Luxury Candle Market Size, Share & Trends Analysis Report By Product (Container, Pillar, Votive, Tapers, Others), By Wax Type, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Luxury Candle Market Size, Share & Trends Analysis Report By Product (Container, Pillar, Votive, Tapers, Others), By Wax Type, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Luxury Candle Market Growth & Trends

The global luxury candle market is expected to reach USD 1.18 billion by 2030, expanding at a CAGR of 10.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. Absence of toxin emissions while burning luxury candles, increasing demand for aromatherapy and spa treatments, rising demand for home fragrances, coupled with high adoption of luxury candles as a means of enhancing the aesthetics and ambiance of home spaces is driving the market growth.

Luxury candles have become more widely used in commercial settings over the past few years. For a calming impact, many spa and massage facilities use candles infused with essential oils. Luxury candles are in high demand as saunas and aromatherapy become more and more popular.Similarly, restaurants and fine dining establishments have been utilizing these goods more frequently to provide their patrons with a stunning and fragrant environment.

The growing disposable income of younger generations and their readiness to invest in home décor are the main factors driving the market for luxury candles. While it is common knowledge that candles are less expensive than bags or shoes, fashion companies are entering the market with astronomical prices. Gucci, for instance, introduced two candle brands with prices beginning at USD 300. Esotericum, XL feline head candle from the clothing brand costs USD 790 at retail.

The increase in self-care is a key element fueling the candle boom. A variety of wellness accessories for the house are frequently offered for sale by players in the wellness industry, particularly lifestyle-wellness hybrids like Goop and Honest. Additionally, Candles are increasingly common in beauty kits and gift sets as the beauty industry uses the concepts of rituals and faith to market products.

COVID-19 played an important role in the increased adoption of candles. In 2020, candles transformed people’s quarantine experiences. Moreover, e-commerce vendors are marketing artistically-designed candles with sculptural shapes and crafting, which has further boosted consumer interest in luxury candles. Although candles are not a seasonal business, regular candle buyers purchase new ones year-round. According to National Candle Association (NCA), around 35% of candle sales happen in the U.S. during Christmas and the holiday season.The non-seasonal candle business is responsible for around 65% of sales. Over 64% of consumers buy scented candles to gift their friends and families for various occasions.

Luxury Candle Market Report Highlights

• Container product type dominated the market in 2022. Consumers frequently use container candles because they are secure and more aesthetically pleasing. They are simple to store and typically have a lid to keep the scent in. A number of retail establishments also carry container candles in a variety of fragrances for aisle displays
• Soy wax based candles are set to rise at the fastest rate in the market. These candles are considered to be better than paraffin wax as it is natural and renewable. Moreover, these candles offer slow burn and appeal to consumers who are looking for sustainable alternatives
• Departmental stores are forecasted to retain its dominant position in terms of distribution channel. Customers who buy candles prefer department shops because they can sample different scents there before deciding to buy. It also becomes more convenient for customers to purchase a variety of items at once and under one roof as these shops also sell other household goods

Please note The report will be delivered in 3-8 business days upon order notification.