surrounding the ongoing recession could have a significant impact on the candle market over the next few years.

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The Major Players Listed in the Candle Market Report are:

The Candles Market report provides a detailed description of all the factors influencing the growth of these market players along with their detailed profiles. The profiles include the general overview of the company, its product portfolio, financial data (subject to availability), SWOT analysis, current developments and growth strategies. Some of the key players are as follows:

• Yankee Candle (Newell Brands)
• Luminex Home Decor & Fragrance Holding Corporation
• Bolsius
• MVP Group International, Inc
• Gies
• talent
• Universal candle
• Qingdao Kingking Applied Chemistry Co., LTD
• Vollmar
• Empire Candle Co., LLC
• Hyfusin Group Holdings Limited
• Diptqyue
• Zhong Nam
• Dandong Everlight Candle Industry Co.,Ltd.
• Fushun Pingtian Wax Products Co., Ltd.
• Allite
• Armadilla Wax Works

REPORT COVERAGE:

The Candle Market report provides a detailed analysis of the market focusing on key aspects like leading companies, type, technology and application/end-user. Additionally, it provides insights into the market trends, highlights key industry developments such as new product launches, partnerships, mergers and acquisitions, and encompasses several factors that have contributed to the growth of the advanced market in recent years.

The report contains key growth drivers, restraining factors, opportunities and potential challenges for the market. Comprehensive insights into regional developments are explained in detail, along with the list of the major market players along with the strategies they are adopting to stay ahead of the competition. The latest industry developments are detailed in the report. The study also provides a detailed understanding of the recent COVID-19 pandemic in the candle market. The ongoing recession and inflation and their impact on the market have been assessed in our latest research report.

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Detailed TOC of Global Candle Market Report 2023

1 Candle Market Overview

1.1 Product Scope of Candles
1.2 Commodities for the candle segment
1.2.1 Global Candles Revenue Commodities (2017 & 2021 & 2028)
1.2.2 Petroleum and Minerals
1.2.3 Vegetables
1.2.4 Animal
1.2.5 Synthetic
1.3 Candlestick segment by application
1.3.1 Global Candles Revenue Comparison by Application (2017 & 2021 & 2028)
1.3.2 Traditional field
1.3.3 Crafting Field
1.4 Candlestick Market Estimates and Forecasts (2017-2028)
1.4.1 Global Candles Market Size in Value Growth Rate (2017-2028)
1.4.2 Global Candles Market Size in Volume Growth Rate (2017-2028)
1.4.3 Global Candle Price Development (2017-2028)

2 Candle Estimates and Forecasts by Region

2.1 Global Candlestick Market Size by Region: 2017 VS 2021 VS 2028
2.2 Global Candle Retrospective Market Scenario by Region (2017-2022)
2.2.1 Global Candlestick Sales Market Share by Regions (2017-2022)
2.2.2 Global Candles Revenue Market Share by Regions (2017-2022)
2.3 Global Candlestick Market Estimates and Projections by Region (2023-2028)
2.3.1 Global Candlestick Sales Estimates and Projections by Regions (2023-2028)
2.3.2 Global Candles Sales Forecast by Regions (2023-2028)
2.4 Geographic Market Analysis: Market Facts and Figures
2.4.1 United States Candlestick Estimates and Projections (2017-2028)
2.4.2 Europe Candlestick Estimates and Projections (2017-2028)
2.4.3 China Candle Estimates and Projections (2017-2028)
2.4.4 Japan Candlestick Estimates and Projections (2017-2028)
2.4.5 Southeast Asia Candlestick Estimates and Projections (2017-2028)
2.4.6 India Candle Estimates and Projections (2017-2028)

3 Global Candlesticks Competitive Landscape by Player

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