A report by Facts & Factors states that the global candle market size is projected to surpass $13,700 million by 2026, at a CAGR of 6.7%.
In 2020, the global candle market was valued at $8.9 million. The demand for candles is increasing among consumers seeking self-care and relief from anxiety, headaches and more. The demand is also increasing in spas, massage centers and other commercial places.
Highlights from the report include:
- Increasing demand for candles for home and office decorations and in festival celebrations like Christmas and Diwali.
- Increase in demand for organic candles to drive the growth market.
- Paraffin wax has a market share of more than 30% because of its low cost and variety in shaping.
- North America holds the largest global share and is expected to grow the fastest during the forecast period, owing to growing aromatherapy treatments.
- The high consumption of candles as an aesthetic-appealing product among female Millennials at home is projected to drive market growth.
- Mosquito-repellant candles are anticipated to support growth of the market.
- Candle-making is measured as the biggest lockdown trend and has gained traction owing to various social media platforms like TikTok, resulting in a 3,500% spike in searches for soy candle-making kits.