1.1 Definition and presentation
The candle is a light fixture composed of a wick wrapped in wax which is intended to decorate accomodation by generating a light source or to deodorize a room. The market can be segmented by candle type: besides traditional candles, the candle market is witnessing the emergence of electric spark plugs. However, there are other types of candles such as tea lights, birthday candles, cartridge candles, etc. The market can also be segmented depending on the raw material used to form the base of the candle: beeswax, stearin, paraffin wax, canola wax, palm wax, etc.
In Europe the candle market is expected to grow at a growth rate of more than 6% per year in the coming years. Consumers are buying more and more candles for home decoration, stress reduction and relaxation through aromatherapy. Moreover, the increasing disposable incomes and changing lifestyles of consumers have enabled them to spend more money on candles with better shapes and exotic aroma, which is also boosting this global market. [globenewswire]
The UK candle market is experiencing stable growth. Men are increasingly starting to purchase and use candles, which is a growth driver. [ACW] Moreover, Brits buy six candles per year on average. [LLB]
The distribution of candles occur in specialized decoration stores which are seeing the growth of supermarkets and hypermarkets, which are benefiting from reduced prices and varied offers that are attracting more and more buyers, while the e-commerce has also contributed to the increase in candle sales.
The market is highly fragmented and include many independent distributors; nevertheless, notable companies include Yankee Candle Company, Penhaligon’s, and Wax Lyrical.
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