ALBANY, New York, Feb. 25, 2019
ALBANY, New York, Feb. 25, 2019 /PRNewswire/ -- The global candle market is highly fragmented and competitive, says Transparency Market Research based on a recently published report. This is because of the presence of a large number of entrants who are competing to stay on top. In the near term, the global candle market is expected to observe an escalated challenge with the passage of various emerging new players. In order to be ahead in the global candle market, some of the key players are seen focusing on collaborations and strategic mergers and acquisitions. They are also investing considerable amount of money into R&D of better products. Deploying such approaches, some of the firms that have come to hold a dominant position in it are Hansa Candle AS, KORONA Candles S.A., Ceras Roura, Contract Candles Ltd, and Candle Scandinavia Group AB, among others.
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According to the research report by Transparency Market Research, the global candle market is projected to reach US$13,619.3 mn by 2026 and is projected to expand at a CAGR of 6.0% from 2018 to 2026. On the basis of type, the global candle market has been divided into votive, tea lights, birthday candles, columns, wax filled container candles, cartridge candles, and others. Among these, wax filled container candles, tea lights, and votive are expected to grow at pace. Rise in use of candles at special events, occasions, celebrations, and so forth is foreseen to rise demand for candles. Moreover, increasing demand of scented candles and ornamental candles, and new area of utilization for candles are key elements expected to fuel the development of the global candle market in the forthcoming years.
Rapidly Changing Lifestyle is Boosting the Market
There is rise in the number of candle lovers globally. Currently candles are not being utilized only to light but rather for different purposes such as decoration and gifting. Consistently, candles have experienced numerous magnificent changes. Today candles are accessible in different size, shape, and design. Accessibility of various kinds of candles, like scented candles, floater candles, and others are pulling in buyers towards them. Further, an increase in disposable income of buyers and fast changing ways of life are prime factors boosting the global candles market's growth that are enabling them to spend more on fragrance products and home décor. Shoppers are progressively buying candles as a point of convergence for their home decor, and for aromatherapy like stress reduction and relaxation.
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Advancement in candles, new methods of using them, and increase in utilization of candles for special events, are viewed as key drivers of candle market over the globe. Rise in utilization of environmental-friendly candles, and an increase in popularity of candles for designing homes creates great opportunities in the global candle market.
Private Label Candle Challenges Candle Market
Candles market have a large number of local manufacturers and due to these private label products present a growing threat to branded products. An increase in the number of local manufacturers of candles is affecting the revenue of organized players in the global candle market.
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Nonetheless, evolution in e-commerce has created huge opportunities for producers and distributors in the industry. Rise in popularity of scented candles and wax-filled containers will trigger growth of the global candle market during the forecast period.
This review is based on Transparency Market Research's report, titled "Candle Market" based on (Type - Tea Lights, Votive, Pillars, Birthday Candles, Cartridge Candles, Wax Filled Container Candles, and Others; Raw Material – Beeswax, Stearin, Paraffin Wax, Rapeseed Wax, Palm Wax, Soy Wax, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026".
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The global Candle Market is segmented as follows:
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