Colombia: Beeswax Market 2022

Beeswax Market Size in Colombia

In 2021, the Colombian beeswax market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed a significant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Beeswax Exports

Exports from Colombia

In 2021, overseas shipments of beeswax decreased by -X% to less than X kg, falling for the fourth consecutive year after two years of decline. Over the period under review, exports recorded a sharp decrease. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X kg in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, beeswax exports fell rapidly to $less than X in 2021. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of X% y-o-y. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X kg) was the main destination for beeswax exports from Colombia, accounting for a X% share of total exports. Moreover, beeswax exports to Peru exceeded the volume sent to the second major destination, Aruba (X kg), more than tenfold.

From 2012 to 2020, the average annual growth rate of volume to Peru totaled +X%.

From 2012 to 2020, the average annual rate of growth in terms of value to Peru totaled +X%.

Export Prices by Country

The average beeswax export price stood at $X per tonne in 2020, picking up by X% against the previous year. Over the period under review, the export price saw a pronounced expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination: the country with the highest price was Peru ($X per tonne), while the average price for exports to Aruba stood at $X per tonne.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+X%).

Beeswax Imports

Imports into Colombia

In 2021, overseas purchases of beeswax were finally on the rise to reach X tonnes after two years of decline. Over the period under review, imports saw a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, beeswax imports soared to $X in 2021. In general, imports continue to indicate a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tonnes) constituted the largest beeswax supplier to Colombia, with a X% share of total imports. Moreover, beeswax imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tonnes), twofold. The third position in this ranking was occupied by Cuba (X tonnes), with a X% share.

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

In value terms, the United States ($X), Brazil ($X) and China ($X) constituted the largest beeswax suppliers to Colombia, together accounting for X% of total imports.

Among the main suppliers, Brazil, with a CAGR of +X%, saw the highest growth rate of the value of imports, 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 beeswax import price amounted to $X per tonne, declining by -X% against the previous year. Over the period under review, the import price showed a deep slump. The pace of growth was the most pronounced in 2020 when the average import price increased by X% y-o-y. The import price peaked at $X per tonne in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was Brazil ($X per tonne), while the price for China ($X per tonne) was amongst the lowest.

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

Source: IndexBox Platform