Impact of COVID-19 on the Global Candles Market
The advent of the global pandemic, COVID-19, has resulted in a global crisis across the world. The outbreak has created a major disruption in the growth of Candles Market as well across the globe. Candles are light sources made up of wax, which is the mixture of hydrocarbons and a wick. The wick burns in a candle emitting light through capillary action. Nearly one-fourth of the energy from candle burning is dissipated as heat and the rest as light to the surroundings. The wax from which candles are made comes from various sources such as paraffin, vegetables, and animals. Over the last few years, the candles not only used as light sources but also it is used as home decoration products. The demand for scented candles has been surging over the last few years across the globe. One of the significant reasons for the growth of the scented candles is the rising use of the product as a homecare product. Scented candles also find widespread application in aromatherapy. The applications of aromatherapy include pain management and the treatment of cardiovascular disease, insomnia, and cold and cough. The governments in several countries have decided to extend the lock down period in maximum Covid-19 infected countries. Also, the aromatherapy facility has not been started yet in majority of the countries to slow down the spreads of Covid-19. So, the sales of scented candles are very limited during the lock down period. According to MRFR Analysis, the growth of scented candles is projected to be sluggish during the entire year. The consumers are majorly opting for essential products during lock down period. However, the scented candles do not fall under essential products bracket. Candles come in a wide price range. The demand for economical priced candles is anticipated to enhance across the globe due to the extended lock down in several countries. On the other hand, the per capita disposable income of the consumers has reduced drastically over the last couple of months due to the extended lock down which is expected to act as a major driver in the growth of economical priced candles in majority of Covid-19 infected countries. Paraffin wax is one of the major raw materials used for the production of candles. Paraffin wax is derived from petroleum, coal, or shale oil. The price of this raw material has been fluctuating due to variances in the price of crude oil which is anticipated to act as a major challenge to the manufacturers of candles.
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