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).

A candle is an ignitable wick immersed in wax or similar combustible solid substance like tallow that emits light and, in some situations, scent. A candle can also be used to produce heat or as a timepiece. The candle becomes shorter as the fuel (wax) melts and burns. The flame consumes portions of the wick that are not releasing vaporised fuel. To ensure slower, steady burning, some wicks require regular trimming with scissors (or a specialised wick trimmer), generally to approximately one-quarter inch (0.7 cm). Candles are classified into three types: Basic Candles (are most popular forms of festive candles with a diameter of 2.2 cm that fit most traditional candle holders and pillars with a variety of widths). Candles having a "fancy" shape or form are known as fancy candles. Scented Candles (candles with additional smells, both basic and elaborate). Basic candles are mostly sold in sets, although scented or decorative candles can also be purchased in small amounts. Among the fundamental constituents these are beeswax, soy wax, and other plant waxes. The standard for candle sizes, most candlesticks are 2.2 cm in diameter. Tapers are tiny candles that are around 25 cm long and feature a 1.27 cm base.

Rise in demand for candles for home and workplace decorating, as well as for festivals like as Diwali and Christmas, is another important factor driving this market. When consumers' incomes improve and their lifestyles change, they have more money to spend on candles with better designs and exotic smells, which strengthens the worldwide market. Yankee Candle debuted its Signature Collection in 2019, with updated contemporary containers and ten new, collection-exclusive fragrances in addition to over 30 popular scents. Premium soy-wax mixes and double cotton wicks in the Signature Collection provide a cleaner burn and a stronger, longer-lasting smell. Discovery, another Yankee Candle perfume, has been a big hit. Discovery combines aromas from throughout the world, including red ginger, starfruit, vanilla spice, and mango.

US Candles Market is poised to grow at a sustainable CAGR for the next forecast year.