Research Methodology on Candles Market
Introduction
The published research report by Market Research Future (MRFR) on the candles market provides a comprehensive assessment of the market drivers, trends, opportunities, and restraints. This analysis is based on primary and secondary sources. Secondary sources include news articles, statistical databases, governmental sources, and trade associations. Primary sources include interviews with industry experts, company executives, and stakeholders. This report offers a detailed value chain analysis to identify the key stakeholders and the key markets for manufacturing, trading, and product distribution. This research methodology utilizes the exhaustive interviews with industry experts, company executives, and stakeholders. Data obtained through these interviews is organized and analyzed to get a detailed understanding of the market.
Scope of the Study
This report offers an in-depth study of the candles market. The report covers an analysis of the market trends and drivers, expected growth opportunities, and potential restraints. The report covers qualitative and quantitative aspects of the market. Furthermore, a detailed regional analysis of the market is undertaken followed by a global assessment.
Research Objective
This study aims to provide an in-depth assessment of the candles market and identify the key drivers and restraints that are impacting the market. Additionally, the report also offers an analysis of the market trends and the competitive landscape.
Assumptions
This report makes certain assumptions such as the availability of raw materials and drivers, the global demand for candles, and economic stability.
Market Definition
A candle is defined as a device composed of wax or other combustible material, used chiefly for lighting, decorative, and religious purposes. Candles have also traditionally been used as a source of fuel in many parts of the world because of their weak flame and smokeless burn. Candles are usually made up of flammable solids such as paraffin wax and dye, and consist of a wick, a fuel source, and a holder.
Market Segmentation
The MRFR report on the candles market is segmented on the basis of product type, application, distribution channel, and region. On the basis of product type, the candles market is segmented into paraffin wax, gel wax, beeswax, soy wax, and palm wax. In terms of application, the market is segmented into interior design, religious ceremonies and events, gift packaging, and others. On the basis of distribution channel, the market is segmented into superstores, hypermarkets, specialty stores, e-commerce, and others.
Regional Analysis
The market for candles is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominates the global candles market owing to a high demand for the product from religious services and interior design. Additionally, the emergence of luxury scented candle brands in the US has increased the popularity of candles as a gift item, further boosting the growth of the market. Europe accounts for the second largest share of the global candles market owing to a large demand from countries such as France, Germany, and the United Kingdom.
Data Collection and Analysis Strengths
This report relies on both primary and secondary sources of data and provides a detailed analysis of the candles market. Primary sources for data include face-to-face and telephone interviews with industry experts and stakeholders, surveys, social media and market analysis. Secondary sources include news articles, governmental and trade associations' sources, academic journals, and statistical databases.
The primary research is concentrated on understanding the opinion of industry experts, opinion leaders, and stakeholders. The secondary research is conducted utilizing data from trade journals, government sources, and industry-specific databases, while triangulation of the data is performed to ensure accuracy. The market data is analyzed using statistical techniques such as correlation analysis, regression analysis, and ANOVA.