Report : North America Luxury Candle Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Regular and Scented) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Scented Segment to Dominate North America Luxury Candle Market during 2019–2028
According to a new market research study on “North America Luxury Candle Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Distribution Channel,” is expected to reach US$ 190.10 million by 2028 from US$ 138.25 million in 2021. The market is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Rising inclusion of luxury candles in self-care routines is the major factor driving the growth of the North America luxury candle market. However, availability of low-priced products may hinder the growth of North America luxury candle market. The report provides trends prevailing in the North America luxury candle market along with the drivers and restraints pertaining to the market growth.
The US recorded the highest number of COVID-19 confirmed cases, followed by Mexico and Canada. The crisis adversely affected the manufacturing sector in the region due to a restricted supply chain, raw material shortage, and shutdown of manufacturing units. In addition, the overall disruptions in manufacturing processes and research and development activities restrained new developments in the luxury candle market. However, because of the work from home mandates and lockdowns, people across the region began spending time inside their homes, which positively impacted the demand for home fragrance products, including luxury candles. Furthermore, the growing celebrity influence and strong foothold of e-commerce platforms in North America are projected to boost the growth of the luxury candle market across the region.
The North America luxury candle market is segmented into type, distribution channel, and country. Based on type, the market is segmented into regular and scented. In 2020, the scented segmented accounted for a larger revenue share. Based on distribution channel, the North America luxury candle market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into US, Canada, and Mexico. The US contributed a substantial share in 2020.
Creed Boutique, LLC; Diptyque; HERMES; Louis Vuitton; Maison Francis Kurkdjian; Newell Brands; Parfums de Marly; SISLEY; and The Estée Lauder Companies Inc. are among the leading companies in the North America Luxury Candle Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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