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Luxury Candle market research report provides an in depth examination of the key factors stimulating market expansion. It also sheds light on the challenges or restraining factors that are poised to hinder industry growth over the forecast timeframe. Growth rate, market share captured, and valuation estimates for each region, segment, and company are documented as well.
The Luxury Candle market document entails a detailed rundown of the impact of the key factors on the development and growth of the of the business sphere over the forecast timeframe. Promising opportunities in the Luxury Candle market have also been mentioned in the study.
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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.
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.
Key Elements that the report acknowledges:
Growth rate and market size over the analysis timeframe.
Key factors stimulating and hindering market expansion.
Leading vendors and suppliers of the market.
Exhaustive SWOT analysis of each company.
Detailed PEST analysis by region.
Opportunities and threats faced by the existing vendors in Luxury Candle market.
Strategic initiatives undertaken by leading players.
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.
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Furthermore, the Luxury Candle market is segmented based on type, application, and region in order to study it exhaustively and provide the data in a systematic manner. Speaking of competitive landscape, the study includes a list of leading companies along with their product and service offerings, strategic decisions, SWOT analysis, latest developments, market share captured, growth rate, and valuation. The challenges faced by these companies are analyzed and solutions for them are given as well.
By Type (Scented and Regular)
By Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
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Essential points covered in Luxury Candle report are:-
What will the market size and the growth rate be in 2028?
What are the key growth stimulants of Luxury Candle market?
What are the key market trends impacting Luxury Candle market valuation?
What are the challenges to market proliferation?
Who are the key vendors in the Luxury Candle?
Which are the leading companies contributing to Luxury Candle valuation?
What was the market share held by each region in 2021?
What is the estimated growth rate and valuation of Luxury Candle in 2028?
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