Kenya: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Kenya

The Kenyan worked wax articles market rose to $X in 2022, growing by 4.2% against the previous year. Overall, consumption showed mild growth. Worked wax articles consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Worked Wax Articles Production in Kenya

In value terms, worked wax articles production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 92%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Kenya

After four years of decline, shipments abroad of worked articles of wax increased by 37% to X units in 2022. Over the period under review, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 143% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, worked wax articles exports soared to $X in 2022. Overall, exports, however, showed a dramatic descent. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, 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 Kenya, accounting for a 42% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, Portugal (X units), fourfold. The third position in this ranking was held by Canada (X units), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (-31.4% per year) and Canada (-10.3% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from Kenya, comprising 79% of total exports. The second position in the ranking was held by Canada ($X), with an 11% share of total exports. It was followed by Germany, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-17.5% per year) and Germany (-27.9% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, surging by 12% against the previous year. Overall, the export price, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2016 an increase of 36% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per thousand units in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per thousand units), while the average price for exports to Portugal ($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 the Netherlands (+2.2%), while the prices for the other major destinations experienced a decline.

Worked Wax Articles Imports

Imports into Kenya

In 2022, overseas purchases of worked articles of wax were finally on the rise to reach X units after two years of decline. Over the period under review, imports enjoyed prominent growth. The growth pace was the most rapid in 2015 when imports increased by 60%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports rose markedly to $X in 2022. Overall, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.8% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 49%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X units) was the main supplier of worked wax articles to Kenya, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from India totaled +7.5%.

In value terms, India ($X) constituted the largest supplier of worked articles of wax to Kenya.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +4.6%.

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, dropping by -12.2% against the previous year. Overall, the import price showed a perceptible descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 26%. Over the period under review, average import prices hit record highs at $X per thousand units in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -2.7% per year.

Source: IndexBox Platform

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