How Big is Candle Industry in India?

The global candle market size was valued at USD 12.88 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. High consumption of candles as an aesthetic-appealing product among female millennials for household application is anticipated to drive the growth. Candles are increasingly being adopted in home décor to enhance the overall ambiance. The rising popularity of scented candles, in line with the wellness trend, is further expected to boost industry growth. However, the COVID-19 pandemic has impacted the growth of the market.

With rising awareness about self-care and mental well-being, an increasing number of consumers are ordering online and spending more time at home looking for entertainment and a cozy environment; furthermore, consumers are increasingly spending on renovation and redecorating their homes. According to The Dubrovnik Times, in 2021, many people started using candles as part of their self-care routines, since particular aromas have been proven to improve mood. Over the past few years, there has been a rise in the commercial utility of candles, with numerous spas and massage centers using candles with essential oils for a soothing effect. The rising popularity of spas and aromatherapy is generating a strong demand for candles.

Candle therapy, for instance, has been gaining much traction as it is known to relieve back pain, osteoarthritis, headache, and anxiety. Similarly, restaurants and fine dining spaces have been increasingly using luxury candles to create a beautiful and aromatic ambiance for their customers. In addition, candles have great significance in celebrations, religious ceremonies, get-togethers, and festivals. According to a blog post by National Candle Association (NCA), in the U.S., 35% of all candle sales take place during the Christmas/holiday season. Moreover, theme-based outdoor parties, events, and weddings have been contributing to the demand for outdoor candles. Furthermore, the demand for natural wax-based organic candles has increased.

The preference for candles that don't cause carbon blackening has a beneficial impact on demand. Along with this, millennials’ growing understanding of how burning candles affects the environment is motivating them to work toward lowering their carbon impact. Synthetic candles that include tainted oil, lead wicks, and synthetic scent contaminates indoor air, which, in turn, causes respiratory problems and other health problems. According to research by the U.S. Environmental Protection Agency (EPA), using too many Volatile Organic Compounds (VOCs) in candles can lead to health problems like headaches, rashes on the skin, exhaustion, nausea, runny noses, dizziness, and even cancer and organ damage.