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.
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.
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.
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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.
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. 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.
By Candle Type:
- Pilar Candle
- Taper Candle
- Tea Lights
By Raw Material:
- Paraffin Wax
- Soy Wax
- Gel Wax
- Palm Wax
By Price Range:
- Low Price
- High Price
By Distribution Channel:
- Online Stores
- Offline Stores
- Specialty or Gift Shops
- Home Decor Stores
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
- 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).
The study also provides company’s positioning and market share in Vietnam & Philippines candle market.
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
Market Segmentation Analysis:
Industry report analyzes the Vietnam & Philippines candle market by the following segments:
- Candle Type
- Raw Material
- Price Range
- Distribution Channel
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Vietnam & Philippines Candle Industry Report
- What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?