Brazil: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Brazil

The Brazilian worked wax articles market surged to $X in 2022, increasing by 33% against the previous year. In general, consumption saw a moderate increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Production in Brazil

In value terms, worked wax articles production soared to $X in 2022 estimated in export price. In general, production recorded a pronounced expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 124% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Worked Wax Articles Exports

Exports from Brazil

After three years of growth, overseas shipments of worked articles of wax decreased by -5.6% to X units in 2022. Over the period under review, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 177%. The exports peaked at X units in 2021, and then dropped in the following year.

In value terms, worked wax articles exports shrank to $X in 2022. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 264%. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Bolivia (X units), the United States (X units) and Argentina (X units) were the main destinations of worked wax articles exports from Brazil, with a combined 65% share of total exports. Chile, Colombia, Paraguay, Mexico, Guatemala, Peru, Nigeria and the Dominican Republic lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +327.0%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), the United States ($X) and Chile ($X) were the largest markets for worked wax articles exported from Brazil worldwide, together comprising 59% of total exports. Colombia, Paraguay, Mexico, Guatemala, Bolivia, Peru, the Dominican Republic and Nigeria lagged somewhat behind, together accounting for a further 36%.

Colombia, with a CAGR of +312.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, waning by -3% against the previous year. Overall, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked wax articles export price increased by +132.7% against 2017 indices. The growth pace was the most rapid in 2018 an increase of 42%. The export price peaked at $X per thousand units in 2021, and then reduced in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Paraguay ($X per thousand units), while the average price for exports to Nigeria ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Brazil

In 2022, after three years of decline, there was significant growth in purchases abroad of worked articles of wax, when their volume increased by 120% to X units. Over the period under review, imports enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, worked wax articles imports soared to $X in 2022. In general, imports posted prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest worked wax articles supplier to Brazil, with a 55% share of total imports. Moreover, worked wax articles imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. India (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.2% per year) and India (+21.8% per year).

In value terms, the largest worked wax articles suppliers to Brazil were the United States ($X), India ($X) and China ($X), together accounting for 82% of total imports. Belgium and Mexico lagged somewhat behind, together accounting for a further 13%.

Belgium, with a CAGR of +108.6%, recorded 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 2022, the average worked wax articles import price amounted to $X per thousand units, waning by -32.7% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 16%. Over the period under review, average import prices attained the peak figure at $X per thousand units in 2021, and then dropped sharply in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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