Report : Europe 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)
Supermarkets and Hypermarkets Segment to Dominate Europe Luxury Candle Market during 2019–2028
According to a new market research study on “Europe Luxury Candle Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Distribution Channel,” is expected to reach US$ 161.63 million by 2028 from US$ 114.99 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. Rising home decor industry is the major factor driving the growth of the Europe luxury candle market. However, availability of low-priced products may hinder the growth of Europe luxury candle market. The report provides trends prevailing in the Europe luxury candle market along with the drivers and restraints pertaining to the market growth.
In Europe, France, Russia, the UK, Italy, and Germany are among the worst-hit countries by the COVID-19 pandemic. These countries suffered from economic downfall due to restrictions on industrial activities because of lockdowns and border restrictions. The beauty and wellness industry across the region suffered huge losses as people preferred buying essential goods over non-essential and luxury commodities. However, the sales of scented candles surged in countries such as the UK, France, and Italy as people started engaging themselves in meditation, yoga, reading, and home decoration. This factor is projected to open lucrative opportunities for the luxury candle market across Europe.
The Europe 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 Europe 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 Germany, France, UK, Italy, Russia, and rest of Europe. The rest of Europe contributed a substantial share in 2020.
Acqua di Parma S.r.l., 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 Europe 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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