Global Luxury Candle Market Size, Share & Industry Trends Analysis Report By Product, By Distribution Channel (Departmental Stores, Specialty Stores, Stand-Alone Boutiques and Online), By Wax Type, By Regional Outlook and Forecast, 2023 - 2029
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Get in-depth analysis of the COVID-19 impact on the Luxury Candle Market
Market Report Description
The Global Luxury Candle Market size is expected to reach $939 Million by 2029, rising at a market growth of 10.3% CAGR during the forecast period.
Luxury candles have high-quality fragrances and chic packaging. Several waxes, including beeswax, paraffin wax, and vegetable wax, are employed to create luxury candles. These candles' incorporation of essential oils and distinctive smells produces a peaceful and soothing effect. As a result, luxury candles quickly become a rage in self-care routines, aromatherapy, and home decor.
A luxury candle can occasionally cost three to four times as much as a regular candle while still burning and emitting its perfume. As a result, luxury candles are now associated with unique gift-giving occasions and unforgettable festivities. Brands of luxury candles pay rigorous attention to the quality, appearance, and design of their fragrance oils. The outcome is a high-end candle that embodies their company identity. Here are a few elements that go into making a high-end candle.
Complex molecules called fragrances are created from aromatic raw ingredients. When making a luxury candle, the fragrance oils source is an important factor to consider. Although there are many different perfumes available, premium brands are picky about the quality and region of origin of their fragrances. Fragrance oil extraction and production have a long history in Grasse, a little medieval town in southern France.
User can implement cutting-edge extraction procedures with little environmental impact by purchasing from reputable fragrance suppliers. While many scent oils still come from organic materials like plants, roots, and flowers, more and more are now synthetic. Due to their higher perceived value—they are seen as being healthier, more sustainable, and more environmentally friendly—natural perfumes are becoming popular nowadays.
COVID-19 Impact Analysis
Numerous industries, particularly the consumer goods sector, have been adversely affected by the COVID-19 pandemic. The nationwide lockdown or border restrictions greatly interrupted the supply chains, impacting the manufacture and distribution of many items. Due to the lockdowns brought on by COVID-19, most people were confined to their houses, which led to an increase in the sales of home fragrance items, particularly expensive candles. In addition, consumers started spending more time on self-care practices to reduce anxiety, stress, and discomfort. All these elements created favorable growth prospects for the luxury candle market.
Market Growth Factors
Expansion Of E-Commerce Sector
The significant expansion of e-commerce channels worldwide has contributed to the growth of the online retailing industry. The rise of online home décor commerce is also fueled by rising home improvement spending. The key element influencing the online purchase of decorative home goods like candles in various colors and sizes is the advent of new chances for consumers to shop online. More people are buying these attractive and useful things online due to the large discounts, modern designs, and convenience of shopping from home. Because of the candle's numerous advantages and increasing e-commerce, the market for luxury cosmetics is anticipated to grow.
Growing Use as Home Décor
Home décor has become more popular due to the increase in wealthy people in various emerging economies. Customers' preferences for eco-friendly home décor items have changed due to rising environmental awareness among customers. Rising consumer disposable income in developed & developing countries is the fuel. The sector has grown significantly due to aggressive advertising and celebrity endorsements. In addition, there is a rising desire for distinctive and popular goods like scented candles. In addition, the candles can have a noticeable impact on the mood of the space after being lit and make the user feel happy. The market's expansion is anticipated to be aided by a surge in demand for distinctive and trendy decor items and products that improve mood and ambiance.
Market Restraining Factors
Availability Of Better Alternatives for Home Décor and Fragrance
Although wax-made candles are not intended for long-term use, they are recognized to provide aesthetic appeal to the space. Typically, an 8-ounce candle burns for two to three days. However, essential oils that are packaged in smaller bottles will last for more complete diffuser sessions. The user can use essential oil for more than three days using a 5ml bottle. The aroma of the essential oils can be enjoyed for much longer than a diffuser's annual lifespan. In addition, these oils can be blended to provide a unique aroma. Essential oil diffusers don't need heat and can be left unattended, helping the user unwind while sleeping. Because of essential oils' advantages over candles, their use may become more widespread, which would impede the expansion of the market for luxury candles.
Based on product, the luxury candle market is divided into container, pillar, votive, tapers, and others. The containers segment witnessed the largest revenue share in the luxury candle market in 2022. Their growing popularity is related to their use as decorative objects. They are in a container that can withstand heat and are modest in size. In their simplest form, they are composed of wax placed inside a heat-resistant container with a center wick. They are employed for safety and primarily for aesthetic reasons.
Distribution Channel Outlook
By distribution channel, the luxury candle market is bifurcated into stand-alone boutiques, departmental stores, specialty stores, and online. The online segment recorded a remarkable revenue share in the luxury candle market in 2022. Social media platforms like Instagram and Etsy are key hubs for selling luxury candles and sourcing high-end goods worldwide. Additionally, there has been a steady increase in new firms introducing their goods through online stores like Shopify and Squarespace.
