Latin America and the Caribbean: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Latin America and the Caribbean

The Latin American worked wax articles market surged to $X in 2022, jumping by 20% against the previous year. The total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 -14.7% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Production in Latin America and the Caribbean

In value terms, worked wax articles production expanded remarkably to $X in 2022 estimated in export price. The total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 -8.0% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 47%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Worked Wax Articles Exports

Exports in Latin America and the Caribbean

In 2022, exports of worked articles of wax in Latin America and the Caribbean rose to X units, growing by 3% compared with 2021 figures. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 78% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports rose significantly to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 23% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Mexico represented the major exporter of worked articles of wax in Latin America and the Caribbean, with the volume of exports finishing at X units, which was near 71% of total exports in 2022. It was distantly followed by Colombia (X units) and Brazil (X units), together committing a 22% share of total exports. The following exporters - Guatemala (X units) and Peru (X units) - each resulted at a 5.3% share of total exports.

Mexico experienced a relatively flat trend pattern with regard to volume of exports of worked articles of wax. At the same time, Guatemala (+20.8%), Brazil (+19.0%) and Peru (+3.3%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +20.8% from 2012-2022. By contrast, Colombia (-5.3%) illustrated a downward trend over the same period. While the share of Brazil (+6.6 p.p.), Guatemala (+2.3 p.p.) and Mexico (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Colombia (-10.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest worked wax articles supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was taken by Colombia ($X), with a 19% share of total exports. It was followed by Brazil, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +4.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Colombia (-7.7% per year) and Brazil (+20.6% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per thousand units in 2022, growing by 5.3% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 56% against the previous year. Over the period under review, the export prices attained the peak figure at $X per thousand units in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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 Colombia ($X per thousand units), while Guatemala ($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 Mexico (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Worked Wax Articles Imports

Imports in Latin America and the Caribbean

In 2022, the amount of worked articles of wax imported in Latin America and the Caribbean surged to X units, jumping by 41% on the year before. In general, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, worked wax articles imports surged to $X in 2022. The total import value increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 29%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Brazil represented the largest importer of worked articles of wax in Latin America and the Caribbean, with the volume of imports reaching X units, which was near 35% of total imports in 2022. Mexico (X units) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Guyana (9.5%), Argentina (8.4%) and Guatemala (5.3%). Chile (X units), Ecuador (X units), El Salvador (X units), Peru (X units), Bolivia (X units) and Colombia (X units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Guyana (with a CAGR of +72.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Argentina ($X), together accounting for 77% of total imports. Chile, Guatemala, Peru, El Salvador, Ecuador, Colombia, Guyana and Bolivia lagged somewhat behind, together comprising a further 16%.

Guyana, with a CAGR of +61.1%, saw 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

The import price in Latin America and the Caribbean stood at $X per thousand units in 2022, declining by -12.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. The growth pace was the most rapid in 2013 when the import price increased by 23% against the previous year. The level of import peaked at $X per thousand units in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per thousand units), while Guyana ($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 Argentina (+22.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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