Nigeria: Beeswax Market Overview 2021

Beeswax Market Size in Nigeria

In 2019, the Nigerien beeswax market was finally on the rise to reach $X for the first time since 2016, thus ending a two-year declining trend. In general, consumption, however, continues to indicate mild growth. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2019, consumption stood at a somewhat lower figure.

Beeswax Production in Nigeria

In value terms, beeswax production amounted to $X in 2019 estimated in export prices. Overall, production saw resilient growth. The growth pace was the most rapid in 2015 when the production volume increased by X% y-o-y. As a result, production reached the peak level of $X. From 2016 to 2019, production growth remained at a somewhat lower figure.

The average yield of beeswax in Nigeria totaled X kg per head in 2019, almost unchanged from the year before. In general, the yield recorded a relatively flat trend pattern.

The number of animals for beeswax production in Nigeria totaled X head in 2019, stabilizing at the year before. In general, the number of producing animals recorded a relatively flat trend pattern.

Beeswax Exports

Exports from Nigeria

Beeswax exports from Nigeria fell dramatically to X tonnes in 2019, waning by -X% on 2018 figures. Over the period under review, exports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, exports reached the peak of X tonnes. From 2018 to 2019, the growth exports remained at a lower figure.

In value terms, beeswax exports contracted notably to $X in 2019. In general, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of X% year-to-year. As a result, exports attained the peak of $X. From 2018 to 2019, the growth exports failed to regain the momentum.

Exports by Country

The UK (X tonnes) and the U.S. (X tonnes) were the main destinations of beeswax exports from Nigeria, together accounting for X% of total exports.

From 2007 to 2019, the biggest increases were in the UK.

In value terms, the largest markets for beeswax exported from Nigeria were the UK ($X) and the U.S. ($X), together comprising X% of total exports.

The UK saw the highest growth rate of 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 2019, declining by -X% against the previous year. Overall, the export price, however, saw a measured increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% y-o-y. Over the period under review, average export prices hit record highs at $X per tonne in 2015; however, from 2016 to 2019, export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2019, the country with the highest price was the UK ($X per tonne), while the average price for exports to the U.S. stood at $X per tonne.

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

Beeswax Imports

Imports into Nigeria

In 2019, supplies from abroad of beeswax decreased by -X% to X tonnes, falling for the third consecutive year after two years of growth. Overall, imports recorded a precipitous contraction. The pace of growth appeared the most rapid in 2016 with an increase of X% year-to-year. As a result, imports attained the peak of X tonnes. From 2017 to 2019, the growth imports failed to regain the momentum.

In value terms, beeswax imports reduced markedly to $X in 2019. Over the period under review, imports showed a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of X% year-to-year. As a result, imports reached the peak of $X. From 2017 to 2019, the growth imports failed to regain the momentum.

Imports by Country

Indonesia (X kg), Thailand (X kg) and Malaysia (X kg) were the main suppliers of beeswax imports to Nigeria, together accounting for X% of total imports. India, Singapore and Viet Nam lagged somewhat behind, together comprising a further X 2007 to 2019, the biggest increases were in Singapore, while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Thailand ($X) and Malaysia ($X) appeared to be the largest beeswax suppliers to Nigeria, with a combined X% share of total imports. Singapore, India and Viet Nam lagged somewhat behind, together accounting for a further X terms of the main suppliers, Singapore recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2019, 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, however, saw a temperate increase. The growth pace was the most rapid in 2010 when the average import price increased by X% against the previous year. The import price peaked at $X per tonne in 2013; however, from 2014 to 2019, import prices failed to regain the momentum.

Average prices varied somewhat amongst the major supplying countries. In 2019, the highest prices were recorded for prices from Singapore ($X per tonne) and Viet Nam ($X per tonne), while the price for India ($X per tonne) and Thailand ($X per tonne) were amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Thailand, 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), together accounting for 56% 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 Nigeria?

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In value terms, Indonesia ($3.8K), Thailand ($2.6K) and Malaysia ($1.1K) appeared to be the largest beeswax suppliers to Nigeria, together comprising 74% of total imports. Singapore, India and Viet Nam lagged somewhat behind, together comprising a further 23%.

What are the leading importers of beeswax from Nigeria?

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In value terms, the UK ($61K) and the U.S. ($49K) appeared to be the largest markets for beeswax exported from Nigeria worldwide, together accounting for 100% of total exports.

What is the average export price for beeswax in Nigeria?

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The average beeswax export price stood at $6,839 per tonne in 2019, which is down by -2.2% against the previous year.

What is the average import price for beeswax in Nigeria?

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In 2019, the average beeswax import price amounted to $8,495 per tonne, shrinking by -3.3% against the previous year.