Vietnam & Philippines Candle Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
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- Status : Published
- Published on: July 2022
- Report ID: KDMI-5349
- Available Format: PDF/Excel/DOC
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Vietnam & Philippines Candle Market: Overview and Definition
The candle market in Vietnam and the Philippines refers to the industry involved in the production and distribution of candles, which are used for various purposes such as lighting, decoration, religious and cultural rituals, and aromatherapy.
In both Vietnam and the Philippines, candles are an important part of cultural and religious traditions, with many households and religious establishments using them regularly. The market for candles is also growing in response to the increasing popularity of scented candles and the trend towards eco-friendly and natural products.
The candle market in Vietnam and the Philippines includes a variety of types of candles, including pillar candles, votive candles, tea lights, and scented candles, among others. The candles can be made from a variety of materials, such as paraffin wax, soy wax, beeswax, and coconut wax.
The market is competitive, with local manufacturers and international players offering a wide range of products at different price points. The growth of e-commerce and online sales channels has also expanded the reach of the market, allowing manufacturers and retailers to sell candles to customers across the country.
The growing presence of candle manufactures in Vietnam and increasing consumer’s disposable income are two key factors augmenting the demand for candle in this country. The candle has been an integral part of Vietnam’s traditions, and it still witnesses strong demand in Vietnam, not just for lighting and conventional purposes but for a set of new purposes such as for home fragrance, home decor, gifting, and others.
Further, rising consumption of candles in cultural applications, adoption of the candle as a home decor product and luxury gift item is backing the growth of candle market in the Philippines.
Growth Drivers – Vietnam & Philippines Candle Market
Macro-Economic Indicators: Measuring Quality of Life
Rising per capita income of the population is anticipated to impact the growth of Vietnam candle market positively. In Vietnam, per capita, income trend exhibits that the population is getting more affluent on an annual basis owing to the growing employment rate. Moreover, people are willing to spend more on home decor products. Given these circumstances, Vietnam candle market is poised to witness healthy growth in the years ahead. In addition to this, growing Vietnam culture tourism is anticipated to positively impact the demand for candles as cultural objects are required for promoting cultural values.
Burning Up: Rising Consumption of Candles For Home Decor
In the modern era of electric lights, candles have almost lost their function as a source of light. However, candles have reemerged as popular home decor and are being increasingly used in the home as for therapeutic and relaxing effects. Further, the launch of multiple fragrances of the candle is helping candles to vie more space in home décor and air-freshening store shelves. The demand for scented candles has showcased and upward in recent years on account of the growing willingness of consumers to increases the hominess of the room.
Barriers – Vietnam & Philippines Candle Market
Presence of Alternative to Scented Candles In the Market
Owing to rising indoor air quality concerns, consumers are looking for safer alternatives to satisfy their aromatic and pleasant ambiance needs. These alternatives include essential oils and simmer spices. Apart from this, essential oil offers various benefits as compared to scented candles, including cost-effectiveness, safer around kids and pets, no harmful chemicals, and others. Moreover, the essential oil market is set to grow at a faster pace as compared to scented candles market, which will negatively impact the growth of the candle market.
Vietnam & Philippines candle market is segmented into candle type, raw material, price range, and distribution channel. Based on candle type, the market is segmented into pilar candle, taper candle, votives, tea lights, floaters, and others. In the raw material segment, Vietnam & Philippines candle market is sub-segmented into paraffin wax, soy wax, gel wax, beeswax, palm wax, and others.
Also, the market is segmented on the basis of price range into low price, mid-price, and high price. Moreover, based on the distribution channel, Vietnam & Philippines candle market is further sub-segmented into online stores and offline stores.
The report also covers detailed competitive analysis of major market players of Vietnam candle market, such as Creative Lights Viet Nam Corporation, Universal Candle Vietnam Corporation, Fleming International Vietnam Ltd., Yankee Candle, Caro Candles Company Limited, Peony Home, Nguyen Quang Minh Candle, Vietnam International Victory Co. Ltd. and other major & niche players.
Also, Philippines candle market report covers the detailed competitive analysis of major players, which include Vayao Wax Manufacturing Inc., Doc's Candles, Alice Blue Candle, FAVORI, The Candleroom, Bath & Body Works Direct, Inc., Happy Island Candle Co., Yankee Candle Philippines and other major & niche players.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2027: Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the Vietnam & Philippines candle market by the following segments:
- Candle Type
- Raw Material
- Price Range
- Distribution Channel
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Vietnam & Philippines Candle Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2027?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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Vietnam & Philippines Candle Market, 2020-2025, is a market research report by KD Market Insights that offers extensive and highly detailed current and future market trends in the market. The report offers market size and structure of the overall industry based upon a unique combination of industry research, fieldwork, market sizing analysis, and our in-house expertise.
The market research report demonstrates market dynamics including growth drivers, barriers and opportunities and trends spearheading current nature and future status of this market. The report is supplemented with various indicators which are believed to propel the growth of the market during the forecast period.
In Addition, Porter’s Five Forces analysis demonstrates the five forces i.e. buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in Vietnam & Philippines candle market. The report also offers value chain analysis for the Vietnam & Philippines candle market.
Market Analysis by Segments:
By Candle Type:
- Pilar Candle
- Taper Candle
- Tea Lights
By Raw Material:
- Paraffin Wax
- Soy Wax
- Gel Wax
- Palm Wax
By Price Range:
- Low Price
- High Price
By Distribution Channel:
- Online Stores
- Offline Stores
- Specialty or Gift Shops
- Home Decor Stores
Along with figures and tables, a market attractiveness and BPS analysis has been provided for every segment in the report.
Vietnam & Philippines Candle Market: Competitive Landscape
The report profiles various major market players of Vietnam candle market;
- Creative Lights Viet Nam Corporation
- Universal Candle Vietnam Corporation
- Fleming International Vietnam Ltd.
- Yankee Candle
- Caro Candles Company Limited
- Peony Home
- Nguyen Quang Minh Candle
- Vietnam International Victory Co. Ltd.
- Other Major & Niche Players
Also, the report profiles various major market players of Philippines candle market:
- Vayao Wax Manufacturing Inc.
- Doc's Candles
- Alice Blue Candle
- The Candleroom
- Bath & Body Works Direct, Inc.
- Happy Island Candle Co.
- Yankee Candle Philippines
- Other Major & Key Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in Vietnam & Philippines candle market.
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