Nigeria: Beeswax Market 2022

Beeswax Market Size in Nigeria

The Nigerien beeswax market shrank remarkably to $X in 2021, reducing 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). In general, consumption, however, posted a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Beeswax Exports

Exports from Nigeria

In 2021, the amount of beeswax exported from Nigeria fell to X tonnes, dropping by -X% compared with the previous year's figure. In general, exports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by X% year-to-year. As a result, the exports attained the peak of X tonnes. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, beeswax exports dropped remarkably to $X in 2021. Over the period under review, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tonnes) and the UK (X tonnes) were the main destinations of beeswax exports from Nigeria.

From 2012 to 2021, the biggest increases were in the United States (+X value terms, the United States ($X) and the UK ($X) appeared to be the largest markets for beeswax exported from Nigeria worldwide.

The United States, with a CAGR of +X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

The average beeswax export price stood at $X per tonne in 2021, dropping by -X% against the previous year. Over the period under review, the export price continues to indicate a slight descent. The growth pace was the most rapid in 2015 when the average export price increased by X% y-o-y. As a result, the export price reached the peak level of $X per tonne. From 2016 to 2021, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per tonne), while the average price for exports to the United States stood at $X per tonne.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+X%).

Beeswax Imports

Imports into Nigeria

In 2021, beeswax imports into Nigeria shrank significantly to X tonnes, waning by -X% on the previous year. Overall, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by X% y-o-y. Imports peaked at X tonnes in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, beeswax imports fell dramatically to $X in 2021. In general, imports, however, recorded a pronounced expansion. The most prominent rate of growth was recorded in 2014 when imports increased by X% y-o-y. As a result, imports reached the peak of $X. From 2015 to 2021, the growth imports remained at a somewhat lower figure.

Imports by Country

In 2021, Indonesia (X tonnes) constituted the largest beeswax supplier to Nigeria, accounting for a X% share of total imports. Moreover, beeswax imports from Indonesia exceeded the figures recorded by the second-largest supplier, Thailand (X tonnes), threefold. The third position in this ranking was occupied by Malaysia (X tonnes), with a X% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-X% per year) and Malaysia (+X% per year).

In value terms, Indonesia ($X) constituted the largest supplier of beeswax to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by Thailand ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-X% per year) and Malaysia (+X% per year).

Import Prices by Country

The average beeswax import price stood at $X per tonne in 2021, falling by -X% against the previous year. Overall, the import price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2020 when the average import price increased by X% against the previous year. The import price peaked at $X per tonne in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were China ($X per tonne) and Thailand ($X per tonne), while the price for Malaysia ($X per tonne) and Indonesia ($X per tonne) were amongst the lowest.

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

Source: IndexBox Platform