Western Africa: Beeswax Market 2024

Beeswax Market Size in Western Africa

In 2022, the West African beeswax market decreased by X% to $X, falling for the third consecutive year after three years of growth. In general, consumption, however, posted mild growth. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Beeswax Production in Western Africa

In value terms, beeswax production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Senegal (X tons), Burkina Faso (X tons) and Sierra Leone (X tons), together accounting for X% of total production. Guinea, Mali, Cote d'Ivoire and Guinea-Bissau lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Mali (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

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Beeswax Exports

Exports in Western Africa

In 2022, the amount of beeswax exported in Western Africa reduced rapidly to X tons, waning by X% against the previous year's figure. In general, exports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, beeswax exports fell markedly to $X in 2022. Overall, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The level of export peaked at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

Togo was the major exporter of beeswax in Western Africa, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Nigeria (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Mali (X%), Guinea (X%) and Senegal (X%).

Exports from Togo increased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Mali (X%) and Guinea (X%) illustrated a downward trend over the same period. Togo (X p.p.), Nigeria (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Mali and Guinea saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Togo ($X) remains the largest beeswax supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports. It was followed by Mali, with a X% share.

In Togo, beeswax exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Mali (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the export price figures.

Beeswax Imports

Imports in Western Africa

In 2022, supplies from abroad of beeswax decreased by X% to X tons, falling for the third consecutive year after three years of growth. In general, imports, however, recorded a modest increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, beeswax imports rose rapidly to $X in 2022. Overall, imports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2014 when imports increased by X%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria (X tons) and Togo (X tons) dominates imports structure, together achieving X% of total imports. It was distantly followed by Mauritania (X tons), constituting a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mauritania (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Togo ($X) constitutes the largest market for imported beeswax in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports.

In Togo, beeswax imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Mauritania (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price saw a buoyant increase. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Togo ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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