Colombia: Beeswax Market Overview 2021

Beeswax Market Size in Colombia

After two years of growth, the Colombian beeswax market decreased by -X% to $X in 2019. Over the period under review, consumption, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2008 when the market value increased by X% y-o-y. Over the period under review, the market reached the maximum level at $X in 2018, and then reduced dramatically in the following year.

Beeswax Exports

Exports from Colombia

For the third year in a row, Colombia recorded growth in shipments abroad of beeswax, which increased by X% to X kg in 2019. In general, exports, however, continue to indicate a deep downturn. Exports peaked at X kg in 2008; however, from 2009 to 2019, exports failed to regain the momentum.

In value terms, beeswax exports surged to $X in 2019. Overall, exports, however, showed a deep setback. Exports peaked at $X in 2010; however, from 2011 to 2019, exports failed to regain the momentum.

Exports by Country

Guatemala (X kg) was the main destination for beeswax exports from Colombia, accounting for a X% share of total exports. Moreover, beeswax exports to Guatemala exceeded the volume sent to the second major destination, Australia (X kg), twofold.

From 2007 to 2019, the average annual growth rate of volume to Guatemala totaled +X%.

From 2007 to 2019, the average annual growth rate of value to Australia was relatively modest.

Export Prices by Country

The average beeswax export price stood at $X per tonne in 2019, which is down by -X% against the previous year. Over the period under review, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2014 an increase of X% y-o-y. Over the period under review, average export prices attained the maximum at $X per tonne in 2017; however, from 2018 to 2019, export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Australia ($X per tonne), while the average price for exports to Guatemala totaled $X per tonne.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Australia.

Beeswax Imports

Imports into Colombia

After two years of growth, supplies from abroad of beeswax decreased by -X% to X tonnes in 2019. Over the period under review, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of X% y-o-y. Over the period under review, imports hit record highs at X tonnes in 2018, and then shrank sharply in the following year.

In value terms, beeswax imports contracted rapidly to $X in 2019. In general, imports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2008 with an increase of X% y-o-y. Over the period under review, imports hit record highs at $X in 2018, and then dropped significantly in the following year.

Imports by Country

In 2019, the U.S. (X tonnes) constituted the largest beeswax supplier to Colombia, accounting for a X% share of total imports. Moreover, beeswax imports from the U.S. exceeded the figures recorded by the second-largest supplier, Cuba (X tonnes), threefold. The third position in this ranking was occupied by China (X tonnes), with a X% share.

From 2007 to 2019, the average annual growth rate of volume from the U.S. stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Cuba (+X% per year) and China (+X% per year).

In value terms, the largest beeswax suppliers to Colombia were the U.S. ($X), Brazil ($X) and Cuba ($X), together comprising X% of total imports. These countries were followed by Germany, China and Mexico, which together accounted for a further X saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average beeswax import price stood at $X per tonne in 2019, with an increase of X% against the previous year. Over the period under review, the import price, however, saw a perceptible decline. The pace of growth appeared the most rapid in 2011 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per tonne in 2012; however, from 2013 to 2019, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Brazil ($X per tonne), while the price for China ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Brazil, while the prices for the other major suppliers experienced a decline.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for beeswax in the world?

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The countries with the highest volumes of beeswax consumption in 2019 were Malaysia (35K tonnes), India (26K tonnes) and Ethiopia (5.5K tonnes), with a combined 56% share of global consumption. Turkey, Argentina, South Korea, the U.S., Kenya, Angola, Germany, China, Spain and Mexico lagged somewhat behind, together comprising a further 25%.

What are the largest producers of beeswax in the world?

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The countries with the highest volumes of beeswax production in 2019 were Malaysia (35K tonnes), India (26K tonnes) and China (12K tonnes), with a combined 56% share of global production. Indonesia, Ethiopia, Argentina, Turkey, South Korea, Kenya and Angola lagged somewhat behind, together comprising a further 26%.

What are the leading suppliers of beeswax to Colombia?

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In value terms, the U.S. ($117K), Brazil ($64K) and Cuba ($20K) appeared to be the largest beeswax suppliers to Colombia, together accounting for 83% of total imports. Germany, China and Mexico lagged somewhat behind, together comprising a further 15%.

What is the average export price for beeswax in Colombia?

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In 2019, the average beeswax export price amounted to $9,258 per tonne, shrinking by -44% against the previous year.

What is the average import price for beeswax in Colombia?

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In 2019, the average beeswax import price amounted to $4,791 per tonne, surging by 6.4% against the previous year.