ECOWAS: Beeswax Market 2025

Beeswax Market Size in ECOWAS

In 2022, the ECOWAS beeswax market decreased by -15.3% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Beeswax Production in ECOWAS

In value terms, beeswax production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 21%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Senegal (X tons) remains the largest beeswax producing country in ECOWAS, accounting for 27% of total volume. Moreover, beeswax production in Senegal exceeded the figures recorded by the second-largest producer, Burkina Faso (X tons), twofold. Sierra Leone (X tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in Senegal totaled +1.5%. In the other countries, the average annual rates were as follows: Burkina Faso (+2.3% per year) and Sierra Leone (+1.1% per year).

Beeswax Exports

Exports in ECOWAS

After two years of growth, shipments abroad of beeswax decreased by -3.1% to X tons in 2022. Overall, exports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 136%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell modestly in the following year.

In value terms, beeswax exports declined to $X in 2022. In general, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 137%. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, Togo (X tons) represented the largest exporter of beeswax, committing 46% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a 19% share, followed by Burkina Faso (18%), Mali (7.8%) and Guinea (5.4%). Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to beeswax exports from Togo stood at +14.8%. At the same time, Burkina Faso (+24.5%), Nigeria (+14.1%) and Senegal (+11.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +24.5% from 2012-2022. By contrast, Mali (-1.9%) and Guinea (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo, Burkina Faso and Nigeria increased by +46, +14 and +7.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest beeswax supplier in ECOWAS, comprising 48% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 16% share of total exports. It was followed by Nigeria, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Togo amounted to +11.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (+24.5% per year) and Nigeria (+12.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, dropping by -3.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2014 when the export price increased by 34%. As a result, the export price reached the peak level of $X per ton. From 2015 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 Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.6%), while the other leaders experienced more modest paces of growth.

Beeswax Imports

Imports in ECOWAS

After five years of growth, overseas purchases of beeswax decreased by -31.5% to X tons in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2013 when imports increased by 652% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, beeswax imports fell sharply to $X in 2022. In general, imports saw a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 183% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Benin dominates imports structure, accounting for X tons, which was near 89% of total imports in 2022. It was distantly followed by Togo (X tons), constituting a 9.6% share of total imports.

Benin was also the fastest-growing in terms of the beeswax imports, with a CAGR of +29.5% from 2012 to 2022. At the same time, Togo (+6.9%) displayed positive paces of growth. Benin (+70 p.p.) and Togo (+9.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) constitutes the largest market for imported beeswax in ECOWAS, comprising 84% of total imports. The second position in the ranking was held by Benin ($X), with less than 0.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Togo stood at +11.0%.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, waning by -49.7% against the previous year. In general, the import price showed a deep setback. The pace of growth was the most pronounced in 2016 an increase of 123%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Togo ($X per ton), while Benin amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+3.9%).

Source: IndexBox Platform