Scented Segment to Dominate Asia-Pacific Luxury Candle Market during 2019–2028
According to The Insight Partners market research study on “Asia-Pacific Luxury Candle Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Distribution Channel,” is expected to reach US$ 148.23 million by 2028 from US$ 100.19 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. Product innovation is the major factor driving the growth of the Asia-Pacific luxury candle market. However, availability of low-priced products may hinder the growth of Asia-Pacific luxury candle market. The report provides trends prevailing in the Asia-Pacific luxury candle market along with the drivers and restraints pertaining to the market growth.
The COVID-19 pandemic severely affected many industries, including the beauty and wellness industry across Asia-Pacific, due to the shutdown of manufacturing units, disruption of supply chains, and raw material shortage. However, China was the first of all the Asia-Pacific countries to recover from losses due to rapid vaccination and effective government regulations. This is projected to positively impact the growth of the luxury candle market. Moreover, in countries such as India and China, traditional rituals and values of burning incense supported the demand for luxury candles even during the initial phase of the COVID-19 pandemic. Furthermore, the rising penetration of e-commerce platforms across the region is projected to boost the sales of luxury candles in the coming years.
The Asia-Pacific luxury candle market is segmented into type, distribution channel, and country. Based on type, the market is segmented into regular and scented. In 2020, the scented segmented accounted for a larger revenue share. Based on distribution channel, the Asia-Pacific luxury candle market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China contributed a substantial share in 2020.
Diptyque, HERMES, Louis Vuitton, Maison Francis Kurkdjian, Newell Brands, Parfums de Marly, SISLEY, and The Estée Lauder Companies Inc. are among the leading companies in the Asia-Pacific Luxury Candle Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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