Asia's Beeswax Market Is Estimated at $206M in 2018, an Increase of 3.4%

IndexBox has just published a new report: 'Asia - Beeswax - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The revenue of the beeswax market in Asia amounted to $X in 2018, increasing by X% 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 total market indicated a moderate increase from 2007 to 2018: its value increased at an average annual rate of +X% over the last eleven years.

Consumption By Country in Asia

The country with the largest volume of beeswax consumption was India (X tons), accounting for X% of total consumption. Moreover, beeswax consumption in India exceeded the figures recorded by the region's second-largest consumer, Turkey (X tons), fivefold. The third position in this ranking was occupied by South Korea (X tons), with a X% share.

In India, beeswax consumption expanded at an average annual rate of +X% over the period from 2007-2018. In the other countries, the average annual rates were as follows: Turkey (+X% per year) and South Korea (-X% per year).

In value terms, India ($X) led the market, alone. The second position in the ranking was occupied by Turkey ($X). It was followed by South Korea.

The countries with the highest levels of beeswax per capita consumption in 2018 were South Korea (X kg per X persons), Turkey (X kg per X persons) and Malaysia (X kg per X persons).

From 2007 to 2018, the most notable rate of growth in terms of beeswax per capita consumption, amongst the main consuming countries, was attained by Japan, while the other leaders experienced more modest paces of growth.

Market Forecast 2019-2025 in Asia

Driven by increasing demand for beeswax in Asia, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +X% for the seven-year period from 2018 to 2025, which is projected to bring the market volume to X tons by the end of 2025.

Production in Asia

In 2018, approx. X tons of beeswax were produced in Asia; remaining stable against the previous year. The total output volume increased at an average annual rate of +X% from 2007 to 2018; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2008 when production volume increased by X% against the previous year. Over the period under review, beeswax production reached its peak figure volume in 2018 and is likely to continue its growth in the immediate term.

In value terms, beeswax production stood at $X in 2018 estimated in export prices. Over the period under review, beeswax production continues to indicate prominent growth. The growth pace was the most rapid in 2011 with an increase of X% against the previous year. Over the period under review, beeswax production attained its peak figure level at $X in 2014; however, from 2015 to 2018, production failed to regain its momentum.

Production By Country in Asia

India (X tons) remains the largest beeswax producing country in Asia, comprising approx. X% of total production. Moreover, beeswax production in India exceeded the figures recorded by the region's second-largest producer, China (X tons), twofold. Turkey (X tons) ranked third in terms of total production with a X% share.

In India, beeswax production increased at an average annual rate of +X% over the period from 2007-2018. In the other countries, the average annual rates were as follows: China (+X% per year) and Turkey (+X% per year).

Exports in Asia

The exports totaled X tons in 2018, surging by X% against the previous year. The total exports indicated a strong increase from 2007 to 2018: its volume increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, beeswax exports increased by +X% against 2016 indices. The pace of growth appeared the most rapid in 2010 when exports increased by X% year-to-year. The volume of exports peaked in 2018 and are expected to retain its growth in the near future.

In value terms, beeswax exports amounted to $X (IndexBox estimates) in 2018. In general, beeswax exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2010 with an increase of X% y-o-y. The level of exports peaked at $X in 2015; however, from 2016 to 2018, exports stood at a somewhat lower figure.

Exports by Country

In 2018, China (X tons) represented the major exporter of beeswax, committing X% of total exports. It was distantly followed by Malaysia (X tons) and Vietnam (X tons), together committing a X% share of total exports. India (X tons) held a little share of total exports.

Exports from China increased at an average annual rate of +X% from 2007 to 2018. At the same time, Vietnam (+X%), India (+X%) and Malaysia (+X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter in Asia, with a CAGR of +X% from 2007-2018. China (+X p.p.), Vietnam (+X p.p.), Malaysia (+X p.p.) and India (+X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest beeswax supplier in Asia, comprising X% of total beeswax exports. The second position in the ranking was occupied by Vietnam ($X), with a X% share of total exports. It was followed by India, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value in China stood at +X%. In the other countries, the average annual rates were as follows: Vietnam (+X% per year) and India (+X% per year).

Export Prices by Country

The beeswax export price in Asia stood at $X per ton in 2018, going up by X% against the previous year. The export price indicated a buoyant increase from 2007 to 2018: its price increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, beeswax export price decreased by -X% against 2015 indices. The growth pace was the most rapid in 2012 when the export price increased by X% y-o-y. Over the period under review, the export prices for beeswax reached their maximum at $X per ton in 2015; however, from 2016 to 2018, export prices failed to regain their momentum.

Prices varied noticeably by the country of origin; the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the other leaders experienced more modest paces of growth.

Imports in Asia

In 2018, approx. X tons of beeswax were imported in Asia; stabilizing at the previous year. Overall, beeswax imports continue to indicate remarkable growth. The most prominent rate of growth was recorded in 2010 when imports increased by X% against the previous year. The volume of imports peaked in 2018 and are likely to see steady growth in the near future.

In value terms, beeswax imports totaled $X (IndexBox estimates) in 2018. In general, beeswax imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2010 when imports increased by X% year-to-year. Over the period under review, beeswax imports reached their maximum in 2018 and are expected to retain its growth in the immediate term.

Imports by Country

India represented the major importing country with an import of around X tons, which resulted at X% of total imports. Japan (X tons) took the second position in the ranking, followed by China (X tons), Turkey (X tons) and South Korea (X tons). All these countries together took approx. X% share of total imports. Pakistan (X tons), Thailand (X tons) and Taiwan, Chinese (X tons) followed a long way behind the leaders.

India was also the fastest-growing in terms of the beeswax imports, with a CAGR of +X% from 2007 to 2018. At the same time, China (+X%), Pakistan (+X%), Turkey (+X%), Thailand (+X%) and Taiwan, Chinese (+X%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. By contrast, South Korea (-X%) illustrated a downward trend over the same period. India (+X p.p.), China (+X p.p.), Turkey (+X p.p.), Pakistan (+X p.p.), Japan (+X p.p.) and Thailand (+X p.p.) significantly strengthened its position in terms of the total imports, while South Korea saw its share reduced by -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest beeswax importing markets in Asia were Japan ($X), China ($X) and South Korea ($X), with a combined X% share of total imports.

China recorded the highest growth rate of imports, among the main importing countries over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The beeswax import price in Asia stood at $X per ton in 2018, remaining stable against the previous year. Over the last eleven years, it increased at an average annual rate of +X%. The growth pace was the most rapid in 2014 when the import price increased by X% y-o-y. In that year, the import prices for beeswax attained their peak level of $X per ton. From 2015 to 2018, the growth in terms of the import prices for beeswax remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was China ($X per ton), while India ($X per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by South Korea, while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform