ECOWAS: Beeswax Market 2024

Beeswax Market Size in ECOWAS

In 2022, the ECOWAS beeswax market decreased by X% to $X, falling for the third year in a row after three years of growth. Over the period under review, consumption, however, saw a slight expansion. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Beeswax Production in ECOWAS

In value terms, beeswax production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Senegal (X tons), Burkina Faso (X tons) and Sierra Leone (X tons), together comprising X% of total production. Guinea, Mali, Cote d'Ivoire and Guinea-Bissau lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Beeswax Exports

Exports in ECOWAS

Beeswax exports reduced rapidly to X tons in 2022, falling by X% compared with the year before. Over the period under review, exports, however, enjoyed strong growth. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, beeswax exports declined notably to $X in 2022. Overall, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Togo was the key exporter of beeswax in ECOWAS, with the volume of exports recording X tons, which was near X% of total exports in 2022. Nigeria (X tons) held the second position in the ranking, distantly followed by Mali (X tons), Guinea (X tons) and Senegal (X tons). All these countries together held near X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to beeswax exports from Togo stood at X%. At the same time, Senegal (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Mali (X%) and Guinea (X%) illustrated a downward trend over the same period. While the share of Togo (X p.p.), Nigeria (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mali (X p.p.) and Guinea (X p.p.) displayed negative dynamics.

In value terms, Togo ($X) remains the largest beeswax supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports. It was followed by Mali, with a X% share.

In Togo, beeswax exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Mali (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the export price figures.

Beeswax Imports

Imports in ECOWAS

In 2022, supplies from abroad of beeswax decreased by X% to X tons, falling for the third year in a row after three years of growth. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by X%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, beeswax imports rose markedly to $X in 2022. Over the period under review, imports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The purchases of the two major importers of beeswax, namely Nigeria and Togo, represented more than two-thirds of total import.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of X%).

In value terms, Togo ($X) constitutes the largest market for imported beeswax in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with a X% share of total imports.

In Togo, beeswax imports increased at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. In general, the import price continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Togo ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%).

Source: IndexBox Platform

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