Republic of Korea: Candles And Tapers Market 2025

Candles And Tapers Market Size in Republic of Korea

The South Korean candles and tapers market surged to $X in 2021, picking up by 31% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a buoyant expansion. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Candles And Tapers Exports

Exports from Republic of Korea

Candles and tapers exports from South Korea soared to X tons in 2021, increasing by 35% against 2020 figures. In general, exports enjoyed buoyant growth. The growth pace was the most rapid in 2015 with an increase of 73%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, candles and tapers exports soared to $X in 2021. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 124% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of candles and tapers exports from South Korea, together comprising 90% of total exports. These countries were followed by Taiwan (Chinese), which accounted for a further 3.3%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +77.8%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and China ($X) constituted the largest markets for candles and tapers exported from South Korea worldwide, together comprising 84% of total exports.

China, with a CAGR of +88.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average candles and tapers export price stood at $X per ton in 2021, flattening at the previous year. Overall, the export price, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 108% against the previous year. The export price peaked at $X per ton in 2020, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United States ($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 China (+21.9%), while the prices for the other major destinations experienced more modest paces of growth.

Candles And Tapers Imports

Imports into Republic of Korea

In 2021, supplies from abroad of candles and tapers increased by 27% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +11.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +35.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 59% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, candles and tapers imports skyrocketed to $X in 2021. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 95% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of candles and tapers to South Korea, accounting for a 76% 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), fourfold. The third position in this ranking was taken by Italy (X tons), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.3% per year) and Italy (+44.0% per year).

In value terms, China ($X), the United States ($X) and the Czech Republic ($X) appeared to be the largest candles and tapers suppliers to South Korea, with a combined 86% share of total imports.

The Czech Republic, with a CAGR of +235.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average candles and tapers import price amounted to $X per ton, growing by 4% against the previous year. Over the period under review, import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. 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 +20.1% against 2018 indices. The pace of growth appeared the most rapid in 2013 an increase of 34%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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