Beeswax Market

The article discusses the increasing global demand for beeswax, projecting a growth trend in market consumption over the next eight years. Market performance is expected to expand with a forecasted increase in both volume and value by 2030. Key points include insights on market performance, consumption trends, production levels, import/export statistics, and per capita consumption rates in various countries.

Market Forecast

Driven by increasing demand for beeswax worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 162K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $1.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Beeswax

In 2022, consumption of beeswax was finally on the rise to reach 139K tons for the first time since 2019, thus ending a two-year declining trend. In general, the total consumption indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -8.1% against 2019 indices. Global consumption peaked at 151K tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global beeswax market revenue totaled $1.3B in 2022, remaining constant 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). The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the global market reached the maximum level at $1.4B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Malaysia (46K tons), India (27K tons) and France (7.2K tons), with a combined 57% share of global consumption. Ethiopia, Germany, Argentina, Turkey, South Korea, the United States, Kenya and Angola lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +15.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest beeswax markets worldwide were India ($137M), Malaysia ($127M) and South Korea ($62M), with a combined 25% share of the global market. Ethiopia, Turkey, Argentina, the United States, Germany, France, Kenya and Angola lagged somewhat behind, together accounting for a further 16%.

Germany, with a CAGR of +12.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of beeswax per capita consumption was registered in Malaysia (1,372 kg per 1000 persons), followed by France (107 kg per 1000 persons), Argentina (95 kg per 1000 persons) and South Korea (78 kg per 1000 persons), while the world average per capita consumption of beeswax was estimated at 18 kg per 1000 persons.

In Malaysia, beeswax per capita consumption increased at an average annual rate of +4.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: France (+10.9% per year) and Argentina (-0.4% per year).

Production

World Production of Beeswax

In 2022, production of beeswax increased by 0.3% to 129K tons, rising for the fourth year in a row after two years of decline. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 1.6% against the previous year. Global production peaked in 2022 and is expected to retain growth in years to come. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, beeswax production shrank modestly to $911M in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 10%. Global production peaked at $1.1B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Malaysia (46K tons), India (25K tons) and China (12K tons), together accounting for 63% of global production. Ethiopia, Argentina, Turkey, South Korea, Kenya and Angola lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by South Korea (with a CAGR of +2.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Beeswax

In 2022, purchases abroad of beeswax was finally on the rise to reach 32K tons after two years of decline. Overall, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -27.4% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 47% against the previous year. As a result, imports reached the peak of 44K tons. From 2020 to 2022, the growth of global imports remained at a lower figure.

In value terms, beeswax imports rose rapidly to $163M in 2022. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 29% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports By Country

France (7.3K tons) and Germany (6.9K tons) represented roughly 45% of total imports in 2022. The United States (4.3K tons) ranks next in terms of the total imports with a 13% share, followed by India (7.8%). Spain (906 tons), Poland (720 tons), Japan (700 tons), Italy (679 tons), Serbia (532 tons), Greece (517 tons) and the UK (495 tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Poland (with a CAGR of +16.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest beeswax importing markets worldwide were Germany ($36M), the United States ($30M) and France ($24M), with a combined 55% share of global imports. Spain, Japan, Italy, Poland, India, the UK, Greece and Serbia lagged somewhat behind, together comprising a further 21%.

Poland, with a CAGR of +14.2%, saw 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 global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average beeswax import price amounted to $5,150 per ton, picking up by 4.3% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 25% against the previous year. Over the period under review, average import prices attained the maximum at $5,868 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($8,268 per ton), while India ($1,742 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+2.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Beeswax

In 2022, overseas shipments of beeswax increased by 2.9% to 22K tons, rising for the second consecutive year after three years of decline. In general, exports, however, recorded a pronounced downturn. The pace of growth was the most pronounced in 2013 with an increase of 45%. Over the period under review, the global exports hit record highs at 61K tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, beeswax exports fell to $149M in 2022. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 22% against the previous year. The global exports peaked at $173M in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (9.7K tons) was the main exporter of beeswax, achieving 43% of total exports. It was distantly followed by the United States (2.1K tons), Germany (2.1K tons) and Vietnam (1.6K tons), together making up a 25% share of total exports. Argentina (640 tons), Tanzania (539 tons), France (506 tons), Spain (376 tons), India (369 tons), Denmark (348 tons) and Togo (345 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to beeswax exports from China stood at +3.1%. At the same time, Denmark (+49.5%), Togo (+14.8%), India (+12.0%), Vietnam (+11.4%), Tanzania (+7.7%), Spain (+4.0%), Germany (+3.3%) and Argentina (+1.1%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing exporter exported in the world, with a CAGR of +49.5% from 2012-2022. The United States and France experienced a relatively flat trend pattern. China (+23 p.p.), Vietnam (+5.4 p.p.), Germany (+4.9 p.p.), the United States (+3.7 p.p.), Tanzania (+1.7 p.p.), Togo (+1.5 p.p.) and Denmark (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($49M) remains the largest beeswax supplier worldwide, comprising 33% of global exports. The second position in the ranking was taken by Germany ($18M), with a 12% share of global exports. It was followed by Vietnam, with a 7.8% share.

In China, beeswax exports expanded at an average annual rate of +1.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+3.6% per year) and Vietnam (+14.6% per year).

Export Prices By Country

The average beeswax export price stood at $6,631 per ton in 2022, reducing by -3.3% against the previous year. In general, the export price, however, posted resilient growth. The pace of growth appeared the most rapid in 2015 an increase of 66%. The global export price peaked at $7,368 per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($13,747 per ton), while the United States ($3,869 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform