Norway: Beeswax Market 2022

Beeswax Market Size in Norway

The Norwegian beeswax market rose notably to $X in 2021, growing 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 enjoyed a resilient increase. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Beeswax Exports

Exports from Norway

After two years of growth, overseas shipments of beeswax decreased by -X% to X tonnes in 2021. Over the period under review, exports, however, saw a prominent increase. The pace of growth was the most pronounced in 2020 with an increase of X% year-to-year. As a result, the exports reached the peak of X tonnes, and then shrank markedly in the following year.

In value terms, beeswax exports shrank remarkably to $X in 2021. Overall, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. The exports peaked at $X in 2020, and then dropped significantly in the following year.

Exports by Country

Denmark (X tonnes) was the main destination for beeswax exports from Norway, accounting for a X% share of total exports. Moreover, beeswax exports to Denmark exceeded the volume sent to the second major destination, Iceland (X kg), eightfold.

From 2012 to 2021, the average annual growth rate of volume to Denmark totaled +X%.

In value terms, Denmark ($X) remains the key foreign market for beeswax exports from Norway, comprising X% of total exports. The second position in the ranking was occupied by Iceland ($X), with an X% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Denmark totaled +X%.

Export Prices by Country

In 2021, the average beeswax export price amounted to $X per tonne, shrinking by -X% against the previous year. In general, the export price, however, posted a modest 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, the average export prices hit record highs at $X per tonne in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Iceland ($X per tonne), while the average price for exports to Denmark amounted to $X per tonne.

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

Beeswax Imports

Imports into Norway

In 2021, beeswax imports into Norway rose markedly to X tonnes, surging by X% against 2020 figures. Over the period under review, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 when imports increased by X% year-to-year. Over the period under review, imports reached the peak figure at X tonnes in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, beeswax imports fell to $X in 2021. In general, imports saw a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of X% y-o-y. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Denmark (X tonnes) constituted the largest supplier of beeswax to Norway, with a X% share of total imports. Moreover, beeswax imports from Denmark exceeded the figures recorded by the second-largest supplier, Australia (X tonnes), fourfold. Germany (X tonnes) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-X% per year) and Germany (+X% per year).

In value terms, the largest beeswax suppliers to Norway were Australia ($X), Denmark ($X) and Sweden ($X), with a combined X% share of total imports. Germany and the Netherlands lagged somewhat behind, together accounting for a further X, with a CAGR of +X%, recorded 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 2021, shrinking by -X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average import price increased by X% y-o-y. As a result, import price reached the peak level of $X per tonne. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Sweden ($X per tonne), while the price for Denmark ($X per tonne) was amongst the lowest.

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

Source: IndexBox Platform