Philippines: Candles And Tapers Market 2024

Candles And Tapers Market Size in the Philippines

In 2021, the Philippine candles and tapers market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, recorded strong growth. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Candles And Tapers Production in the Philippines

In value terms, candles and tapers production rose significantly to $X in 2021 estimated in export price. In general, production, however, recorded prominent growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 76%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Candles And Tapers Exports

Exports from the Philippines

In 2021, approx. X kg of candles and tapers were exported from the Philippines; with an increase of 54% against 2020. Over the period under review, exports, however, faced a sharp curtailment. The growth pace was the most rapid in 2016 when exports increased by 300%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, candles and tapers exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a precipitous descent. The most prominent rate of growth was recorded in 2016 when exports increased by 260%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Papua New Guinea (X kg) was the main destination for candles and tapers exports from the Philippines, with a 71% share of total exports. Moreover, candles and tapers exports to Papua New Guinea exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to Papua New Guinea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-12.0% per year) and the United States (-60.8% per year).

In value terms, Papua New Guinea ($X), the United Arab Emirates ($X) and the United States ($X) were the largest markets for candles and tapers exported from the Philippines worldwide, together comprising 97% of total exports.

Papua New Guinea, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average candles and tapers export price stood at $X per ton in 2021, which is down by -8.5% against the previous year. Over the period under review, the export price, however, recorded strong growth. The most prominent rate of growth was recorded in 2017 an increase of 80% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+39.0%), while the prices for the other major destinations experienced more modest paces of growth.

Candles And Tapers Imports

Imports into the Philippines

In 2021, the amount of candles and tapers imported into the Philippines soared to X tons, jumping by 29% on the previous year. Over the period under review, imports saw a buoyant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 66%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, candles and tapers imports skyrocketed to $X in 2021. Overall, imports recorded a significant expansion. The growth pace was the most rapid in 2015 with an increase of 135% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of candles and tapers to the Philippines, with a 83% share of total imports. Moreover, candles and tapers imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume from China stood at +14.7%.

In value terms, China ($X) constituted the largest supplier of candles and tapers to the Philippines, comprising 65% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +24.2%.

Import Prices by Country

In 2021, the average candles and tapers import price amounted to $X per ton, waning by -4.6% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +8.7% 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 +13.3% against 2017 indices. The most prominent rate of growth was recorded in 2015 an increase of 41% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.3%).

Source: IndexBox Platform

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