The global tiki torch products market was valued at USD 3.5 billion in 2021 and is expected to reach USD 6.5 billion by 2029, growing at a CAGR of 7.3% during the forecast period. The increasing demand for tiki torch products is due to their use in a wide range of applications, such as lighting up gardens, patios, and pathways. Furthermore, the growing trend of outdoor lighting has increased the demand for tiki torches, as they are a cost-effective and energy-efficient way to light up outdoor spaces.

In addition, the increasing popularity of tiki torches as a decorative element is contributing to the growth of the market. These torches are available in various sizes, shapes, and designs, which makes them a perfect choice for adding a decorative touch to any outdoor setting. Moreover, the growing demand for sustainable lighting solutions is also driving the market growth. These torches are made of materials such as bamboo, metal, and glass, which are recyclable and generate minimal waste.

The rising demand for tiki torches from the hospitality industry is driving the market growth. Hotels and restaurants have embraced the trend of outdoor lighting, which has increased the demand for tiki torches. Moreover, the rising trend of backyard parties and barbecues has increased the demand for these torches, as they can provide a pleasant atmosphere to any outdoor setting. Furthermore, the increasing availability of tiki torch products on e-commerce platforms has further enhanced the demand for these products.

Moreover, the increasing number of product developments is contributing to the growth of the market. For instance, in January 2021, Crown Verity launched the new CV-TKL-60-EL-C tiki torch, which is a cordless, rechargeable tiki torch that runs on an internal lithium-ion battery. This torch is designed to provide a more efficient lighting source with a longer run time and brighter light output. Thus, the increasing number of product developments is expected to drive the market growth in the coming years.

The outdoor lighting segment led the market and accounted for a share of around 35.2% in 2022. Increasing demand for outdoor decorative lighting products and growing popularity of outdoor entertaining activities have been propelling the demand for tiki torch products over the years. According to an article published by The Spruce, in December 2019, tiki torches are an easy and affordable way to light up a patio or garden. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for tiki torch products worldwide.

The fuel-based segment is anticipated to expand at the fastest CAGR of 8.2% over the forecast period. Growing demand for fuel-based tiki torches due to their long-lasting flames, rising trends for outdoor entertaining activities, and the emergence of various fuel-based tiki torch brands are some of the key factors driving the fuel-based tiki torch market growth. According to an article published by The Family Handyman, in January 2020, fuel-based tiki torches are more efficient and cost-effective than electric tiki torches. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.

The offline channel is expected to dominate the tiki torch products market in 2022. This can be attributed to the fact that consumers prefer to buy tiki torch products in physical stores as they can touch, feel, and select the products. Moreover, in the offline channel, customers get an opportunity to ask questions and receive help from store personnel on product selection and usage.

The online channel is anticipated to register the fastest CAGR of 8.2% during the forecast period. This can be attributed to the fact that online platforms provide convenience, a wide range of product options, and discounts to consumers. Additionally, the increasing penetration of internet and smartphones has enabled customers to purchase tiki torch products from the comfort of their homes. Furthermore, the presence of various e-commerce players, such as Amazon, Flipkart, and Alibaba, are providing customers with the convenience of comparing prices and specifications of different products before purchase.

The traditional tiki torch segment accounted for the largest revenue share of 68.6% in the year 2022. The increasing trend of outdoor parties, such as birthdays, garden parties, and beach parties, is driving the demand for traditional tiki torches among consumers. Moreover, the rising trend of home décor is also contributing to the growth of this segment. The traditional tiki torches are widely used for garden décor, as they provide a pleasant and exotic environment. Additionally, the availability of tiki torches in various designs is propelling the demand for the traditional tiki torch segment.

The electric tiki torch segment is projected to expand at the highest CAGR of 9.6% over the forecast period. The increasing preference of consumers toward the electric torches over manual sources due to their convenience and safety is driving the market growth. Moreover, the availability of electric tiki torches in various colors and designs is projected to fuel the segment growth in the forecast period. Furthermore, the technological advancements in LED lights and their energy-saving characteristics are expected to enhance the market growth.

Asia Pacific is expected to be the largest market for tiki torches products, accounting for a revenue share of over 50% in 2022. The presence of large number of consumers in the region coupled with the growing demand for outdoor lighting solutions is driving the growth of the market. Moreover, the rising popularity of outdoor activities and the increasing disposable income of consumers are also expected to propel the growth of the market. For instance, in April 2021, Australian outdoor lifestyle brand, EcoCandles launched its first ever range of tiki torches in the Asia Pacific market.

North America is expected to be the second-largest market for tiki torches products and is expected to grow at a CAGR of 5.3% during the forecast period. The presence of prominent players, such as TIKI, who manufacture high-quality tiki torches is a key factor driving the growth of the market in this region. Moreover, the growing trend of outdoor living and landscaping activities are also expected to propel the growth of the market. For instance, in October 2021, TIKI launched a range of natural gas-powered tiki torches, aimed at enhancing the outdoor lighting experience.

In this part of the business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your tiki torch products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for the tiki torch products business will come from the sale of tiki torches and related accessories. Here you will find a list with a description of each of them including bamboo torches, metal torches, LED torches, lava rocks, fuel, and other possible sources of profit such as online sales, direct sales, and wholesales.

Projecting Expenses
In this section, all the regular expenses related to keeping the tiki torch products business running will be described. The list of operating expenses includes raw materials, wages, shipping costs, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the tiki torch market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Tiki Brand launched the Tiki Brand Modern Fire Collection, a new range of tiki torches designed to provide a stylish, contemporary look.

– In August 2022, Garden Treasures launched the Tiki Torch Collection, a range of tiki torches designed to provide a classic, timeless look.

– In October 2022, Tiki Brand launched the Tiki Brand Coastal Collection, a range of tiki torches designed to provide a beach-inspired look.

Some of the prominent players in the tiki torch market include:

– Tiki Brand
– Garden Treasures
– Tiki Island
– Lamplight
– Tiki Central
– Bambrella
– LumaBase
– The Kitchen Gardeners
– The Outdoor Greatroom Company
– Patio Living Concepts

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Tiki Torch products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Tiki Torches
– Tiki Torch Fuel
– Tiki Torch Accessories

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Metal
– Bamboo
– Wood

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Market Outlook for Tiki Torches?
[A]: The global tiki torches market is projected to grow at a CAGR of 7.1% from 2020 to 2027. Increasing demand from hotels, resorts, and other hospitality sectors, coupled with the growing trend of outdoor lighting products, is expected to support market growth.

[Q]: What is the Regional Outlook for Tiki Torches?
[A]: North America is expected to dominate the market, followed by Europe. The presence of established players in the region, increased demand for outdoor lighting products, and increasing disposable income in the region are the major factors driving the market in North America.

[Q]: What are the Key Drivers of Market Growth?
[A]: Factors such as increasing demand from the hospitality sector, rising disposable income, and increasing use of decorative lighting products are expected to drive the market growth. The growing trend of outdoor lighting products is also expected to support market growth.

[Q]: Who are the Key Players in the Tiki Torches Market?
[A]: Key players in the market include Kingfisher plc, ECONOMAX, Home Depot, Wal-Mart Stores, Inc., Gardener’s Supply Company, and Park Hill Collection.

[Q]: What are the Opportunities for Market Expansion?
[A]: The growing trend of outdoor lighting products is expected to provide potential opportunities for market expansion. Increasing demand from the hospitality industry, rising disposable income, and the increasing use of decorative lighting products are expected to create potential opportunities for market expansion.