Vietnam & Philippines Candle Market Size, Trends, Opportunities & Forecast till 2024
According to a
recent report published by Fast.MR, titled, Vietnam & Philippines Candle
Market 2018: Market Size, Market Volume, Trends,
Opportunity, Forecast 2018-2024, Vietnam candle market is expected to reach
USD 55.3 Million by the end of 2024 from USD 48.2 Million in 2018 and is
predicted to thrive at a CAGR of 2.4% over the forecast period. In terms of
value, Philippines candle market is expected to mark a valuation of USD 35.4
Million by 2024 by growing at a CAGR of 1.9% throughout the forecast period
i.e., 2019-2024.
Vietnam &
Philippines candle market is segmented by 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. The
market is segmented on the basis of price range into low price, mid-price, and
high price.
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Also, in the raw
material segment, Vietnam & Philippines candle market is sub-segmented into
paraffin wax, soy wax, gel wax, beeswax, palm wax, and others. Moreover, based
on the distribution channel, Vietnam & Philippines candle market is further
sub-segmented into online stores and offline stores.
Rising
Consumption of Candles for Home Décor
In the modern era
of electric lights, candles have almost lost their function as a source of
light. However, candles have re-emerged as popular home décor 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.
Design
Innovation & New Product Launch
Candle
manufacturers in Vietnam are continuously focusing on improving their products
in terms of design and innovation. These Vietnamese manufacturers mainly generate
their revenues through international markets, and in order to attract
international buyers, these manufacturers develop hundreds of new items each
season and introduce new and innovative products. Design innovation is also a
key factor which has been encouraging the candle demand in the domestic market
as these high-class candles are commonly used for religious purposes,
decorative purposes, and consumer use in Vietnam. The manufacturers are also
launching new high-quality products for both international as well as domestic
consumers. For instance, Home décor and interior furniture trading company
Peony Home launched the first Vietnamese-made home fragrance candle.
Competitive
Landscape:
The report profiles
various major market players of Vietnam candle market, which include, 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, the report
profiles various major market players of Philippines candle market, 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 & 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).
About Us:
FAST.MR is a global market research and business-consulting
organization that aims to provide a deep market insight to our clients, which
helps them in better decision making in the dynamic environment. We have a team
of highly qualified personnel that studies the market in depth to provide our
clients with better strategies to stand out in the market.
Contact Us:
FAST.MR
150 State Street, Albany,
New York, USA 12207
+1 (518) 300-1215
Email: sales@fastmr.com
Website: www.fastmr.com
FAST.MR
150 State Street, Albany,
New York, USA 12207
+1 (518) 300-1215
Email: sales@fastmr.com
Website: www.fastmr.com
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