Latin America and the Caribbean: Beeswax Market 2024

Beeswax Market Size in Latin America and the Caribbean

The Latin American beeswax market shrank to $X in 2022, waning by -3% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 when the market value increased by 9.5%. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Beeswax Production in Latin America and the Caribbean

In value terms, beeswax production fell to $X in 2022 estimated in export price. The total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.1% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

The country with the largest volume of beeswax production was Argentina (X tons), accounting for 39% of total volume. Moreover, beeswax production in Argentina exceeded the figures recorded by the second-largest producer, Brazil (X tons), threefold. Mexico (X tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Argentina was relatively modest. In the other countries, the average annual rates were as follows: Brazil (+0.7% per year) and Mexico (-2.8% per year).

Beeswax Exports

Exports in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in shipments abroad of beeswax, when their volume decreased by -46.9% to X tons. Overall, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 65%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, beeswax exports declined remarkably to $X in 2022. Total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 48%. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Argentina was the main exporting country with an export of around X tons, which amounted to 71% of total exports. It was distantly followed by Brazil (X tons), comprising a 17% share of total exports. Uruguay (X tons), Chile (X tons) and Costa Rica (X tons) took a relatively small share of total exports.

Exports from Argentina decreased at an average annual rate of -4.2% from 2012 to 2022. At the same time, Uruguay (+56.9%), Costa Rica (+28.6%) and Brazil (+7.4%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +56.9% from 2012-2022. By contrast, Chile (-18.2%) illustrated a downward trend over the same period. Argentina (+14 p.p.), Brazil (+13 p.p.), Uruguay (+3.8 p.p.) and Costa Rica (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Chile saw its share reduced by -5.8% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest beeswax supplier in Latin America and the Caribbean, comprising 78% of total exports. The second position in the ranking was held by Argentina ($X), with a 16% share of total exports. It was followed by Uruguay, with a 2.2% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at +4.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (-5.6% per year) and Uruguay (+61.0% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 26% against the previous year. Export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 35%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+46.1%), while the other leaders experienced more modest paces of growth.

Beeswax Imports

Imports in Latin America and the Caribbean

In 2022, imports of beeswax in Latin America and the Caribbean dropped markedly to X tons, with a decrease of -32.1% against the previous year's figure. Overall, imports showed a deep contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 122% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, beeswax imports dropped dramatically to $X in 2022. In general, imports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2013 when imports increased by 21% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Colombia (X tons) and Mexico (X tons) represented roughly 42% of total imports in 2022. Ecuador (X tons) took the next position in the ranking, followed by El Salvador (X tons), Brazil (X tons), Peru (X tons), Honduras (X tons) and Belize (X tons). All these countries together took approx. 38% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +35.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest beeswax importing markets in Latin America and the Caribbean were Mexico ($X), Colombia ($X) and Brazil ($X), with a combined 62% share of total imports. El Salvador, Peru, Ecuador, Honduras and Belize lagged somewhat behind, together accounting for a further 19%.

Peru, with a CAGR of +36.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 9.8% against the previous year. Over the period under review, the import price, however, saw a mild curtailment. The pace of growth was the most pronounced in 2014 when the import price increased by 71% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Belize ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+9.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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