Wax Type Outlook
On the basis of wax type., the luxury candle market is segmented into paraffin, soywax, beeswax, palm wax, and others. In 2022, the paraffin wax segment dominated the luxury candle market with the maximum revenue share. Because it is more readily available and simpler to deal with than other forms of wax, paraffin wax is the most frequently used for luxury candles. Due to its ability to keep substantial amounts of color and smell, the wax is frequently employed by many candle makers.
|Market size value in 2022||USD 481.3 Million|
|Market size forecast in 2029||USD 939 Million|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 10.3% from 2023 to 2029|
|Number of Pages||223|
|Number of Table||404|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Distribution Channel, Wax Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the luxury candle market is analysed across North America, Europe, Asia pacific and LAMEA. In 2022, the Europe region led the luxury candle market by generating the highest revenue share. Europe is home to many well-known luxury candle companies. One of the most luxurious candle brands available worldwide is Jo Malone London. Luxury candles are valued more as a pleasurable experience than as a simple product. The calming scents improve people's lives and aid in their ability to cope with stress and worry.
Free Valuable Insights: Global Luxury Candle Market size to reach USD 939 Million by 2029
KBV Cardinal Matrix - Luxury Candle Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; LVMH SE is the forerunner in the Luxury Candle Market. Companies such as Le Labo (The Estée Lauder Companies, Inc.), Diptyque SAS (Manzanita Capital UK LLP), and Byredo (PUIG, S.L.) are some of the key innovators in Luxury Candle Market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include LVMH SE, Diptyque SAS (Manzanita Capital UK LLP), Hermès International, Trudon, Ellis Brooklyn, E&B Parfums SL, LUMIRA Co Pty Ltd, Le Labo (The Estée Lauder Companies, Inc.), Byredo (PUIG, S.L.) and Fornasetti S.P.A.
Strategies deployed in Luxury Candle Market
» Product Launches and Expansions:
- Oct-2022: Le Labo and The Metropolitan Museum of Art (MET) launched Laurier 62, a special edition candle. The special edition candle is inspired by a painting and is available in various scent notes including, rosemary, thyme, clove, laurel, and amber, among others.
- Jun-2022: Ellis Brooklyn together with Peroni Nastro Azzurro introduced The Italian Spritz Collection. The new collection includes a pack of six scents by Ellis Brooklyn, with complementing tasting notes of a Peroni or Peroni-infused spritz cocktail.
- Jun-2022: Diptyque unveiled La Droguerie. La Droguerie is a range of household cleaning products that complements the company's already existing product offerings including, perfumes, home decor, and scented candles. The recently launched product range includes a cleaning brush, dish wash liquid, surface cleaner, anti-odor candle, and leather and wood care lotion.
- May-2021: Le Labo introduced Encens 9 Candle. The Encens 9 Candle comes in an 8.6-ounce glass jar and also comes with an option to personalize the box and the label. Additionally, the candle has notes of spices and amber.
- Jan-2021: Diptyque launched a 60th-anniversary collection of candles by rethinking four of the House’s scents in the Dancing Ovals grouping and counting a re-branded look. The company enables enhancement to its new limited-edition graphic presentation including white and black hypnotic lines with new multicolor labels on the separate candle.
» Geographical Expansions:
- Mar-2022: Diptyque expanded its geographical footprint by setting up a new standalone brick-and-mortar store in Yorkdale Shopping Centre, Toronto, Canada. The new store is a part of the company's DTC expansion.
» Acquisitions and Mergers:
- Jan-2021: LVMH took over Tiffany & Co., a US-based designer, manufacturer, and marketer of luxury goods. The addition of Tiffany & Co. perfectly complements LVMH's 75 distinguished Maisons.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- Departmental Stores
- Specialty Stores
- Stand-Alone Boutiques
By Wax Type
- Palm Wax
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- LVMH SE
- Diptyque SAS (Manzanita Capital UK LLP)
- Hermès International
- Ellis Brooklyn
- E&B Parfums SL
- LUMIRA Co Pty Ltd
- Le Labo (The Estée Lauder Companies, Inc.)
- Byredo (PUIG, S.L.)
- Fornasetti S.P.A.
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North America Luxury Candle Market Report 2023-2029
Europe Luxury Candle Market Report 2023-2029
Asia Pacific Luxury Candle Market Report 2023-2029
What would be the size of this Market by 2029?
The Market size is projected to reach USD 939 Million by 2029.
What are the key driving factors and challenges in this Market?
Expansion Of E-Commerce Sector are driving the Market in coming years, however, Availability Of Better Alternatives for Home Décor and Fragrance restraints the growth of the Market.
What are the major top companies in the competitive landscape?
LVMH SE, Diptyque SAS (Manzanita Capital UK LLP), Hermès International, Trudon, Ellis Brooklyn, E&B Parfums SL, LUMIRA Co Pty Ltd, Le Labo (The Estée Lauder Companies, Inc.), Byredo (PUIG, S.L.) and Fornasetti S.P.A.
At what CAGR is the Market estimate to grow in the forecast period?
The expected CAGR of this Market is 10.3% from 2023 to 2029.
Which segment is leading the Market in 2022?
The Departmental Stores market is leading the Market by Distribution Channel in 2022; thereby, achieving a market value of $442.3 Million by 2029.
Which region dominated the Market in 2022?
The Europe market dominated the Market by Region in 2022; thereby, achieving a market value of $323.1 Million by 2029.