KD Market Insights has announced the addition of a new syndicated market research report on the Vietnam & Philippines Candle Market .This research report presents comprehensive market dynamics including growth drivers, industry trends, market opportunities & barriers. This research report offers qualitative and quantitative insights about the Vietnam & Philippines Candle Market. The report provides market assessment for period of 2019-2024, with 2019 as base year, 2020 as estimated year and 2020-2024 as forecast period. The market study also presents quantitative information such as market size, market share, year on year growth, market increment, compound annual growth rate (CAGR), and market growth opportunity.
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.
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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:
– 2018: Base Year
– 2019: Estimated Year
– 2019 to 2024: Forecast Period
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
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