Credence Research has recently published a market research study that includes elaborative analysis which was result of an extensive research methodology for Candles market with estimations from 2018 to 2026. The highlights of this report are drivers, restraints and opportunities of Candles market, offered across the recent and estimated timeline till 2026.
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Major report takeaways are competitive landscape assessment, attractive investment proposition, and brief profiles of companies operating in Candles market which will give 3600 view for the market dynamics. Companies are profiled on the basis of vital data points such as business overview, financial synopsis, product/service portfolio, and news coverage accompanied with recent updates specific to Candles market. The cross-sectional geographical analysis covers regions such as North America (U.S & Canada), Europe (U.K., Germany & Rest of Europe), Asia Pacific (China, Japan, & Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (GCC & Rest of Middle East & Africa).
Key research study highlights comprise:
- Exhaustive research and analysis of the global Candles industry
- The key market segments along have been explained in the report thoroughly along with their existing and estimated market size
- Major elements of market dynamics such as drivers, challenges and opportunities and their effect on Candles market is also covered in the report
- Key players operating in the market are profiled and accompanied with the competitive landscape evaluated on the basis of product offering & business strength
- Cross sectional analysis of each region covering individual segments for the forecast period 2016 – 2018 in terms of value (US$Mn)
Research methodology applied for this study:
Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global Candles market specific to key segments, and regional segmentation.
- Secondary Research
Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global Candles market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in Candles market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of Candles market study.
- Primary Research
The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.
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The participants tracked for primary interviews include:
- Marketing/product managers
- Vice President/ CEOs
- National sales managers
- Market intelligence managers
- Purchasing managers
- Other stakeholders
For the purpose of this study, the global candles market by type is categorized into:
- Pillar Candles
- Floating Candles
- Votive Candles
- Filled Candles
- Tealight Candles
- Gel Candles
- Specialty Candles
- Liquid Candles
On the basis of type, the candles market is segmented into pillar candles, floating candles, votive candles, tappers, filled candles, tealight candles, gel candles, specialty candles and liquid candles. Of the considered candle types, votive and pillar candles are the most popular forms. Scent, color, shape and cost are the key factors that determine the demand for various candle types across geographies. The demand for scented candles in all forms is the highest than the unscented types. Additionally, over 70% of candle purchases are made by women. Being a focal point of home décor, the demand for specialty candles, gel candles and similar products is gaining momentum.
Candle gifting is becoming a vogue trend, leading to rise in demand for specialty candles. Product innovation, safety and ease of use has led to emergence of liquid candles as a major product type in the global candles market. Of all the considered types, votive candles holds the largest market share in 2016. Tealight candles segment is anticipated to record the highest CAGR during the forecast period of 2017 to 2025.
For the purpose of this study, the global candles market by distribution channel is categorized into:
- Specialty or Gift Shops
- Department or Home Decor Stores
- Mass Merchandise Retailers
- Direct sales
- Others (Unorganized sales)
In the consumer goods industry, retail shelf space and product availability plays a very vital role in creating demand for the product. Distribution is a key success factor in the current candles industry. Rising competition and comparatively moderate growth rate of the candles market has compelled companies to focus on increasing product penetration. Supermarkets, drugstores, mass merchandisers, discount stores etc. play an important role in the distribution of candles. Rising consumer demands for organic scented candles, specialty candles, and liquid candles among others is driving the shift from niche distribution channels to mainstream mass retailers. Mass merchandisers such as Wal-Mart are introducing scented candles products. Moreover, supermarkets are also expanding their product range. This has resulted in a sharp increase in sales of candles.
In 2016, mass merchandise retailers dominated the market in terms of revenue contribution followed by department or home decor stores, and both the channels are projected to remain dominant over the next six years. Some companies such as Yankee Candles, and VILA HERMANOS CERERÍA SA etc. have established their own concept stores for direct sale of their products. This channel accounted for 11.53% of the global market share in 2016.
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