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?