What is the path ahead for candlemakers in India?

In an era dominated by tech, the flickering flame of a candle holds more than just its utilitarian purpose. Beyond its captivating glow, candles are undergoing a noteworthy surge in demand, and the reasons behind this phenomenon are as diverse as the flames they emit.

Just a few years ago, in 2022, the global candle market was valued at an impressive $8.1 billion. Experts, those modern-day seers of economic trends, predict a consistent growth trajectory with an expected Compound Annual Growth Rate (CAGR) of 2.8% from 2023 to 2028. This steady rise is projected to culminate in the market reaching a substantial value of $9.5 billion by the end of 2028.

Among the global destinations, the United States, the United Kingdom, and Italy emerge as the prime recipients of India's scented candles, solidifying India's position as the leading exporter in this industry. Impressively, India leads the pack with 16,033 shipments, while China and Vietnam secure the second and third spots with 6,231 and 5,523 shipments, respectively.

The growth rate of the candle industry was indeed robust, ranging from 25% to 30%, prior to the advent of the COVID-19 pandemic. However, the industry has since experienced an exponential surge of a staggering 100% to 200%. This surge can be attributed to a newfound interest among individuals who, amidst the pandemic's turbulence, turned to candle-making as a therapeutic hobby. It has also given rise to numerous emerging players in the market as individuals have sought to transition their pandemic hobbies into full-fledged ventures. This unprecedented growth has illuminated previously uncharted facets of the industry.

As the industry witnesses a proliferation of candle manufacturers, a distinction emerges between hobbyist creators and dedicated manufacturing setups. Although numerous names are surfacing, sustaining quality and service levels is feasible primarily for those with manufacturing capabilities. This shift signifies a departure from perceiving candles solely as festive items, transforming them into lifestyle and even therapeutic essentials.

Nonetheless, there remain unexplored avenues and unmapped potential within this industry. Wider public awareness concerning the complexities of candle manufacturing and product features is indispensable. Moreover, considerable investment and funding avenues must be offered to support both emerging and established candle manufacturers. These efforts should be strengthened by proactive government policies that encourage market exploration, enhance international outreach, and offer support for research into raw materials and novel applications, thereby nurturing the industry's growth potential.

As candlemakers steer a path lit by growing global demand, changing perceptions, and entrepreneurial passion, the industry's journey demonstrates the nation's potential to spark innovation, foster exports, and improve the lives of people worldwide.