Asia: Beeswax Market 2025

Beeswax Market Size in Asia

The Asian beeswax market expanded to $X in 2022, growing by 1.8% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Beeswax Production in Asia

In value terms, beeswax production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 15%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

India (X tons) remains the largest beeswax producing country in Asia, comprising approx. 49% of total volume. Moreover, beeswax production in India exceeded the figures recorded by the second-largest producer, China (X tons), twofold. South Korea (X tons) ranked third in terms of total production with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in India was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: China (+0.0% per year) and South Korea (+2.2% per year).

Beeswax Exports

Exports in Asia

In 2022, beeswax exports in Asia shrank to X tons, which is down by -6.8% on the previous year. The total export volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 19% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, beeswax exports expanded modestly to $X in 2022. The total export value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 23% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near 76% of total exports in 2022. Indonesia (X tons) held an 8.9% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (7.6%). India (X tons) took a relatively small share of total exports.

Exports from China increased at an average annual rate of +3.2% from 2012 to 2022. At the same time, Indonesia (+15.7%), India (+12.5%) and Vietnam (+6.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +15.7% from 2012-2022. Indonesia (+6.1 p.p.), Vietnam (+2 p.p.) and India (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest beeswax supplier in Asia, comprising 75% of total exports. The second position in the ranking was held by Vietnam ($X), with a 12% share of total exports. It was followed by Indonesia, with a 3.3% share.

In China, beeswax exports increased at an average annual rate of +1.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+10.2% per year) and Indonesia (+18.8% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, growing by 12% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 25%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.8%), while the other leaders experienced mixed trends in the export price figures.

Beeswax Imports

Imports in Asia

Beeswax imports shrank modestly to X tons in 2022, with a decrease of -3.2% against 2021 figures. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 42% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, beeswax imports contracted to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 19%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

India was the main importing country with an import of about X tons, which resulted at 45% of total imports. It was distantly followed by Japan (X tons) and South Korea (X tons), together comprising a 22% share of total imports. Oman (X tons), the United Arab Emirates (X tons), the Philippines (X tons), Thailand (X tons), Pakistan (X tons), China (X tons), Taiwan (Chinese) (X tons), Turkey (X tons), Singapore (X tons) and Syrian Arab Republic (X tons) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +6.2% from 2012 to 2022. At the same time, Singapore (+32.0%), Oman (+30.6%), the Philippines (+11.6%), China (+2.2%), South Korea (+2.1%) and Syrian Arab Republic (+1.1%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in Asia, with a CAGR of +32.0% from 2012-2022. Japan and Pakistan experienced a relatively flat trend pattern. By contrast, Thailand (-1.1%), Taiwan (Chinese) (-2.2%), Turkey (-11.5%) and the United Arab Emirates (-16.5%) illustrated a downward trend over the same period. While the share of India (+20 p.p.), Oman (+3.6 p.p.), the Philippines (+1.8 p.p.) and Singapore (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Turkey (-4 p.p.) and the United Arab Emirates (-15.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), India ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 57% share of total imports. China, Thailand, Singapore, Turkey, Taiwan (Chinese), the United Arab Emirates, Oman, the Philippines, Pakistan and Syrian Arab Republic lagged somewhat behind, together accounting for a further 32%.

Among the main importing countries, Singapore, with a CAGR of +43.1%, recorded 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 2022, the import price in Asia amounted to $X per ton, approximately mirroring the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by 17%. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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