Global Candle Market to Reach $10.87B by 2034

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The global candle industry reached USD 8.33 billion in 2024 and is poised to grow at a compound annual growth rate (CAGR) of 2.70% from 2025 to 2034, reaching an estimated USD 10.87 billion by 2034.

Consumers are becoming increasingly discerning about scents and fragrances, which is driving up demand for candles in a wide variety of aromas. The global candle market’s growth is fueled by rising interest in scented options, eco‑friendly products, and festive or celebratory candle usage. A notable example is the popularity of votive candles—widely used for decorative purposes in homes, restaurants, and event spaces—recognized for their distinct design and clear functionality.

Fragrance plays a critical role in candle purchases: consumers often visit brick-and-mortar stores to fully experience scent and quality before buying. This tactile, sensory evaluation significantly shapes purchase decisions .

Key drivers behind candle market expansion:

 

  • Scent demand: Diverse fragrance offerings, from seasonal to novelty blends, are a major factor .

  • Sustainability: A shift toward natural waxes (soy, beeswax, coconut) and eco-friendly packaging supports eco-conscious consumer trends

  • Festive and decorative use: Candles are increasingly popular for holidays, celebrations, and home décor.
  • Product diversity: Specialty segments like votives continue to capture consumer attention due to their niche uses.

 

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