Scented Segment to Dominate South and Central America Luxury Candle Market during 2019–2028
According to The Insight Partners market research study on “South and Central America Luxury Candle Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Distribution Channel,” is expected to reach US$ 11.45 million by 2028 from US$ 7.98 million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028. Rising inclusion of luxury candles in self-care routines is the major factor driving the growth of the South and Central America luxury candle market. However, availability of low-priced products may hinder the growth of South and Central America luxury candle market. The report provides trends prevailing in the South and Central America luxury candle market along with the drivers and restraints pertaining to the market growth.
Brazil reported the highest number of COVID-19 confirmed cases, followed by Argentina, Peru, Chile, and Ecuador. Governments in South and Central America have taken an array of actions to protect their citizens and contain the spread of the novel coronavirus. Containment measures in several South and Central American countries reduced economic activity in the manufacturing and service sectors in 2020. However, as the economies are recovering from losses, the luxury candle market is also projected to witness positive growth across the region in the next few years. Moreover, as the influence of social media influencers and celebrities is increasing, people are following self-love and self-care routines, which will boost the growth of the luxury candle market in South and Central America.
The South and Central America 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 South and Central America 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 Brazil, Argentina, and rest of South and Central America. Brazil contributed a substantial share in 2020.
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 South and Central America 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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