Singapore: Beeswax Market 2022

Beeswax Market Size in Singapore

In 2021, after four years of growth, there was significant decline in the Singaporean beeswax market, when its value decreased by -X% to $X. In general, consumption, however, showed a strong increase. Over the period under review, the market attained the peak level at $X in 2020, and then contracted sharply in the following year.

Beeswax Exports

Exports from Singapore

Beeswax exports from Singapore surged to X tonnes in 2021, with an increase of X% against 2020 figures. In general, exports recorded a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of X% year-to-year. The exports peaked at X tonnes in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, beeswax exports soared to $X in 2021. Overall, exports saw a slight shrinkage. The growth pace was the most rapid in 2019 when exports increased by X% y-o-y. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X tonnes) was the main destination for beeswax exports from Singapore, accounting for a X% share of total exports. Moreover, beeswax exports to Malaysia exceeded the volume sent to the second major destination, the Philippines (X tonnes), threefold.

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

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

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

Export Prices by Country

The average beeswax export price stood at $X per tonne in 2021, falling by -X% against the previous year. In general, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 when the average export price increased by X% y-o-y. As a result, the export price attained the peak level of $X per tonne. From 2015 to 2021, the the average export prices failed to regain momentum.

Prices varied noticeably by the country of destination: the country with the highest price was Malaysia ($X per tonne), while the average price for exports to the Philippines totaled $X per tonne.

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

Beeswax Imports

Imports into Singapore

After two years of growth, supplies from abroad of beeswax decreased by -X% to X tonnes in 2021. Overall, imports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of X tonnes, and then dropped in the following year.

In value terms, beeswax imports declined to $X in 2021. Over the period under review, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of X% y-o-y. Over the period under review, imports hit record highs at $X in 2020, and then reduced in the following year.

Imports by Country

In 2021, Thailand (X tonnes) constituted the largest supplier of beeswax to Singapore, accounting for a X% share of total imports. Moreover, beeswax imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tonnes), threefold. The United States (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 Thailand totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+X% per year) and the United States (+X% per year).

In value terms, Thailand ($X), Malaysia ($X) and the United States ($X) appeared to be the largest beeswax suppliers to Singapore, with a combined X% share of total imports.

The United States, with a CAGR of +X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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, growing by X% against the previous year. Overall, the import price showed a resilient increase. The pace of growth appeared the most rapid in 2019 an increase of X% y-o-y. As a result, import price reached the peak level of $X per tonne. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was France ($X per tonne), while the price for Thailand ($X per tonne) was amongst the lowest.

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

Source: IndexBox Platform