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Luxury Candle Market Focus on Opportunities, Development Strategy, Future Plans, and Trends by Forecast 2028
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.
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.
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Luxury candles containing wax infused with essential oils are widely being used in aromatherapy as they stimulate the brain's reaction and induce the feeling of relaxation, enthusiasm, and productivity. Moreover, the dim light of candles creates a soothing effect that helps in relaxation. Therefore, people increasingly include candles in their self-care routines. Self-care routines that are practiced daily and weekly help in calming the mind and body, which aids in stress management. This also improves mental and emotional health. Candles are an excellent way to begin practicing self-care. Manufacturers are launching candles with unique fragrances that help people remember positive memories in their lives. Luxury candles are becoming an integral part of self-care routines which is potentially driving the growth of the global luxury candle market.
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.
Impact of COVID-19 Pandemic on Luxury Candle Market
The COVID-19 pandemic brought unprecedented challenges for many sectors, including the consumer goods industry. Owing to raw material and labor shortage, the shutdown of manufacturing units, and extended lockdowns, there was a shortfall in product supply in the initial months of the outbreak that created a demand and supply gap. The global marketplace is recovering from its losses, and manufacturers are now permitted to operate with full capacity. Manufacturers can overcome the demand and supply gap due to the revival of their operations. Moreover, due to rising vaccination rates across the globe, the luxury candle market is expected to witness significant growth in the coming years.
The report segments the luxury candle market as follows:
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).
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About The Insight Partners
The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialists in industries such as technology, media, food & beverages, chemicals & materials, and telecommunication.
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