Ireland: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Ireland

In 2022, the Irish worked wax articles market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, faced a precipitous shrinkage. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Worked Wax Articles Exports

Exports from Ireland

In 2022, the amount of worked articles of wax exported from Ireland shrank significantly to X units, waning by -20.8% on the year before. In general, exports recorded a sharp curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 99% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports dropped remarkably to $X in 2022. Over the period under review, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2014 with an increase of 269% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from Ireland, with a 84% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, the UK (X units), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-12.8% per year) and New Zealand (0.0% per year).

From 2012 to 2022, the average annual growth rate of value to the United States stood at -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-1.9% per year) and New Zealand (0.0% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, reducing by -24.2% against the previous year. In general, the export price, however, saw a significant expansion. The most prominent rate of growth was recorded in 2014 when the average export price increased by 1,911% against the previous year. As a result, the export price reached the peak level of $X per thousand units. From 2015 to 2022, the average export prices failed to regain momentum.

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 the UK ($X per thousand units), while the average price for exports to New Zealand ($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 Denmark (+54.1%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Ireland

In 2022, after two years of decline, there was significant growth in purchases abroad of worked articles of wax, when their volume increased by 86% to X units. In general, imports, however, continue to indicate a significant contraction. The pace of growth appeared the most rapid in 2017 with an increase of 633% against the previous year. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports surged to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Belgium (X units) constituted the largest supplier of worked wax articles to Ireland, accounting for a 66% share of total imports. Moreover, worked wax articles imports from Belgium exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. The third position in this ranking was taken by Japan (X units), with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium totaled -25.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.1% per year) and Japan (-2.0% per year).

In value terms, Japan ($X), Belgium ($X) and the United States ($X) appeared to be the largest worked wax articles suppliers to Ireland, with a combined 90% share of total imports.

Among the main suppliers, Japan, with a CAGR of +6.8%, recorded the highest rates of growth with regard to 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 worked wax articles import price stood at $X per thousand units in 2022, falling by -25.1% against the previous year. Over the period under review, the import price, however, posted significant growth. The pace of growth was the most pronounced in 2018 an increase of 1,122% against the previous year. The import price peaked at $X per thousand units in 2021, and then shrank sharply in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per thousand units), while the price for Belgium ($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 Belgium (+33.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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