luxury candle market was valued at US$ 370.95 Mn in 2021 and is projected to reach US$ 525.28 Mn by 2028; it is expected to grow at a CAGR of 5.1% By 2028.

NEW YORK, UNITED STATES, January 21, 2022 /EINPresswire.com/ -- According to our latest market study on “Luxury Candle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Scented and Regular) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others),’’ market was valued at US$ 370.95 million in 2021 and is projected to reach US$ 525.28 million by 2028; it is estimated to register a CAGR of 5.1% from 2021 to 2028.

Report Coverage Details
Market Size Value in - US$ 370.95 million in 2021
Market Size Value by - US$ 525.28 million by 2028
Growth rate - CAGR of 5.1% from 2021 to 2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 130
No. Tables - 56
No. of Charts & Figures - 71
Historical data available - Yes
Segments covered - Type, and Distribution Channel
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Rising Product Innovations and Rising Penetration of E-commerce Platforms are the Key Factors Driving the Market Growth

Luxury candles consist of premium fragrances and stylish packaging. Different types of waxes are used to manufacture luxury candles which include paraffin wax, beeswax, and vegetable wax, among others. These candles are infused with essential oils and unique fragrances that create a calming and soothing effect. Luxury candles are becoming highly popular in self-care routines, aromatherapy, and as a home décor item.

Manufacturers of luxury candles are focusing on product innovation strategies to expand their customer base. They marketed comfort scents like fir and sugar cookies during the early stages of the COVID-19 outbreak to alleviate people's discomfort and insecurity. They also concentrated on innovative packaging based on nostalgic trends, with jewel-toned hues and fascinating new textures, such as leather or stone, and unique vessels and candle containers. Moreover, manufacturers are using vegetable wax such as soy wax, palm wax, and coconut wax instead of paraffin wax as vegetable wax is a non-toxic and environment-friendly alternative to paraffin wax. Rising inclination towards vegetable wax over paraffin or petroleum-based wax owing to growing concerns related to environmental sustainability is propelling the manufacturers to launch vegetable wax-based candles. Thus, rising product innovation is expected to open lucrative opportunities for the manufacturers of luxury candles over the forecast period.

The COVID-19 pandemic has negatively impacted many industries, including the consumer goods industry. The supply chains were disrupted severely due to nationwide lockdown and border restrictions, which affected the production and distribution of various products. The majority of the people were confined to their homes due to the COVID-19-induced lockdowns, owing to which there was a hike in the sale of home fragrance products, including luxury candles. Consumers began focusing their time on self-care routines to minimize stress, anxiety, and discomfort. All these factors opened positive growth opportunities for the luxury candle market. Industries are recovering from their losses and manufacturers are now permitted to operate with full capacity. Thus, luxury candle manufacturers are able to overcome the demand and supply gap due to the revival of their operations. Additionally, the luxury candle market is expected to witness significant growth in the coming years due to the cross-border movement of people and the growth of the tourism industry.

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Type Insights

Based on type, the luxury candle market is bifurcated into scented and regular. The scented segment accounted for a larger market share in 2020 is expected to register a higher CAGR during the forecast period. Scented candles come in a range of fragrances, including fruity, herbal, earthy, airy, woodsy, masculine, feminine, and floral. They are widely being used in home decor by therapists across massage centers and spas to create a calming and soothing effect. Due to these factors, the demand for scented candles is projected to proliferate in the coming years.

Distribution Channel Insights

Based on distribution channel, the luxury candle market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest market share in 2020, and the online retail segment is expected to register the highest CAGR during the forecast period. Supermarkets and hypermarkets are large retail stores that offer a wide range are considered effective distribution channels for luxury candles. In comparison to other distribution channels, supermarkets and hypermarkets provide a variety of items from different brands at one convenient location and at reasonable costs.

Luxury Candle Market: Competitive Landscape and Key Developments

A few players operating in the luxury candle market include The Estée Lauder Companies Inc.; Diptyque; SISLEY; HERMES; Creed Boutique, LLC; Acqua di Parma S.r.l.; Newell Brands; Parfums de Marly; Louis Vuitton; and Maison Francis Kurkdjian.

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