Philippines: Beeswax Market 2022

Beeswax Market Size in the Philippines

The Philippine beeswax market soared to $X in 2021, picking up 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 continues to indicate a strong increase. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Beeswax Exports

Exports from the Philippines

In 2021, exports of beeswax from the Philippines skyrocketed to X kg, picking up by X% compared with the previous year's figure. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +X% against 2012 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X% year-to-year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, beeswax exports skyrocketed to $X in 2021. Overall, total exports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +X% against 2012 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X kg) was the main destination for beeswax exports from the Philippines, with a X% share of total exports. Moreover, beeswax exports to Japan exceeded the volume sent to the second major destination, the Netherlands (X kg), tenfold.

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

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

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

Export Prices by Country

The average beeswax export price stood at $X per tonne in 2021, with an increase of X% against the previous year. Over the period under review, the export price, however, continues to indicate a mild contraction. The pace of growth was the most pronounced in 2019 when the average export price increased by X% against the previous year. The export price peaked at $X per tonne in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

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

Beeswax Imports

Imports into the Philippines

In 2021, the amount of beeswax imported into the Philippines soared to X tonnes, jumping by X% against 2020 figures. Over the period under review, imports posted a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, beeswax imports skyrocketed to $X in 2021. Overall, imports recorded a prominent increase. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the UK (X tonnes) constituted the largest supplier of beeswax to the Philippines, with a X% share of total imports. Moreover, beeswax imports from the UK exceeded the figures recorded by the second-largest supplier, Mexico (X tonnes), threefold. China (X tonnes) ranked third in terms of total imports with a X% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the UK stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+X% per year) and China (+X% per year).

In value terms, the largest beeswax suppliers to the Philippines were the UK ($X), the United States ($X) and China ($X), together comprising X% of total imports.

In terms of the main suppliers, China, with a CAGR of +X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average beeswax import price amounted to $X per tonne, waning by -X% against the previous year. In general, the import price showed a slight setback. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. The import price peaked at $X per tonne in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform