Indonesia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Indonesia

The Indonesian worked wax articles market rose sharply to $X in 2022, increasing by 8.2% against the previous year. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.8% against 2020 indices. Worked wax articles consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Worked Wax Articles Production in Indonesia

In value terms, worked wax articles production expanded modestly to $X in 2022 estimated in export price. In general, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -2.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 25% against the previous year. Worked wax articles production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Worked Wax Articles Exports

Exports from Indonesia

In 2022, after two years of growth, there was significant decline in overseas shipments of worked articles of wax, when their volume decreased by -19.1% to X units. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 20% against the previous year. The exports peaked at X units in 2021, and then declined remarkably in the following year.

In value terms, worked wax articles exports rose to $X in 2022. The total export value increased at an average annual rate of +4.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 18% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Vietnam (X units), Thailand (X units) and Pakistan (X units) were the main destinations of worked wax articles exports from Indonesia, with a combined 56% share of total exports. The Philippines, Bangladesh, New Zealand, the Netherlands, the United States, Australia, Belgium, the UK and South Korea lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +25.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Pakistan ($X), Vietnam ($X) and Thailand ($X) appeared to be the largest markets for worked wax articles exported from Indonesia worldwide, with a combined 59% share of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +26.2%, 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

The average worked wax articles export price stood at $X per thousand units in 2022, with an increase of 27% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per thousand units), while the average price for exports to the UK ($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 Australia (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Indonesia

In 2022, purchases abroad of worked articles of wax increased by 32% to X units, rising for the fifth consecutive year after three years of decline. Overall, imports continue to indicate pronounced growth. The growth pace was the most rapid in 2018 when imports increased by 43% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, worked wax articles imports surged to $X in 2022. Over the period under review, imports saw a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X units), China (X units) and Germany (X units) were the main suppliers of worked wax articles imports to Indonesia, together accounting for 54% of total imports. Vietnam, Italy, Japan, Belgium and Malaysia lagged somewhat behind, together accounting for a further 8%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +54.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of worked articles of wax to Indonesia, comprising 49% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 14% share of total imports. It was followed by China, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+1.8% per year) and China (+1.9% per year).

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, rising by 40% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.4% 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 import price increased by +46.6% against 2019 indices. Over the period under review, average import prices reached the peak figure at $X per thousand units in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per thousand units), while the price for Italy ($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 Japan (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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