Global Decorative Candles Retail Market 2019-2023| Introduction of LED Candles to Boost the Market| Technavio
LONDON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/ConsumerApparel?src=hash” target=”_blank”gt;#ConsumerApparellt;/agt;–A new market research study by Technavio on the global
decorative candles retail market projects the market to
grow at a CAGR of over 5% during the period 2019-2023. This research
report provides an in-depth analysis of the market in terms of revenue,
top drivers and emerging market trends. It also includes detailed
insights and forecasts for all the market segments across different
geographies.
Increasing investment in household interiors
Some of the factors that are driving new residential construction
activities are the growing disposable income, rapid industrialization,
increasing urbanization, rising employment, and progressive rise in
investments. Consequently, the demand for interior decorative products
including decorative candles has been growing. Also, in recent years,
many countries have made progress toward eco-friendly housing
development, with the minimum usage of energy. Such factors and
initiatives are expected to further promote the demand for eco-friendly
home décor products, including decorative candles, in the coming years.
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Introduction of LED candles
The rapid advances in technology coupled with the escalating demand for
decorative candles have led to the introduction of electric, LED, and
battery-powered candles attached to a timer. Moreover, some candles
offer additional features such as remote control, which allows the user
to operate it from anywhere, others also have introduced different types
of flameless candles like tea light, pillars, votives, and tapers, thus
offering a wide range of options to customers. Therefore, such
advancements in technology and design in decorative candles are expected
to boost market growth during the forecast period.
According to an analyst at Technavio for household durables research,
“Apart from the introduction of LED candles, the evolution of wooden
wicks and the ultra-premium range of decorative candles gaining
traction, are some other major aspects that are expected to drive market
growth during the next few years.”
Stiff competition from the unorganized sector
The global decorative candles retail market is highly fragmented and
unorganized as venturing into a candle making business does not require
immense capital or investment. Consequently, encouraging small companies
or small retailers to enter the business. However, this leads to the
proliferation of sub-standard or duplicate products which then hampers
the competitive scenario in the market as established candle
manufacturers are compelled to lower the price of their products, which
ultimately impacts their profit margins and sales volumes.
Top players in the global decorative candles retail market:
- Amazon.com Inc.
- Home Depot Product Authority, LLC
- Kingfisher plc
- Walmart Inc.
- Williams-Sonoma Inc.
Some of the key topics covered in the global
decorative candles retail market include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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