Luxury Candle Market Share, Trends and Analysis to 2028

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)

Publication Month : Dec 2021

  • Report Code : TIPRE00024382
  • Category : Consumer Goods
  • Status : Published
  • No. of Pages : 130
Inquire Before Buy

PRICING

$4550

$2730

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.

The global luxury candle market growth is being driven by the rising adoption of aromatherapy, increasing preference for home decor, and growing number of high net worth individuals (HNWIs). The attractive packaging and novel fragrance being incorporated in luxury candles pave the way for profitable growth opportunities for the active vendors in the market.

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. The rising inclination of people in countries such as China, India, and Japan toward self-care and self-love is driving the demand for luxury candles. Moreover, the increasing influence of social media and celebrities on people's lifestyles is one of the significant factors driving the growth of the luxury candles market in Asia Pacific. People in the region readily follow social media trends and influencers and celebrities. Manufacturers of luxury candles collaborate with celebrities and social media influencers and are also launch paid promotion campaigns to boost the sales of their products. Moreover, rising per capita income and growing expenditure on home decor and home renovation activities across Asia Pacific are expected to propel the growth of the luxury candles market over the forecast period.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Luxury Candle Market: Strategic Insights

luxury-candles-market
Market Size Value inUS$ 370.95 million in 2021
Market Size Value byUS$ 525.28 million by 2028
Growth rateCAGR of 5.1% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
Analyst Image

Shejal

Have a question?

Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Impact of COVID-19 Pandemic on Luxury Candle Market

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.

Luxury Candle Market Breakdown: By Region

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Market Insights

Rising Home Decor Industry 

The home furnishing and home decor sector has seen significant expansion in recent years, owing to an increase in people's interest in making their living spaces more pleasant and homely. Moreover, people spent more time inside their houses due to the outbreak of COVID-19 and stay-at-home mandates. As a result, many people began to redecorate and modify their homes. This resulted in increased sales of home decor items such as curtains, pillows, lamps, vases, and candles. Consumers are looking for new ways to brighten up their living spaces; therefore, sales of home decor items are projected to increase significantly in the coming years. Candles are an important element of celebrations, festivities, and home decor. They enhance the ambiance and add a finishing touch to the overall decoration. Moreover, candles suit any home decor theme, which make them versatile home decor products. Thus, the rapidly expanding home decor industry is significantly boosting the growth of the luxury candle market.

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.

Luxury Candle Market, by Type – 2020 and 2028

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

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. Many leading manufacturers of luxury candles target selling their products through prominent supermarkets and hypermarket chains such as Walmart, Lidl, and Kroger as there is high customer traffic. Such stores have a separate section of beauty and wellness products where customers can easily find the specific product. This factor is also driving the popularity of supermarkets and hypermarkets for purchasing luxury candles.

 

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. These players majorly focus on product innovation and research and development. They incorporate premium and unique fragrances in the product to acquire large consumer groups across the globe. Such strategies are projected to open lucrative growth opportunities for the luxury candle market in the coming years.

Report Spotlights

  • Progressive industry trends in the luxury candle market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the luxury candle market from 2019 to 2028
  • Estimation of global demand for luxury candle
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook as well as factors driving and restraining the growth of the luxury candle market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The size of the luxury candle market at various nodes
  • Detailed overview and segmentation of the market, as well as the luxury candle industry dynamics
  • Size of the luxury candle market in various regions with promising growth opportunities

Based on type, the luxury candle market is bifurcated into scented and regular. Based on distribution channel, the global luxury candle market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Geographically, the luxury candle market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM).

The key players operating in the global 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.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Distribution Channel

Regional Scope
Regional Scope

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

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Can you list some of the major players operating in the global styrene monomer market?

The major players operating in the global styrene monomer market are Americas Styrenics LLC (AmSty), Asahi Kasei Corporation, BASF SE, Idemitsu Kosan Co.,Ltd., INEOS Styrolution Group GmbH, LG Chem, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., Trinseo, Westlake Chemical Corporation, among others.

Which region held the largest share of the global styrene monomer market?

In 2021, Asia Pacific held the largest share of the global styrene monomer market. The food industry is one of the major end-users of the styrene monomer as it is extensively utilized in food packaging. Moreover, in the Asia Pacific region, growing construction work is expected to accelerate the demand for styrene monomers.

Based on application, which segment is leading the global styrene monomer market during the forecast period?

The polystyrene segment held the largest share of the global styrene monomer market in 2021. Styrene is mainly used in the production of polystyrene, which is a major material used in applications such as packaging, consumer electronics, toys, recreational equipment, and refrigerator door liners.

Based on end-use industry, which segment is leading the global styrene monomer market during the forecast period?

The packaging segment held the largest share of the styrene monomer market in 2021. Styrene monomers are extensively utilized in food packaging. Polystyrene foam is used in lightweight protective packaging and foodservice containers.

Based on application, which segment is the fastest growing segment in the global styrene monomer market?

The Acrylonitrile-Butadiene Styrene (ABS) segment is the fastest growing segment in the global styrene monomer market during the forecasted period. Various properties of acrylonitrile-butadiene styrene plastic make it a suitable material for applications such as automotive, sports equipment, electrical appliances, and toys.

Based on end-use industry, which segment is the fastest growing segment in the global styrene monomer market?

The automobile segment is the fastest growing segment in the global styrene monomer market during the forecasted period. Acrylonitrile-butadiene styrene (as a thermoplastic resin) and styrene-acrylonitrile are used in automotive applications.

The List of Companies - Luxury Candle Market

  1. The Estée Lauder Companies Inc.
  2. Diptyque
  3. SISLEY
  4. HERMES
  5. Creed Boutique, LLC
  6. Acqua di Parma S.r.l.
  7. Newell Brands
  8. Parfums de Marly
  9. Louis Vuitton
  10. Maison Francis Kurkdjianare

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Luxury Candle Market