Candles Market Size, Share, Growth Analysis, By Product(Pillars, Tea Lights, Votive, Cartridge Candle), By Raw Materials (Wax)(Stearin, Beeswax, Palm Wax, Soy Wax), By Distribution Channel(Gift shops, department or home decor stores, mass merchandise retailers (discount stores, drug store chains), By Region - Industry Forecast 2024-2031

Candles Market size was valued at USD 12.88 billion in 2022 and is poised to grow from USD 13.32 billion in 2023 to USD 17.43 billion by 2031, growing at a CAGR of 3.42% in the forecast period (2024-2031).

Global Candles Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector, which is expected to spur market growth in the coming years. Overall, the global market is highly competitive and dependent on product development and advancements. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers. 'Vollmar GMBH', 'Baltic Candles Ltd', 'Bolsius International BV', 'Delsbo Candle AB', 'Diana Lys A/S', 'Duni AB', 'Erich Kopschitz GmbH', 'Hansa Candle AS', 'Bekro Chemie GMBH', 'KORONA Candles S.A.', 'Suomen Kerta Oy', 'Yankee Candle Europe Ltd', 'Affari AB', 'BISPOL Sp. z o.o.', 'Candle Scandinavia Group AB', 'Ceras Roura', 'Duffy & Scott Candlemakers Ltd', 'Engels Kerzen GmbH', 'Ester & Erik A/S', 'Gebr. Müller Kerzenfabrik AG', 'Korpiahon Hunaja Oy', 'Kynttilä-Tuote Oy', 'Liljeholmens Stearinfabriks AB', 'Monterosa Zelandi Srl', 'The Copenhagen Candle Company Limited', 'VILA HERMANOS CERERÍA SA', 'Seal Aromas Gmbh', 'Contract Candles Ltd', 'Spaas Candles Poland Sp Z O O', 'Bartek Candles'

As this sector is observed to drive the market due to the mood-lifting characteristics of scented candles. Consumers are becoming more aware of the odours and perfumes they want to enjoy at home. Fragrances provide calming sensations while also strengthening memories and a sense of belonging. The ability of perfumes and odours to connect on an emotional level is predicted to aid industry growth.

Increase in the usage of organic candles Organic tandem are created from environmentally friendly ingredients like bee wax and say war. These environmentally friendly materials are derived entirely from natural sources, such as bees wax taken from honeycombs and soya wax made from soybean oils, which is also known as vegetables wax. Consumers' increased awareness of the need of living a healthy lifestyle has resulted in the adoption of eco-friendly and organic goods that do not emit any hazardous substances when burning candles, which are important factors driving the candle market's growth. In the last few years, there has been an increase in the usage of scented candles, as it is utilised for mental treatment and to create a meditation environment. Candles with a subtle range of smells, such as lavender, peppermint, and geranium, are now available for the treatment of psychological diseases such as sadness and anxiety. Some unique fragrances in candles are utilised to improve brain memory and provide relaxation. These are some of the primary factors influencing the growth of the candle industry.

Europe accounted for the largest market share in the global candles market during the forecast period, accounting for 23% of imports, followed by the United Kingdom (16%) and the Netherlands (11%). Together, they accounted for more than half of the total European candle imports. Smaller markets with a share of less than 10%, but still in the top six leading importing countries, are France (7%), Belgium (6%) and Austria (5%).