The Candle Industry is Growing
In 2012 for the first time and has since, a candle has been the No.1 gift for dinner parties beating the strong rivals like chocolates and flowers! Always a talking point whether it being the scent, colour, style or unique wrapping . The market continues to break into new sectors that have never been before achievable for candles. Always seen as a feminine delight, men are now seen more and more learning the new ranges and offers as new manly fragrances become fashionable and desirable as a gift, testimony of love or just worming the atmosphere nice gadget.
How Big Is the Candle Industry?
According to a study by Inkwood Research, the global industrial candle market looks likely to increase by almost fifty percent by 2024, growing from 2016’s £8008 million to £11,499.82 million, with new technologies playing an important role in stabilizing the market and balancing prices. More than 69 percent of the global wax market is in fossil-based waxes, as used in candle-making, packaging and polishes and coatings. Particularly in the Asia-Pacific regions, reduced supply of paraffin waxes has led to increased demand for synthetic and bio-based waxes. Candle sales alone in the USA. are estimated at roughly £2.5 billion a year, but this does not include accessories such as candlestick holders or melt burners. The U.S. computer industry has annual revenues of about £60 billion, again making the candle industry appear small in scale. Candles are a highly impact purchase and sales are greatly influenced by the economic climate. Roughly one-third of all candle sales take place during the Christmas holiday season. Sales in the UK follow the same sales patterns and the market is fast approaching the £600 millions. Indications are that by 2020 the UK market will top the £1 billion!