Vietnam & Philippines Candle Market Analysis, Scope, Future Trends and Opportunities During 2018-2024

According to a recent report published by Fast.MR, titled,  Vietnam & Philippines Candle Market 2018: Market Value, Trends, Opportunity, forecast 2018-2024, “the global Pharmaceutical Intermediates market accounted for USD XX Million in 2018 and is estimated to reach USD XX Million by 2024. Moreover, it is anticipated to flourish at a CAGR of XX% during the forecast period i.e. 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 volume, Vietnam candle market is expected to mark a valuation of 73.8 Million Unit by 2024 by growing at a CAGR of 2.1% throughout the forecast period i.e. 2019-2024. Vietnam has witnessed a candle market valuation of 65.3 Million Unit in 2018 and is expected to collect an opportunity of 7.4 Million Unit between 2019 & 2024. Vietnam market for candle is about to witness a Y-o-Y growth of 2.4% in 2024.

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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. Volume wise, Philippines has witnessed a candle market valuation of 32.8 Million Unit in 2018 and is anticipated to collect an opportunity of 3.0 Million Unit between 2019 & 2024. Philippines market for candle is about to witness a Y-o-Y growth of 1.8% in 2024.

Market Insights

Growth Drivers – Vietnam & Philippines Candle Market

Presence of Various Key Market Players in Vietnam

Factors such as continuous increase in anti-dumping duty have forced various manufacturer to shift their manufacturing unit in Southeast Asian countries such as Vietnam. This has resulted in increased candle manufacturers and distributors in Vietnam. Apart from this, the emergence of new candle manufacturers led to penetration of mid-to-high end candle products in the Vietnamese market. Moreover, competition among manufacturers is intense in Vietnam. In order to increase their market share and compete with rival companies, manufacturers are continuously engaged in innovation and development activities in terms of branding, design, manufacturing technology, and customization. These factors are signaling healthy growth of Vietnam candle market in the years ahead.

High Demand in Cultural Events & Festivals

Philippines culture is a combination of Eastern and Western events. In the Philippines, society and associations hold various cultural events resulting in increased demand for cultural objects such as candles. Further, traditional customs such as Filipino wedding practices, Filipino Coming-of-age Celebration, The Candle Festival, Festival of Lights, and others are also expected to impact the growth of Philippines candle market positively. Recognizing the importance of culture, Social Development Committee (SDC) of the National Economic and Development Authority (NEDA) is focusing on strengthening its cultural values through the implementation of cultural strategies and collaborating with various other government agencies. This is anticipated to stimulate the consumption of candles in the Philippines.

Barriers – Vietnam & Philippines Candle Market

Increasing Labor Cost

Candle industry is a labor-intensive manufacturing industry. Further, a continuous increase in labor cost is resulting in a significant increase in operational cost and is hampering profit margin of manufacturers. In 2011, the Vietnamese government implemented minimum wage policy, which resulted in continuous improvements in the average wage of employed labors in the manufacturing sector. According to Vietnam’s National Wage Council, the monthly average salary of manufacturing industry labors increased to VND 6,550.7 thousand in 2017 from VND 4,472.3 thousand in 2012. This wage income showcased a growth rate of 7.9% between 2012-2017.

Burning Issue of Toxic Candles

According to the World Health Organization (WHO), in 2018, Philippines held the second position in the term of deadliest household air pollution in Asia Pacific. Addition to that, indoor candle emissions is a significant contributor to bad indoor air quality. Major mass-produced scented candles have a negative impact on indoor air quality. Most of the scented candles are made from paraffin and chemical fragrances which release toxic volatile organic compounds (VOCs) on burning. Further, growing concerns and awareness about indoor air quality is anticipated to thwart the demand for candles in Philippines.

Segmentation Analysis

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.

Competitive Analysis

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. Vietnam candle market is witnessing a wide range of industry activities such as product launch, advancement, acquisition, and partnership across the country.

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.

Segmentation

By Candle Type:

- Pilar Candle

- Taper Candle

- Votives

- Tea Lights

- Floaters

- Others

By Raw Material:

- Paraffin Wax

- Soy Wax

- Gel Wax

- Beeswax

- Palm Wax

- Others

By Price Range:

- Low Price

- Mid-Price

- High Price

By Distribution Channel:

- Online Stores

- Offline Stores

- Specialty or Gift Shops

- Home Decor Stores

- Others

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

·         FAVORI

·         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).

