According to Research and Markets, the global decorative candle retail market will achieve a compound annual growth rate of more than 5% by 2023.
Ongoing growth in the home décor market will be key in driving the growth of the global decorative candle retail market, the market research firm stated. A rise in affluence across major economies coupled with lifestyle changes have generated a radical surge in demand for home décor products, the company added.
A qualifying factor to growth may be concerns about indoor air pollution and paraffin wax. However, Research and Markets, noted innovations in aromatherapy diffusers, plug-ins, and customized candles have commanded the attention of retailers and, among consumer groups, Millennials.