Vietnam: Candles And Tapers Market 2024

Candles And Tapers Market Size in Vietnam

The Vietnamese candles and tapers market dropped remarkably to $X in 2021, with a decrease of -20.6% against the previous year. Over the period under review, consumption saw a slight decrease. As a result, consumption attained the peak level of $X, and then fell dramatically in the following year.

Candles And Tapers Production in Vietnam

In value terms, candles and tapers production dropped to $X in 2021 estimated in export price. Overall, the total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +68.8% against 2014 indices. The growth pace was the most rapid in 2020 when the production volume increased by 26%. As a result, production attained the peak level of $X, and then dropped in the following year.

Candles And Tapers Exports

Exports from Vietnam

In 2021, exports of candles and tapers from Vietnam expanded markedly to X tons, surging by 8.6% against the year before. Over the period under review, exports posted a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 38%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, candles and tapers exports totaled $X in 2021. In general, exports enjoyed resilient growth. The growth pace was the most rapid in 2020 when exports increased by 29%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for candles and tapers exports from Vietnam, accounting for a 83% share of total exports. Moreover, candles and tapers exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold. Japan (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+12.1% per year) and Japan (-6.3% per year).

In value terms, the United States ($X) remains the key foreign market for candles and tapers exports from Vietnam, comprising 83% of total exports. The second position in the ranking was held by the UK ($X), with a 7.1% share of total exports. It was followed by Japan, with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+11.9% per year) and Japan (-6.5% per year).

Export Prices by Country

The average candles and tapers export price stood at $X per ton in 2021, picking up by 1.7% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 15%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and the United States ($X per ton), while the average price for exports to Canada ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-0.2%), while the prices for the other major destinations experienced a decline.

Candles And Tapers Imports

Imports into Vietnam

In 2021, overseas purchases of candles and tapers decreased by -36.6% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 74% against the previous year. Imports peaked at X tons in 2020, and then contracted remarkably in the following year.

In value terms, candles and tapers imports declined significantly to $X in 2021. In general, imports, however, posted a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 70%. Imports peaked at $X in 2020, and then declined notably in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of candles and tapers to Vietnam, with a 71% share of total imports. Moreover, candles and tapers imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), sixfold. The United States (X tons) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +26.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+23.7% per year) and the United States (+10.5% per year).

In value terms, China ($X) constituted the largest supplier of candles and tapers to Vietnam, comprising 71% of total imports. The second position in the ranking was taken by France ($X), with an 11% share of total imports. It was followed by the United States, with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +29.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+26.6% per year) and the United States (+13.1% per year).

Import Prices by Country

In 2021, the average candles and tapers import price amounted to $X per ton, increasing by 20% against the previous year. In general, the import price, however, saw a mild setback. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Japan ($X per ton) and Poland ($X per ton), while the price for South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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