Bulgaria: Beeswax Market 2024

Beeswax Market Size in Bulgaria

The Bulgarian beeswax market surged to $X in 2022, jumping by 37% against the previous year. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +44.9% against 2020 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Beeswax Production in Bulgaria

In value terms, beeswax production expanded modestly to $X in 2022 estimated in export price. In general, production enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 255%. Beeswax production peaked at $X in 2020; afterwards, it flattened through to 2022.

Beeswax Exports

Exports from Bulgaria

Beeswax exports from Bulgaria reduced rapidly to X tons in 2022, falling by -66.7% against the previous year. Over the period under review, exports, however, continue to indicate a perceptible expansion. The pace of growth was the most pronounced in 2014 when exports increased by 734%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, beeswax exports dropped rapidly to $X in 2022. Overall, exports, however, saw a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 881%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Austria (X tons), Croatia (X tons) and Estonia (X tons) were the main destinations of beeswax exports from Bulgaria, together accounting for 65% of total exports.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +141.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X), Croatia ($X) and Estonia ($X) constituted the largest markets for beeswax exported from Bulgaria worldwide, with a combined 65% share of total exports.

Among the main countries of destination, Austria, with a CAGR of +131.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average beeswax export price amounted to $X per ton, which is down by -5.6% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +11.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, beeswax export price decreased by -0.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 162%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Estonia ($X per ton) and Lithuania ($X per ton), while the average price for exports to Romania ($X per ton) and Croatia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Beeswax Imports

Imports into Bulgaria

In 2022, supplies from abroad of beeswax increased by 129% to X tons for the first time since 2016, thus ending a five-year declining trend. In general, imports showed a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 416% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, beeswax imports surged to $X in 2022. Over the period under review, imports saw a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 417% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of beeswax to Bulgaria, accounting for a 57% share of total imports. Moreover, beeswax imports from Turkey exceeded the figures recorded by the second-largest supplier, Greece (X tons), fourfold. Germany (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+5.7% per year) and Germany (+78.4% per year).

In value terms, Germany ($X), Turkey ($X) and Greece ($X) appeared to be the largest beeswax suppliers to Bulgaria, together comprising 87% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +82.3%, recorded the highest growth rate of 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

The average beeswax import price stood at $X per ton in 2022, picking up by 96% against the previous year. In general, the import price recorded a prominent increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+33.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :