Global Decorative Candles Retail Market 2019-2023 | 5% CAGR Projection Through 2023

The global decorative candles retail market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global decorative candles retail market 2019-2023. (Graphic: Business Wire)

Factors such as rising disposable income, rapid urbanization, increasing industrialization, and progressive rise in investments have increased the construction activities across the world. In addition, the presence of affordable loans and tax waiver schemes have further increased the demand for new houses. Owing to such factors, investments in household interiors have increased considerably over recent years. This has led to a significant rise in the demand for decorative products, including decorative candles as they are crucial in improving the aesthetic appeal of household interior designs.

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As per Technavio, the introduction of LED candles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Decorative Candles Retail Market: Introduction of LED Candles

Advances in technology and growing consumer demand have compelled vendors to introduce flameless candles. These candles are battery powered and feature an LED bulb with very high replacement cycles. Some vendors are offering rechargeable smart LED candles that feature remote control and allow users to operate the product from anywhere. Prominent players in the market are also introducing a wide range of LED candles such as tea lights, pillars, votives, and tapers to attract customers. This trend is expected to boost the growth of the global decorative candles retail market during the forecast period.

“Expansion of the e-commerce market and the introduction of customized candles by vendors will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Global Decorative Candles Retail Market: Segmentation Analysis

This market report segments the global decorative candles retail market by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America).

The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to growing sales through online shopping portals and a rise in the number of retail stores in the region.

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