LONDON--(BUSINESS WIRE)--A new market research study by Technavio on the global decorative candles retail market projects the market to grow at a CAGR of over 5% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
Increasing investment in household interiors
Some of the factors that are driving new residential construction activities are the growing disposable income, rapid industrialization, increasing urbanization, rising employment, and progressive rise in investments. Consequently, the demand for interior decorative products including decorative candles has been growing. Also, in recent years, many countries have made progress toward eco-friendly housing development, with the minimum usage of energy. Such factors and initiatives are expected to further promote the demand for eco-friendly home décor products, including decorative candles, in the coming years.
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Introduction of LED candles
The rapid advances in technology coupled with the escalating demand for decorative candles have led to the introduction of electric, LED, and battery-powered candles attached to a timer. Moreover, some candles offer additional features such as remote control, which allows the user to operate it from anywhere, others also have introduced different types of flameless candles like tea light, pillars, votives, and tapers, thus offering a wide range of options to customers. Therefore, such advancements in technology and design in decorative candles are expected to boost market growth during the forecast period.
According to an analyst at Technavio for household durables research, “Apart from the introduction of LED candles, the evolution of wooden wicks and the ultra-premium range of decorative candles gaining traction, are some other major aspects that are expected to drive market growth during the next few years.”
Stiff competition from the unorganized sector
The global decorative candles retail market is highly fragmented and unorganized as venturing into a candle making business does not require immense capital or investment. Consequently, encouraging small companies or small retailers to enter the business. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established candle manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes.
Top players in the global decorative candles retail market:
- Amazon.com Inc.
- Home Depot Product Authority, LLC
- Kingfisher plc
- Walmart Inc.
- Williams-Sonoma Inc.
Some of the key topics covered in the global decorative candles retail market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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