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Market Definition
Candles are swiftly regaining their popularity across the household, commercial sectors, & other places, principally due to their therapeutic, relaxing, aromatic, and aesthetic effects. As a result, the candle industry in Vietnam & Philippines is gaining immense momentum and witnessing the active participation of numerous candle manufacturers in developing & distributing different varieties of candles and promoting their sales across these countries.
Market Insights
The Vietnam & Philippines Candles Market is projected to grow at a considerable CAGR during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the increasing inclination of people toward enhancing the aesthetics of their homes & other facilities entwined with their improving economic conditions, changing living standards, and growing preference for measuring the quality of life, i.e., surging the demand for candles and driving the market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| Key Companies Profiled | Alice Blue Candle, Bath & Body Works Direct, Inc., Creative Lights Viet Nam Corporation, Caro Candles Company Limited, Doc's Candles, Fleming International Vietnam Ltd., Happy Island Candle Co., Nguyen Quang Minh Candle, Peony Home, Universal Candle Vietnam Corporation, Vietnam International Victory Co. Ltd., Vayao Wax Manufacturing Inc., Yankee Candle |
| Unit Denominations | USD Million/Billion |
Besides, the easy & extensive availability of candles across Vietnam & Philippines through different sales channels like online platforms and specialty stores or gift shops, home decor stores, etc., is attracting a massive consumer base & augmenting the overall market growth. In addition, the surging use of candles across the commercial sector like spa & massage centers for aroma & therapeutic remedies, restaurants & cafes for aesthetics, and many other spaces to enhance the overall ambiance for customers is another crucial aspect projected to boost the market through 2027.
Moreover, as Vietnam relies heavily on the international market or business, it is encouraging the leading market players to come up with innovative candles for international customers, which, in turn, would generate lucrative growth prospects for the market in the coming years. Furthermore, the frequent application of candles for religious, decorative, & aromatic purposes, among others, is expected to remain the prevalent driver for the Vietnam & Philippines Candles Market during 2022-27.
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