According to a recent report published by Fast.MR, titled, Vietnam & Philippines Candle Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, Vietnam candle market is expected to reach USD 55.3 Million by the end of 2024 from USD 48.2 Million in 2018 and is predicted to thrive at a CAGR of 2.4% over the forecast period. In terms of value, Philippines candle market is expected to mark a valuation of USD 35.4 Million by 2024 by growing at a CAGR of 1.9% throughout the forecast period i.e., 2019-2024.
Vietnam & Philippines candle market is segmented by candle type, raw material, price range, and distribution channel. Based on candle type, the market is segmented into pilar candle, taper candle, votives, tea lights, floaters, and others. The market is segmented on the basis of price range into low price, mid-price, and high price.
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Also, in the raw material segment, Vietnam & Philippines candle market is sub-segmented into paraffin wax, soy wax, gel wax, beeswax, palm wax, and others. Moreover, based on the distribution channel, Vietnam & Philippines candle market is further sub-segmented into online stores and offline stores.
Rising Consumption of Candles for Home Décor
In the modern era of electric lights, candles have almost lost their function as a source of light. However, candles have re-emerged as popular home décor and are being increasingly used in the home as for therapeutic and relaxing effects. Further, the launch of multiple fragrances of the candle is helping candles to vie more space in home décor and air-freshening store shelves. The demand for scented candles has showcased and upward in recent years on account of the growing willingness of consumers to increases the hominess of the room.
Design Innovation & New Product Launch
Candle manufacturers in Vietnam are continuously focusing on improving their products in terms of design and innovation. These Vietnamese manufacturers mainly generate their revenues through international markets, and in order to attract international buyers, these manufacturers develop hundreds of new items each season and introduce new and innovative products. Design innovation is also a key factor which has been encouraging the candle demand in the domestic market as these high-class candles are commonly used for religious purposes, decorative purposes, and consumer use in Vietnam. The manufacturers are also launching new high-quality products for both international as well as domestic consumers. For instance, Home décor and interior furniture trading company Peony Home launched the first Vietnamese-made home fragrance candle.
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The report profiles various major market players of Vietnam candle market, which include, Creative Lights Viet Nam Corporation, Universal Candle Vietnam Corporation, Fleming International Vietnam Ltd., Yankee Candle, Caro Candles Company Limited, Peony Home, Nguyen Quang Minh Candle, Vietnam International Victory Co. Ltd. and other major & niche players.
Also, the report profiles various major market players of Philippines candle market, which include, Vayao Wax Manufacturing Inc., Doc’s Candles, Alice Blue Candle, FAVORI, The Candleroom, Bath & Body Works Direct, Inc., Happy Island Candle Co., Yankee Candle Philippines and other major & key players.
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
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