DUBLIN–(BUSINESS WIRE)–The “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)” report has been added to ResearchAndMarkets.com’s offering.
The luxury candle market was valued at US$ 370.95 million in 2021 and is projected to reach US$ 525.28 million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028.
Luxury candles consist of premium fragrances and stylish packaging. Different types of waxes, such as paraffin wax, beeswax, and vegetable wax, are used to manufacture luxury candles. 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 decor item.
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; However, the online retail segment is expected to record the highest CAGR during the forecast period. Ecommerce platforms such as Amazon, Shopify, and eBay are gaining huge traction among consumers for buying luxury candles.
Consumers can conveniently buy the desirable product just by sitting at home. Additionally, e-commerce played a vital role during the initial months of the COVID-19 pandemic as physical retail stores were not permitted to operate. People buy use e-commerce platforms to essential as well as non-essential products, even during lockdowns.
During the pandemic, the fragrance product category was one of the few bright spots for beauty retailers, as the majority of the buyers bought home scents like candles and diffusers through online retail platforms. This factor is projected to potentially bolster the growth of online retail channels over the forecast period.
In 2020, North America held the largest share of the global luxury candle market, and Asia Pacific is estimated to register the fastest CAGR over the forecast period. Luxury candles are becoming increasingly popular amongst the people in North America owing to their unique fragrances and attractive packaging.
Candles are becoming an integral part of self-care routines. High awareness about self-love and emotional well-being drives the utilization of scented candles in self-care routines as they create a calming and soothing effect.
Moreover, people across the region have hectic work schedules and busy lifestyles that create stress management issues. Therefore, people follow strict self-care routines. This factor is primarily driving the growth of the regional luxury candle market.
The Estee Lauder Companies Inc.
Creed Boutique, LLC
Acqua di Parma Srl
Parfums de Marly
Maison Francis Kurkdjianare
Key Market Dynamics
Rising Inclusion of Luxury Candles in Self-Care Routines
Rising Home Decor Industry
Availability of Low-Priced Products
Growing Social Media Influence and Rising Penetration of E-commerce Platforms
For more information about this report visit https://www.researchandmarkets.com/r/uvg5uu