Luxury Scented Candles Market size was valued at USD 4.72 Billion in 2024 and is projected to reach USD 7.25 Billion by 2033, exhibiting a CAGR of 5.2% from 2026 to 2033.
Luxury Scented Candles Market in South Korea: Rising Demand and Industry Needs
The Luxury Scented Candles Market in South Korea is experiencing significant growth, driven by increasing consumer interest in premium home fragrance products. In 2023, the home fragrance market in South Korea generated a revenue of USD 139.2 million and is expected to reach USD 295.1 million by 2030, with scented candles registering the fastest growth during this period.
Market Segmentation and Preferences
Wax Types: Soy-based candles hold the largest market share at 45%, followed by paraffin-based at 30%, beeswax at 15%, and others at 10%. Beeswax candles are the fastest-growing segment, expected to grow at a CAGR of 8%.
Sales Channels: Offline sales dominate with 60% market share, while online sales are growing rapidly, projected to grow at a CAGR of 12% due to increasing e-commerce trends.
Consumer Behavior and Trends
Approximately 44.9% of women in South Korea used scented candles in 2019, indicating a strong consumer base. The demand for natural, eco-friendly products is a key driver, with consumers preferring candles made from organic materials. Additionally, there is a growing trend of using traditional Korean ingredients and scents in handmade candles.
Industry Requirements and Opportunities
Product Innovation: Incorporating traditional Korean scents and natural ingredients to cater to local preferences.
Sustainability: Emphasizing eco-friendly practices in production and packaging to meet consumer expectations.
Customization: Offering customizable scented candles to appeal to individual tastes and preferences.
Digital Presence: Enhancing online sales channels to capitalize on the growing e-commerce market.
With the market projected to grow at a CAGR of 11.3% from 2024 to 2030, the luxury scented candles industry in South Korea presents lucrative opportunities for businesses that align with consumer preferences and industry trends.
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Diptyque
Jo Malone
Byredo
Nest Fragrances
Le Labo
Maison Francis Kurkdjian
Tom Ford
Cire Trudon
Voluspa
Acqua di Parma
Archipelago Botanicals
Capri Blue
Trapp Fragrances
Antica Farmacista
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Luxury Scented Candles Market
Classic Candles
Container Candles
Pillar Candles
Votive Candles
Tea Light Candles
Luxury Gift Sets
Floral
Woody
Fruity
Herbaceous
Guava
Citrus
Soy Wax
Paraffin Wax
Beeswax
Coconut Wax
Blended Waxes
Affluent Individuals
Gift Buyers
Home Decor Enthusiasts
Eco-conscious Consumers
Luxury Spa and Hotel Chains
Online Retailers
Luxury Department Stores
Specialty Shops
High-End Gift Boutiques
Direct-to-Consumer Brands
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Luxury Scented Candles Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Luxury Scented Candles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Luxury Scented Candles Market, By Type
6. South Korea Luxury Scented Candles Market, By Application
7. South Korea Luxury Scented Candles Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Luxury Scented Candles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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