U.S. Beeswax Market Rebounds to $25M

IndexBox has just published a new report: 'U.S. - Beeswax - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

In 2021, after two years of decline, there was significant growth in the U.S. beeswax market, when its value increased by 40% to $25M. Overall, consumption enjoyed strong growth. The growth pace was the most rapid in 2018 when the market value increased by 46% year-to-year. Over the period under review, the market reached the maximum level at $32M in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure. 

Production in the U.S.

In 2021, production of beeswax was estimated at 1.6K tons for the first time since 2018, thus ending a two-year declining trend. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 0.4% year-to-year. Beeswax production peaked at 1.6K tons in 2013; afterwards, it flattened through to 2021. Beeswax output in the U.S. indicated a relatively flat trend pattern, which was largely conditioned by a relatively flat trend pattern of the producing animals and a relatively flat trend pattern in yield figures. 

In value terms, beeswax production contracted to $7.1M in 2021. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2009 with an increase of 8.9% against the previous year. Beeswax production peaked at $7.5M in 2010; however, from 2011 to 2021, production remained at a lower figure. 

Exports from the U.S.

In 2021, overseas shipments of beeswax decreased by -20% to 1.6K tons, falling for the fourth year in a row after two years of growth. Overall, exports, however, enjoyed a modest expansion. The pace of growth appeared the most rapid in 2010 with an increase of 58% against the previous year. Exports peaked at 3.6K tons in 2017; however, from 2018 to 2021, exports remained at a lower figure.

In value terms, beeswax exports fell to $7.7M in 2021. The most prominent rate of growth was recorded in 2010. Exports peaked at $16M in 2017; however, from 2018 to 2021, exports stood at a somewhat lower figure.

Exports by Country

Canada (476 tons), Germany (307 tons) and Chile (280 tons) were the main destinations of beeswax exports from the U.S., together comprising 54% of total exports.

From 2007 to 2020, the biggest increases were in Chile (+54.3% per year), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($2.1M), Germany ($1.9M) and South Korea ($1.3M) constituted the largest markets for beeswax exported from the U.S. worldwide, together comprising 59% of total supplies. Mexico, Chile, China and France lagged somewhat behind, together accounting for a further 24%.

Export Prices by Country

The average beeswax export price stood at $4,482 per ton in 2020, surging by 2.6% against the previous year. There were significant differences in the average prices for the major foreign markets. In 2020, the country with the highest price was Germany ($6,160 per ton), while the average price for exports to Chile ($1,954 per ton) was amongst the lowest. From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Germany, while the prices for the other major destinations experienced more modest paces of growth.

Imports into the U.S.

In 2021, after two years of decline, there was significant growth in purchases abroad of beeswax, when their volume increased by 31% to 3.9K tons. In general, total imports indicated temperate growth from 2007 to 2021: its volume increased at an average annual rate of +4.3% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2012 when imports increased by 31% y-o-y. Imports peaked at 4.5K tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, beeswax imports soared to $25M in 2021. Over the period under review, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2012 when imports increased by 49% year-to-year. Over the period under review, imports hit record highs at $37M in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (971 tons), Vietnam (572 tons) and Tanzania (360 tons) were the main suppliers of beeswax imports to the U.S., with a combined 64% share of total purchases. Canada, Argentina, India and Togo lagged somewhat behind, together accounting for a further 31%.

In value terms, the largest beeswax suppliers to the U.S. were China ($5.5M), Vietnam ($3.8M) and Tanzania ($3M), with a combined 59% share of total imports.

Tanzania saw the highest growth rate of 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

In 2020, the average beeswax import price amounted to $6,933 per ton, growing by 2% against the previous year. There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Tanzania ($8,454 per ton), while the price for India ($5,489 per ton) was amongst the lowest. From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Togo, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform