ASEAN: Candles And Tapers Market 2024

Candles And Tapers Market Size in ASEAN

The ASEAN candles and tapers market fell slightly to $X in 2021, which is down by -2.6% against the previous year. Overall, consumption, however, showed resilient growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Candles And Tapers Production in ASEAN

In value terms, candles and tapers production reduced slightly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 34% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Candles And Tapers Exports

Exports in ASEAN

Candles and tapers exports expanded notably to X tons in 2021, surging by 12% compared with 2020. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +103.9% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 35%. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, candles and tapers exports rose sharply to $X in 2021. Overall, exports posted buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 26% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

In 2021, Vietnam (X tons) represented the main exporter of candles and tapers, achieving 86% of total exports. It was distantly followed by Thailand (X tons), constituting a 10% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the candles and tapers exports, with a CAGR of +7.2% from 2012 to 2021. At the same time, Thailand (+2.9%) displayed positive paces of growth. By contrast, Indonesia (-6.7%) illustrated a downward trend over the same period. Vietnam (+11 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Indonesia saw its share reduced by -2.6% and -3.5% from 2012 to 2021, respectively.

In value terms, Vietnam ($X) remains the largest candles and tapers supplier in ASEAN, comprising 87% of total exports. The second position in the ranking was held by Thailand ($X), with an 8.8% share of total exports.

In Vietnam, candles and tapers exports increased at an average annual rate of +7.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+2.9% per year) and Indonesia (-1.6% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, picking up by 2.6% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 13%. Over the period under review, the export prices attained the maximum in 2021 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.5%), while the other leaders experienced a decline in the export price figures.

Candles And Tapers Imports

Imports in ASEAN

In 2021, the amount of candles and tapers imported in ASEAN soared to X tons, rising by 26% on 2020. The total import volume increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, candles and tapers imports surged to $X in 2021. In general, imports showed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of candles and tapers imports in 2021 were Malaysia (X tons), Singapore (X tons) and Indonesia (X tons), together recording 66% of total import. The Philippines (X tons) took the next position in the ranking, followed by Myanmar (X tons) and Thailand (X tons). All these countries together took approx. 28% share of total imports. Cambodia (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Myanmar (with a CAGR of +39.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest candles and tapers importing markets in ASEAN were Singapore ($X), Malaysia ($X) and Indonesia ($X), together accounting for 76% of total imports. Thailand, Myanmar, the Philippines and Cambodia lagged somewhat behind, together comprising a further 20%.

Myanmar, with a CAGR of +39.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, increasing by 19% against the previous year. Import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, candles and tapers import price increased by +78.6% against 2012 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+10.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform