Worldwide Beeswax Market to Exhibit a CAGR of +2.8% Over 2023-2030 Period

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The demand for beeswax is on the rise worldwide, driving market growth with an anticipated CAGR of +2.8% in volume and +3.9% in value over the next seven years. By 2030, the market is expected to reach 166K tons in volume and $1.3B in value.

Market Forecast

Driven by increasing demand for beeswax worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2023 to 2030, which is projected to bring the market volume to 166K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2023 to 2030, which is projected to bring the market value to $1.3B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Beeswax

In 2023, approx. 137K tons of beeswax were consumed worldwide; falling by -3.3% on 2022 figures. The total consumption volume increased at an average annual rate of +2.6% over the period from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption reached the maximum volume at 151K tons in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

The global beeswax market revenue dropped to $1B in 2023, falling by -10.2% 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). The market value increased at an average annual rate of +1.1% over the period from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. Global consumption peaked at $1.1B in 2022, and then dropped in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were Malaysia (46K tons), India (27K tons) and France (5.6K tons), together accounting for 57% of global consumption.

From 2013 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of +15.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($137M), Malaysia ($129M) and South Korea ($59M) were the countries with the highest levels of market value in 2023, together comprising 32% of the global market.

Malaysia, with a CAGR of +22.8%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2023, the highest levels of beeswax per capita consumption was registered in Malaysia (1,360 kg per 1000 persons), followed by Argentina (96 kg per 1000 persons), France (83 kg per 1000 persons) and South Korea (79 kg per 1000 persons), while the world average per capita consumption of beeswax was estimated at 17 kg per 1000 persons.

From 2013 to 2023, the average annual growth rate of the beeswax per capita consumption in Malaysia stood at +14.1%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Argentina (-0.8% per year) and France (+7.8% per year).

Production

World Production of Beeswax

For the eleventh consecutive year, the global market recorded growth in production of beeswax, which increased by less than 0.1% to 132K tons in 2023. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 1.5% against the previous year. Over the period under review, global production reached the maximum volume in 2023 and is likely to continue growth in the near future. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, beeswax production dropped to $1B in 2023 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2022 with an increase of 8.4% against the previous year. As a result, production attained the peak level of $1.2B, and then fell in the following year.

Production By Country

The countries with the highest volumes of production in 2023 were Malaysia (46K tons), India (25K tons) and China (12K tons), with a combined 62% share of global production. Ethiopia, Argentina, Turkey, South Korea, Kenya and Angola lagged somewhat behind, together comprising a further 18%.

From 2013 to 2023, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by South Korea (with a CAGR of +2.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Beeswax

In 2023, approx. 24K tons of beeswax were imported worldwide; with a decrease of -26.3% against the previous year. Over the period under review, imports recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2014 when imports increased by 67% against the previous year. As a result, imports reached the peak of 53K tons. From 2015 to 2023, the growth of global imports failed to regain momentum.

In value terms, beeswax imports declined remarkably to $123M in 2023. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 33%. Global imports peaked at $163M in 2022, and then dropped remarkably in the following year.

Imports By Country

In 2023, France (5.6K tons), distantly followed by the United States (3.3K tons), Germany (3.1K tons) and India (2.3K tons) were the main importers of beeswax, together mixing up 59% of total imports. The Philippines (709 tons), Spain (629 tons), Japan (616 tons), Poland (602 tons), Greece (591 tons) and Italy (534 tons) held a little share of total imports.

From 2013 to 2023, the biggest increases were recorded for the Philippines (with a CAGR of +26.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($23M), Germany ($19M) and France ($12M) constituted the countries with the highest levels of imports in 2023, with a combined 44% share of global imports. Italy, Japan, Poland, Spain, India, Greece and the Philippines lagged somewhat behind, together comprising a further 22%.

Among the main importing countries, the Philippines, with a CAGR of +23.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($9,960 per ton), while India ($1,228 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+2.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Beeswax

In 2023, after two years of growth, there was significant decline in overseas shipments of beeswax, when their volume decreased by -17.3% to 19K tons. In general, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 21% against the previous year. As a result, the exports reached the peak of 61K tons. From 2015 to 2023, the growth of the global exports failed to regain momentum.

In value terms, beeswax exports declined dramatically to $125M in 2023. Overall, exports showed a noticeable slump. The pace of growth was the most pronounced in 2014 with an increase of 13% against the previous year. As a result, the exports reached the peak of $173M. From 2015 to 2023, the growth of the global exports remained at a somewhat lower figure.

Exports By Country

In 2023, China (7.8K tons) represented the key exporter of beeswax, creating 41% of total exports. It was distantly followed by Germany (1.6K tons), Vietnam (1.4K tons) and the United States (1.4K tons), together comprising a 24% share of total exports. The following exporters - Indonesia (707 tons), Argentina (514 tons), France (470 tons), Tanzania (440 tons), Togo (384 tons) and Burkina Faso (288 tons) - together made up 15% of total exports.

From 2013 to 2023, average annual rates of growth with regard to beeswax exports from China stood at -1.3%. At the same time, Burkina Faso (+34.7%), Togo (+13.7%), Vietnam (+10.9%), Indonesia (+5.8%), Germany (+2.7%) and Argentina (+2.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in the world, with a CAGR of +34.7% from 2013-2023. Tanzania experienced a relatively flat trend pattern. By contrast, France (-2.4%) and the United States (-3.2%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China, Vietnam, Germany, the United States, Indonesia, Togo and Argentina increased by +24, +6.6, +6, +3.6, +2.9, +2 and +1.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($37M) remains the largest beeswax supplier worldwide, comprising 29% of global exports. The second position in the ranking was held by Germany ($16M), with a 13% share of global exports. It was followed by Vietnam, with an 8.7% share.

From 2013 to 2023, the average annual rate of growth in terms of value in China stood at -3.1%. In the other countries, the average annual rates were as follows: Germany (+3.8% per year) and Vietnam (+11.1% per year).

Export Prices By Country

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($13,969 per ton), while Indonesia ($1,235 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by France (+3.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform