The Asia Pacific Luxury Candle Market would witness market growth of 10.7% CAGR during the forecast period (2023-2029).
Luxury candle sales are rising due to social media sites like Instagram. With their clean, minimalist packaging and clever use of influencers, independent candle firms like Homesick and Boy Smells, which may have previously only been available online, like Etsy, have become well-known on social media. In addition, millennials make up most of Instagram's user base and spend more than baby boomers on self-care practices.
The market is expected to be driven by the widespread usage of luxury candles, particularly among millennial households, to improve the appearance and ambiance of living spaces. In addition, innovative items have been introduced by fashion companies, independent firms, and beauty merchants to continually draw in new clients and keep the ones they already have. Luxury scented candles are excellent in dispelling odors and giving everyone a special experience in addition to their attractive style. Numerous fragrant combinations have been shown to assist people in achieving a calmer, more balanced frame of mind, which lowers stress levels.
Due to rising organic and natural ingredient demand, high disposable income, and consumer appeal toward luxury goods, Asia-Pacific is experiencing increased demand for luxury candles and goods. In addition, people prefer aromatherapy for their physical and mental well-being due to urbanization, changing lifestyles, and stressful lives. In aromatherapy, candles are essential.
The COVID-19 pandemic has led to mental health issues, and as a result, residents in the region are being exposed to "extraordinary events" more frequently. Numerous manifestations include mental problems like anxiety and depression, physiological effects including interrupted sleep or hunger, and substance abuse. Most people with these symptoms only experience mild, transient symptoms, but a sizeable portion may experience severe mental health issues that call for additional mental health care. There are at-home remedies for these symptoms, one of those being candle therapy, which helps ease anxiety. The market for luxury candles is thus expected to expand in the Asia Pacific region due to people's increasing desire for these therapies.
The China market dominated the Asia Pacific Luxury Candle Market by Country in 2022; thereby, achieving a market value of $75.4 Million by 2029. The Japan market is poised to grow at a CAGR of 10% during (2023 - 2029). Additionally, The India market would exhibit a CAGR of 11.4% during (2023 - 2029).
Based on Product, the market is segmented into Container, Pillar, Votive, Tapers and Others. Based on Distribution Channel, the market is segmented into Departmental Stores, Specialty Stores, Stand-Alone Boutiques and Online. Based on Wax Type, the market is segmented into Paraffin, Soywax, Beeswax, Palm Wax and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Luxury Candle Market is Projected to reach USD 939 Million by 2029, at a CAGR of 10.3%
The market research report covers the analysis of key stake holders 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.
By Product
By Distribution Channel
By Wax Type
By Country
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