Press Release

Luxury Candle Market to Grow with a CAGR of 9.82% through 2028

Changing consumers preferences and lifestyles, popular choices for gifts due to their elegant presentation and association with luxury is likely to boost the growth of the luxury candle market size during the forecast period.

 

According to the TechSci Research report, “Global Luxury Candle Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”. The luxury candle market has witnessed remarkable growth and transformation in recent years, becoming a significant segment within the broader home fragrance industry. This market's expansion can be attributed to a confluence of factors, ranging from shifting consumer preferences and lifestyle changes to innovative product offerings and effective marketing strategies.

In an era marked by busy schedules and constant connectivity, consumers are increasingly seeking solace and tranquility within the confines of their homes. Luxury candles cater to this desire by providing an opportunity to create soothing environments that promote relaxation, stress relief, and emotional rejuvenation. The market has capitalized on the growing emphasis on self-care and wellness, positioning luxury candles as integral elements in daily rituals that enhance mental and emotional balance.

The appeal of luxury candles extends beyond their olfactory delights. These candles are meticulously crafted using premium materials, innovative designs, and meticulous attention to detail. High-quality waxes such as soy, beeswax, and coconut are often used, ensuring clean and even burns. Fragrances are carefully curated, offering complex and sophisticated blends that evoke specific moods and emotions. Packaging is a crucial element in the luxury candle experience, with elegant designs and upscale materials contributing to the overall sense of opulence.

In addition, social media has played a pivotal role in catapulting the luxury candle market into the spotlight. Platforms like Instagram have turned candles into visual and shareable aesthetics, capturing the attention of consumers seeking to curate visually pleasing spaces. Brands capitalize on this trend by designing candles that are not just functional items but also statement pieces that add flair to interior decor. The luxury candles has effectively turned them into lifestyle symbols, encouraging consumers to engage with these products beyond their practical use. Gift-giving has further fueled the demand for luxury candles. The elegance of these candles, combined with their universal appeal, makes them a popular choice for various occasions. Whether as housewarming presents, anniversary gifts, or tokens of appreciation, luxury candles convey a sense of thoughtfulness and sophistication. The act of gifting a beautifully packaged candle has become a way to express sentiments and create lasting impressions.

 

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Consumers are increasingly drawn to brands that prioritize ethical sourcing, natural ingredients, and eco-friendly packaging. This shift towards sustainability aligns with the broader trend of responsible consumption, with environmentally aware consumers seeking products that resonate with their values.

The luxury candle market thrives on innovation, with brands constantly pushing the boundaries of creativity. Limited edition releases, collaborations with renowned designers and perfumers, and the introduction of unique fragrances keep consumers engaged and excited. Personalization is also gaining ground, allowing customers to choose scents, vessel designs, and packaging details that resonate with their personal tastes.

As the market continues to evolve, it's becoming evident that luxury candles are not just commodities; they are gateways to moments of indulgence, relaxation, and self-care. Their allure goes beyond mere functionality, tapping into the deeper human desire for sensorial gratification and emotional connection. With the ongoing expansion of wellness trends, the power of social media, and the persistence of individualism in consumer choices, the luxury candle market is poised to remain a vibrant and captivating niche within the broader lifestyle industry.

The global luxury candle market is segmented based on product type, wax type, sales channel, and region.

According to wax type, paraffin wax had a larger market share in 2022. Paraffin wax is most often used for luxury candles since it is more widely available and user-friendly than other types of wax. The wax is widely used in many candle brands since it can hold a lot of colour and smell. Slow-burning soy wax candles are popular with consumers seeking eco-friendly products. The candle industry is constantly embracing natural resources and promoting innovation. Candle manufacturers use soy blends and essential oils to create designer candles.

 

Key market players operating in the global luxury candle market include:

  • Byredo
  • Diptyque Paris
  • Jo Malone London
  • Fornasetti S.P.A.
  • c.f.e.b. SISLEY
  • Eight & Bob
  • LUMIRA Co Pty Ltd
  • Le Labo
  • Trudon
  • Louis Vuitton  

 

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“The global Luxury Candle market has experienced remarkable growth in recent times, fueled by ranging from shifting consumer preferences and lifestyle changes to innovative product offerings and effective marketing strategies. Moreover, the market for luxury candles is mostly driven by younger generations' rising disposable income and willingness to invest in home décor. Additionally, in order to give their customers a beautiful and fragrant environment, restaurants and fine dining venues have begun using these products more regularly. These factors are fueling the market for luxury candles during the forecast period” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Luxury Candle Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Scented, Regular), By Wax Type (Paraffin, Soywax, Beeswax, Palm Wax, Others), By Sales Channel (Supermarkets & Hypermarkets, Specialty Stores, Convenience Stores, Online and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of the global luxury candle market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the market of luxury candle globally.

 

Contact

Mr. Ken Mathews

Techsci Research LLC

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New York, United States- 10170                   

Tel: +13322586602

Email: [email protected]

Website: www.techsciresearch.com

Relevant Reports

Luxury Candle Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Scented, Regular), By Wax Type (Paraffin, Soywax, Beeswax, Palm Wax, Others), By Sales Channel (Supermarkets & Hypermarkets, Specialty Stores, Convenience Stores, Online and Others), By Region, By Competition Forecast & Opportunities 2018-2028F

Consumer Goods and Retail | Nov, 2023

Changing consumers preferences and lifestyles, popular choices for gifts due to their elegant presentation and association with luxury is likely to boost the growth of the Luxury Candle market size during the forecast period.

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