Eastern Europe: Beeswax Market 2024

Beeswax Market Size in Eastern Europe

In 2022, the East European beeswax market increased by 3.4% to $X, rising for the third year in a row after five years of decline. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Beeswax Production in Eastern Europe

In value terms, beeswax production rose notably to $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -8.4% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 51% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Ukraine (X tons), Bulgaria (X tons) and the Czech Republic (X tons), with a combined 87% share of total production.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +22.8%), while production for the other leaders experienced more modest paces of growth.

Beeswax Exports

Exports in Eastern Europe

In 2022, beeswax exports in Eastern Europe fell dramatically to X tons, dropping by -36.8% against 2021 figures. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2015 with an increase of 232%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, beeswax exports plummeted to $X in 2022. Over the period under review, exports, however, saw significant growth. The growth pace was the most rapid in 2016 with an increase of 198% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Czech Republic (X tons) and Ukraine (X tons) represented the main exporters of beeswax in 2022, amounting to near 36% and 36% of total exports, respectively. Poland (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Bulgaria (6.9%) and Russia (6.3%). Lithuania (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +57.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest beeswax supplying countries in Eastern Europe were the Czech Republic ($X), Ukraine ($X) and Poland ($X), with a combined 85% share of total exports.

Among the main exporting countries, the Czech Republic, with a CAGR of +54.4%, saw the highest growth rate of 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 export price in Eastern Europe amounted to $X per ton, flattening at the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +6.6% 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 increased by +18.8% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of 42%. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+11.9%), while the other leaders experienced more modest paces of growth.

Beeswax Imports

Imports in Eastern Europe

In 2022, purchases abroad of beeswax decreased by -5.8% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 40% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then fell in the following year.

In value terms, beeswax imports dropped to $X in 2022. The total import value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 31% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Poland represented the key importer of beeswax in Eastern Europe, with the volume of imports finishing at X tons, which was near 60% of total imports in 2022. The Czech Republic (X tons) took the second position in the ranking, followed by Romania (X tons), Lithuania (X tons) and Bulgaria (X tons). All these countries together held near 34% share of total imports. Slovakia (X tons) took a relatively small share of total imports.

Imports into Poland increased at an average annual rate of +16.0% from 2012 to 2022. At the same time, Lithuania (+49.4%), Bulgaria (+28.6%), the Czech Republic (+11.3%) and Romania (+1.5%) displayed positive paces of growth. Moreover, Lithuania emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +49.4% from 2012-2022. Slovakia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Poland, Lithuania, the Czech Republic and Bulgaria increased by +42, +8.5, +5.9 and +4.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported beeswax in Eastern Europe, comprising 58% of total imports. The second position in the ranking was taken by the Czech Republic ($X), with a 12% share of total imports. It was followed by Romania, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value in Poland totaled +14.4%. The remaining importing countries recorded the following average annual rates of imports growth: the Czech Republic (+12.6% per year) and Romania (+0.8% per year).

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, waning by -2.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the import price increased by 14% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Bulgaria ($X per ton), while Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+6.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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