KD Market Insights has published a report on Vietnam & Philippines Candle market research report. The report offers valuable market insights drivers which would aid the industry leaders to develop and line up their market strategies supported by reliable and accurate data. According to KD Market Insights report, the Vietnam & Philippines Candle market is expected to grow at a CAGR of XX.X% during the forecast period i.e. 2020-2025. The market was held to USD XX.X Million in 2019 and is projected to reach to a valuation of USD XX.X Million in 2025. The report covers a detailed chapter on market segmentation of Vietnam & Philippines Candle market covering market segments by candle type, raw material, price range and distribution channel.
The report offers an exhaustive analysis of the market trends, opportunities, growth areas and industry drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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 purpose Market Insights
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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. es but for a set of new purposes such as for home fragrance, home decor, gifting, and others.
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.
This study evaluates and categorizes the key vendors in the Vietnam & Philippines Candle market. The key companies published in the report include among others, 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.
The competitive strategic window analyses the competitive landscape in terms of the market share and company profiles of major vendors. This section provides company’s metrics such as business strategy and performance such as financials, sales breakup by segment and by geography, SWOT Analysis, company snapshot, business strategy, key product offerings, marketing and distribution strategies, recent news & development and other market activities.
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