Southern Asia: Candles And Tapers Market 2024

Candles And Tapers Market Size in Southern Asia

In 2021, the South Asian candles and tapers market decreased by -8% to $X for the first time since 2013, thus ending a seven-year rising trend. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +91.9% against 2013 indices. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Candles And Tapers Production in Southern Asia

In value terms, candles and tapers production dropped to $X in 2021 estimated in export price. In general, production, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 23%. As a result, production reached the peak level of $X, and then shrank in the following year.

Candles And Tapers Exports

Exports in Southern Asia

In 2021, candles and tapers exports in Southern Asia soared to X tons, jumping by 68% compared with 2020. In general, exports, however, saw a slight slump. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, candles and tapers exports soared to $X in 2021. Over the period under review, exports posted a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of candles and tapers, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the candles and tapers exports, with a CAGR of -1.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest candles and tapers supplier in Southern Asia.

In India, candles and tapers exports increased at an average annual rate of +7.3% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2021, picking up by 8.2% against the previous year. Export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +8.8% 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 export price increased by +113.3% against 2012 indices. The most prominent rate of growth was recorded in 2015 an increase of 31%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +8.7% per year.

Candles And Tapers Imports

Imports in Southern Asia

In 2021, the amount of candles and tapers imported in Southern Asia soared to X tons, rising by 17% against 2020. Over the period under review, imports recorded buoyant growth. The pace of growth was the most pronounced in 2014 when imports increased by 118%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, candles and tapers imports soared to $X in 2021. In general, imports showed a prominent increase. The pace of growth was the most pronounced in 2014 when imports increased by 80% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

India prevails in imports structure, finishing at X tons, which was approx. 77% of total imports in 2021. Sri Lanka (X tons) took the second position in the ranking, followed by Pakistan (X tons) and Bangladesh (X tons). All these countries together took approx. 15% share of total imports. Nepal (X tons) and Maldives (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to candles and tapers imports into India stood at +8.2%. At the same time, Nepal (+17.8%), Sri Lanka (+17.1%) and Bangladesh (+13.7%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +17.8% from 2012-2021. By contrast, Pakistan (-1.8%) and Maldives (-5.8%) illustrated a downward trend over the same period. While the share of India (+6.1 p.p.), Sri Lanka (+3.1 p.p.), Nepal (+2.1 p.p.) and Bangladesh (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Pakistan (-5.9 p.p.) and Maldives (-7 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported candles and tapers in Southern Asia, comprising 62% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 13% share of total imports. It was followed by Pakistan, with a 9.3% share.

In India, candles and tapers imports expanded at an average annual rate of +6.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (+26.5% per year) and Pakistan (+6.2% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, rising by 9.5% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 12% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Bangladesh ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+11.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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