Malaysia Candle Market (2022-2028) | Revenue, Growth, Industry, Size, Share, Outlook, Forecast, Analysis, Trends, Value, Segmentation & COVID-19 IMPACT

Market Forecast By Product Type (Votive, Container Candle, Pillars, Tapers, Others), By Wax (Paraffin, Soy Wax, Beeswax, Palm Wax, Others), By Distribution Channel (Offline, Online) And Competitive Landscape

Product Code: ETC048846	Publication Date: Nov 2022	Updated Date: May 2024	Product Type: Report
Publisher: 6Wresearch	No. of Pages: 70	No. of Figures: 35	No. of Tables: 5

Malaysia Candle Market Competition 2023

Malaysia Candle market currently, in 2023, has witnessed an HHI of 3176, Which has decreased moderately as compared to the HHI of 5708 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.

Malaysia Export Potential Assessment For Candle Market (Values in USD Thousand)

Malaysia Candle Market Synopsis

Malaysia Candle Market is anticipated to experience growth during the forecast period. This is mainly due to factors such as increased spending on luxury items, increased awareness about environmental issues, and growing demand for scented candles among consumers. The growth of the luxury segment has been particularly significant, with sales of premium candles growing.

According to 6Wresearch, the Malaysia Candle Market size is expected to grow during 2022-2028. The history of the Malaysia candle market can be traced back to the late 1800s when local traders started importing candles from Europe. Towards the end of the 1960s, small candle factories started appearing in Malaysia and began production of various types of candles. However, it wasn’t until the early 1990s when candle manufacturing became an important industry in Malaysia. This was due to a number of factors, including increased demand for candles as gifts during festive seasons, growth in tourism, and increasing affluence among Malaysia.

Since then, the Malaysia candle market has seen rapid growth and now constitutes one of the country’s leading industries. This is evident from the fact that Malaysia is ranked second in terms of global export value for candles (after China). The main markets for Malaysia candles are Southeast Asia, Japan, South Korea, and Taiwan. In terms of geographic distribution, Indonesia is also an important market for Malaysia candles due to its large population and growing economy.

Drivers for the Malaysia Candle Market

The Malaysia Candle Market growth is attributed to the increasing demand for candles in domestic and international markets, coupled with favourable policies and regulations that promote the production and sale of candles.

This growth can be attributed to the rising disposable income levels and growing demand for premium quality candles among consumers. Furthermore, the increasing popularity of natural beauty products in Malaysia is also contributing to this market growth.

The main factors that are believed to be behind this growth are rising living standards in Malaysia, due to their functional benefits such as being used for decorative purposes, providing a soothing ambiance, and aiding in relaxation as well as increasing consumer demand for luxury goods. Additionally, the growing tourism sector is also expected to support the Malaysia candle market in the future.

The popularity of online purchasing is also contributing to the growth of the Malaysia Candle Market. Many consumers prefer buying candles online due to the convenience it offers them – they can shop from their homes and divvy up their purchases among family and friends without leaving home.

Restraints for the Malaysia Candle Market

However, some challenges such as unfavourable weather conditions and stringent regulations on Candle manufacturing are expected to restrain the growth of the Malaysia Candle market. Additionally, competition from Southeast Asian countries such as Singapore and Indonesia as well as regional economic uncertainty.

Another key challenge faced by the Malaysia candle market revenue is competition from China, which accounts for almost half of global exports. This rivalry has led to price wars between suppliers in Malaysia and China, which has had a negative impact on margins.

Market Analysis based on Wax

Based on Wax, soy wax candles segment, which is projected to account for half of the total Malaysia candle market. There are several reasons why soy candles are gaining popularity among consumers: they are eco-friendly, they have a longer burning time, they do not release any harmful fumes or smells, and they are affordable compared to other types of candles. Moreover, soy candles are versatile and can be used for various purposes such as relaxation, meditation, aromatherapy, and decorating purposes.

Market Analysis based on Distribution Channel

The distribution channel for the Malaysia candle market is predominantly offline, with more than two-third of total sales happening through traditional retail channels such as department stores and supermarkets. However, online sales are growing rapidly. This growth is likely to be attributed to factors such as convenience (online shopping allows customers to order candles in advance), lower prices (due to discounting schemes) and increased brand awareness (due to online reviews).

Impact of COVID-19 on the Malaysia Candle Market

The pandemic affected the Asia pacific Candle Market to great extent. Severe lockdown, uncontrolled spread of the virus, and emotional breakdown brought by the virus. The Malaysia market, however, went through a severe downturn in terms of the economy, almost all the economic activity was put to stop other than essential items. This also affected the Malaysia Candle Market share as the tourism and household sectors both being major users of the candle market, leading to a decline in the market.

Competitive Landscape for the Malaysia Candle Market

The companies are focusing on increasing their distribution footprint across various segments such as hypermarkets, supermarkets, convenience stores, online channels, and mobile apps. In addition, these companies are also focusing on marketing initiatives such as social media marketing, influencer marketing, and event sponsorships to reach out to a wider consumer base.

Key Attractiveness of the Report

COVID-19 Impact on the Market.
10 Years Market Numbers.
Historical Data Starting from 2018 to 2021.
Base Year: 2021.
Forecast Data until 2028.
Key Performance Indicators Impacting the Market.
Major Upcoming Developments and Projects.

Key Highlights of the Report

Malaysia Candle Market Outlook
Market Size of Malaysia Candle Market, 2021
Forecast of Malaysia Candle Market, 2028
Historical Data and Forecast of Malaysia Candle Revenues & Volume for the Period 2018 - 2028
Malaysia Candle Market Trend Evolution
Malaysia Candle Market Drivers and Challenges
Malaysia Candle Price Trends
Malaysia Candle Porter's Five Forces
Malaysia Candle Industry Life Cycle
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Product Type for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Votive for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Container Candle for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Pillars for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Tapers for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Others for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Wax for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Paraffin for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Soy Wax for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Beeswax for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Palm Wax for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Others for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Distribution Channel for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Offline for the Period 2018 - 2028
Historical Data and Forecast of Malaysia Candle Market Revenues & Volume By Online for the Period 2018 - 2028
Malaysia Candle Import Export Trade Statistics
Market Opportunity Assessment By Product Type
Market Opportunity Assessment By Wax
Market Opportunity Assessment By Distribution Channel
Malaysia Candle Top Companies Market Share
Malaysia Candle Competitive Benchmarking By Technical and Operational Parameters
Malaysia Candle Company Profiles
Malaysia Candle Key Strategic Recommendations