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.
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.
|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.
Key Trend in the Vietnam & Philippines Candles Market
With mounting awareness among people about the significance & benefits of bringing organic substances at home and following a healthy lifestyle, the demand for candles extracted from natural resources like beeswax & soy wax is swiftly escalating, i.e., an emerging trend in the Vietnam & Philippines Candles Market.
Impact of Covid-19 on the Vietnam & Philippines Candles Market
The advent of Covid-19 in 2020 had a decelerating effect on most industries, and the Vietnam & Philippines Candles Market was no exception. While the governments of both countries imposed stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the leading players in the market witnessed several unprecedented challenges associated with the production & distribution of candles.
Difficulties like disruptions in the supply chain, shortage of raw materials, delays in the deliveries of pre-produced candles, slow production, and shut down of manufacturing units, among others, introduced significant financial losses for the industry leaders amidst the crisis.
However, on the other hand, manufacturers adopted digital platforms as their sales channels to sustain the competition amidst the pandemic. This paradigm shift of retailers displayed a swift escalation in the sales of candles as people were inclined immensely toward online shopping for purchasing both essential & non-essential goods.
Furthermore, with the gradually declining number of Covid cases, governments uplifted the restrictions & allowed the recommencement of business operations. It, in turn, instigated the leaders to expand their production capacities to meet the mounting consumer requirements for candles across Vietnam & Philippines.
Based on the Raw Material:
Of all raw materials, Paraffin Wax dominated the Vietnam & Philippines Candles Market with the largest share in the previous few years, principally due to its easy molding ability into different shapes & sizes, cost-effectiveness & affordability, and suitability to make floating candles owing to its water resistance. Besides, the rapidly expanding tourism & hospitality sectors across both countries are also promoting the demand for such candles for decor purposes and, in turn, driving the market.
On the other hand, Soy Wax candles are anticipated to display the fastest market growth in the coming years. It attributes primarily to the organic compound of soy wax that comes from soybeans and has a lower carbon footprint, coupled with the mounting interest of people in organic substances. In addition, the high melting point of these candles enables them to hold the colors & fragrance for longer durations, which are other crucial aspects surging their demand and fueling the overall market growth through.
Based on the Distribution Channel:
Here, online channels are expecting the fastest growth in the Vietnam & Philippines Candles Market during 2022-27. It owes principally to the burgeoning consumer inclination toward smartphones entwined with the growing internet penetration, i.e., portraying online channels as a convenient shopping source. Hence, the leading market players are adopting digital platforms to expand their customer base & scalability across Vietnam & Philippines and, in turn, boost the overall market in the years to come. Moreover, benefits like a wide variety of options, easy availability of multiple brands, & affordability, among others, are also contributing to the burgeoning sales of candles through online channels.
On the other hand, Offline channels are anticipated to dominate the Vietnam & Philippines Candles Market with the largest share through 2027, primarily due to the increasing establishment of retail stores, supermarkets, convenience & departmental stores, specialty shops, gift shops, & home decor stores across both countries, i.e., attracting a massive consumer base for an extensive range of candle options.
Besides, since most people in Vietnam & Philippines are still adamant about offline stores as a primary shopping medium, owing to the choice of physically verifying the fragrance before the purchase, the sales of candles are likely to remain maximum through these channels even in the future.
Based on the Candle Type:
Of all candle types, Votives acquired the largest market share in recent years, and the same trend is projected during 2022-27. It ascribes mainly to the slow-burning perks of these candles & their extensive availability in different colors like red, yellow, blue, pink, purple, black, & white, among others. Besides, the growing inclination of people toward enhancing the aesthetics of their homes, workplaces, & other places they often visit on a daily basis is another prominent aspect infusing the demand for Votives and propelling the overall market growth.
On the other hand, Pillar candles are expected to display the fastest growth in the Vietnam & Philippines Candles Market through 2027, principally due to their escalating demand in events, parties, and get-togethers as decor & centerpieces.
Key Driver: Mounting Demand for Candles for Home Decor
The growing interest of people in enhancing aesthetics, coupled with therapeutic & relaxing effects, is anticipated to play a crucial role in driving the Vietnam & Philippines Candles Market during 2022-27. Besides, improving disposable income & changing living standards of people are other prominent aspects expected to boost the sales of candles across Vietnam & Philippines and promote the overall market growth in the years to come.
Possible Restraint: Growing Availability of Alternate Scented Candles
With increasing concerns over the bad indoor air while burning candles, consumers are gradually shifting toward adopting safer alternatives to fulfill their aromatic desires for a pleasant ambiance. It, in turn, is infusing the demand for oils & spices and might negatively impact the growth of the Vietnam & Philippines Candles Market during 2022-27.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Vietnam & Philippines Candles Market is projected to witness a considerable CAGR during the forecast period, i.e., 2022-27.
A. Growing demand for enhanced aesthetics at facilities and therapeutic & relaxing effects is the key aspect projected to drive the Vietnam & Philippines Candles Market through 2027.
A. Offline channels are anticipated to emerge as an area of remunerative opportunities for the leading players in the Vietnam & Philippines Candles Market over the forecast years.