Candles - India | Statista Market Forecast (2024)

FAQs

Candles - India | Statista Market Forecast? ›

Revenue in the Candles Market is projected to reach US$117.90m in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.27%, resulting in a projected market volume of US$175.40m by 2029.

In India, the revenue in the Candles market for the year 2024 amounts to ₹US$0.36bn. It is projected that the market will experience an annual growth rate of 7.21% from 2024 to 2029 (CAGR 2024-2029).

In terms of the Indian market, the candle-making industry demonstrated noteworthy growth, reaching INR 7.15 billion in 2020 and is projected to escalate to INR 13.38 billion by 2028.

In India, the candle making business is profitable. One of the most well-liked businesses for a new entrepreneur is this one. There are a few reasons why you should start a candle-making business. The first is that the start-up costs are low.

The global candle market size was valued at USD 12.88 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. High consumption of candles as an aesthetic-appealing product among female millennials for household application is anticipated to drive the growth.

In India, the tradition of using candles is deeply rooted in our culture, from religious ceremonies to festivals, and even as a means of relaxation. In recent years, the demand for candles has been on the rise, leading to the emergence of several candle manufacturers across the country.

A candle business holds the potential to be highly profitable, given the increasing popularity of scented and decorative candles. The profit margin on a candle can be notably high, especially for luxury or artisanal candle lines. With relatively low start-up costs, a candle business can be an attractive venture.

In 2021, China was by far the leading candle exporter worldwide, with a trade value of nearly 900 million U.S. dollars. Poland and Vietnam ranked second and third, with an export value of around 796 and 649 million U.S. dollars, respectively.

Is candle making a profitable business? A candle making business can be highly profitable, with gross margins of 50%. Ingredients, packaging, and marketing are some of the primary costs that will impact your profitability.

Primary Audience: Probably homeowners, aged 25–45, interested in home decor, sustainability, and wellness.

What is the 84 candle rule? ›

After you choose your candle wax type, Armatage Candle Company recommends that beginners follow the 84-candle rule. In other words, make 84 candles to build your skill with the craft. Then give all of them away and take in feedback and any other valued learnings.

Candle-making business in India You'll need a business permit if you lease a retail outlet. To sell at a yard sale or dealer exhibition in certain cities, you'll need a business permit or permission. Consult the office of the city clerk. Also, if you've signed up for a show, ask the producer if you'll be performing.

The main destination of Candles exports from India are: United States ($54.4M), United Kingdom ($15.2M), Australia ($5.35M), Germany ($3.1M), and Canada ($1.87M). The fastest growing export markets for Candles of India between 2021 and 2022 were United States ($4.16M), Australia ($1.73M), and Germany ($1.53M).

The India candle market size was estimated at USD 736.9 million in 2023 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.4% from 2024 to 2030.

As per the current market research conducted by the CMI Team, the global Candle Market is expected to record a CAGR of 5.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 14,943.2 Million. By 2033, the valuation is anticipated to reach USD 23,381.3 Million.

In the year 2024, the revenue in the Candles market Segment in the United States is recorded at US$2.35bn. It is projected that the market will experience an annual growth rate of 3.42% from 2024 to 2029, according to the Compound Annual Growth Rate (CAGR).

“The Global Candle market is anticipated to rise at a considerable rate during the forecast period, between 2023 to 2029. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.”

A candle making business can be highly profitable, with gross margins of 50%.

Candles Market size was valued at USD 12.88 billion in 2022 and is poised to grow from USD 13.32 billion in 2023 to USD 17.43 billion by 2031, growing at a CAGR of 3.42% in the forecast period (2024-2031).