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Table of Content:

Research Methodology

Market Definition and List of Abbreviations

1. Executive Summary
2. Growth Drivers & Issues in Candle Market
2.1. Vietnam Candle Market
2.2. Philippines Candle Market
3. Candle Market Trends
3.1. Vietnam Candle Market
3.2. Philippines Candle Market
4. Opportunities in Candle Market
4.1. Vietnam Candle Market
4.2. Philippines Candle Market
5. Porter's Five Forces Analysis
6. Market Value Chain Analysis
Part A

7. Vietnam Candle Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
      7.1. Vietnam Candle Market Segmentation Analysis, By Candle Type
          7.1.1. Introduction
          7.1.2. Market Attractiveness, By Candle Type
          7.1.3. BPS Analysis, By Candle Type
          7.1.4. Pillar Candle Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.1.5. Taper Candle Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.1.6. Votives Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.1.7. Tea lights Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.1.8. Floaters Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.1.9. Others Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

      7.2. Vietnam Candle Market Segmentation Analysis, By Raw Material
          7.2.1. Introduction
          7.2.2. Market Attractiveness, By Raw Material
          7.2.3. BPS Analysis, By Raw Material
          7.2.4. Paraffin Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.2.5. Soy Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.2.6. Gel Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.2.7. Beeswax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.2.8. Palm Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.2.9. Others Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

      7.3. Vietnam Candle Market Segmentation Analysis, By Price Range
          7.3.1. Introduction
          7.3.2. Market Attractiveness, By Price
          7.3.3. BPS Analysis, By Price
          7.3.4. Low Price Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.3.5. Mid-Price Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.3.6. High Price Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

      7.4. Vietnam Candle Market Segmentation Analysis, By Distribution Channel
          7.4.1. Introduction
          7.4.2. Market Attractiveness, By Sales Channel
          7.4.3. BPS Analysis, By Sales Channel
          7.4.4. Online Stores Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          7.4.5. Offline Stores Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
              7.4.5.1. Specialty or Gift Shops Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
              7.4.5.2. Home Decor Stores Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
              7.4.5.3. Others Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

8. Competitive Landscape
      8.1. Company Profiles
          8.1.1. Creative Lights Viet Nam Corporation
          8.1.2. Universal Candle Vietnam Corporation
          8.1.3. Fleming International Vietnam Ltd.
          8.1.4. Yankee Candle
          8.1.5. Caro Candles Company Limited
          8.1.6. Peony Home
          8.1.7. Nguyen Quang Minh Candle
          8.1.8. Vietnam International Victory Co. Ltd.
Part B

9. Philippines Candle Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
      9.1. Philippines Candle Market Segmentation Analysis, By Candle Type
      9.1.1. Introduction
          9.1.2. Market Attractiveness, By Candle Type
          9.1.3. BPS Analysis, By Candle Type
          9.1.4. Pillar Candle Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.1.5. Taper Candle Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.1.6. Votives Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.1.7. Tea lights Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.1.8. Floaters Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.1.9. Others Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

      9.2. Philippines Candle Market Segmentation Analysis, By Raw Material
          9.2.1. Introduction
          9.2.2. Market Attractiveness, By Raw Material
          9.2.3. BPS Analysis, By Raw Material
          9.2.4. Paraffin Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.2.5. Soy Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.2.6. Gel Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.2.7. Beeswax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.2.8. Palm Wax Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.2.9. Others Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

      9.3. Philippines Candle Market Segmentation Analysis, By Price Range
          9.3.1. Introduction
          9.3.2. Market Attractiveness, By Price
          9.3.3. BPS Analysis, By Price
          9.3.4. Low Price Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.3.5. Mid-Price Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.3.6. High Price Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

      9.4. Philippines Candle Market Segmentation Analysis, By Sales Channel
          9.4.1. Introduction
          9.4.2. Market Attractiveness, By Sales Channel
          9.4.3. BPS Analysis, By Sales Channel
          9.4.4. Online Stores Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.4.5. Offline Stores Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.4.5.1. Specialty or Gift Shops Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.4.5.2. Home Decor Stores Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024
          9.4.5.3. Others Market Value (USD Million), Market Volume (Million Unit) Forecast & Y-o-Y Growth Analysis, 2018-2024

10. Competitive Landscape
      10.1. Company Profiles
          10.1.1. Vayao Wax Manufacturing Inc.
          10.1.2. Doc's Candles
          10.1.3. Alice Blue Candle
          10.1.4. FAVORI
          10.1.5. The Candleroom
          10.1.6. Bath & Body Works Direct, Inc.
          10.1.7. Happy Island Candle Co.
          10.1.8. Yankee Candle Philippines

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