PUBLISHER: Polaris Market Research | PRODUCT CODE: 1287683
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1287683
The global candle market size is expected to reach USD 26.55 billion by 2032, according to a new study by Polaris Market Research. The report "Candle Market Share, Size, Trends, Industry Analysis Report, By Product (Votive, Pillars, Tapers, Container Candle); By Wax Type; By Distribution Channel; By Region; Segment Forecast, 2022 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
According to the National Candle Association (NCA), the yearly retail sales of candle goods in the United States are projected to be at USD 3.14 billion. Approximately 80% of all candles produced in the US are produced by the NCA member businesses. Christmas and holiday seasons account for about 35% of candle sales. Roughly 65% of candle sales are from non-seasonal business. The annual production of candles sold in the United States requires more than 1 billion pounds of wax. A candle typically costs between USD 1.99 and USD 35 at retail, depending on its size (votive, pillar, or jar). Effectively perfumed candles can cost USD 200 or more when they are packaged in exquisitely designed containers and elegant boxes. This will create further demand and increase in the candle market revenue growth in upcoming years.
The rise of the wellness and self-care industries will fuel the growth of the market As Candles are often used in meditation, yoga, and other self-care practices, and as these industries have grown, so has the demand for candles. According to the Survey conducted by the McKinsey insights demonstrates that customers are becoming increasingly interested in wellbeing. In a poll of almost 7,500 customers conducted across six countries, 79 percent of participants indicated they thought wellbeing was essential, and 42% ranked it as a top priority.
In fact, consumers indicated a marked rise in the importance of wellness during the previous two to three years in every region examined. With a projected annual growth rate of 5 to 10%, it is estimated the global wellness sector to be worth more than USD 1.5 trillion. Particularly when spending on personal wellness increases after stagnating or even dropping during the COVID-19 crisis, a boost in consumer interest and purchasing power creates enormous prospects for businesses. This will propel the growth of candle market as it is widely used in wellness and self-care industries.
The growth is expected to be fueled by female millennials' high consumption of candles as aesthetically pleasing household products. Candles are being used more frequently in home decor to improve the psychological state. The sector is also anticipated to develop as scented candles become more and more popular, in keeping with the wellness trend. The popularity of homemade and do-it-yourself candles is projected to drive the market's expansion. Making candles at home is becoming increasingly popular, whether as a hobby or a way to produce one-of-a-kind items.
Polaris Market Research has segmented the candle market report based on product, wax type, distribution channel and region: