Latvia: Beeswax Market 2025

Beeswax Market Size in Latvia

In 2022, the Latvian beeswax market decreased by -22.4% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption, however, saw a slight increase. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Beeswax Production in Latvia

In value terms, beeswax production soared to $X in 2022 estimated in export price. Over the period under review, production, however, faced a abrupt descent. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Beeswax Exports

Exports from Latvia

In 2022, after six years of growth, there was significant decline in overseas shipments of beeswax, when their volume decreased by -31.5% to X tons. Overall, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 1,622% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped significantly in the following year.

In value terms, beeswax exports dropped notably to $X in 2022. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 2,110%. Over the period under review, the exports reached the peak figure at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Germany (X tons), the Netherlands (X tons) and Lithuania (X kg) were the main destinations of beeswax exports from Latvia, with a combined 98% share of total exports.

From 2014 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +82.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for beeswax exports from Latvia, comprising 74% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 16% share of total exports. It was followed by Lithuania, with an 8.8% share.

From 2014 to 2022, the average annual rate of growth in terms of value to Germany stood at +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and Lithuania (+106.8% per year).

Export Prices by Country

In 2022, the average beeswax export price amounted to $X per ton, declining by -32.3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 103% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lithuania (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Beeswax Imports

Imports into Latvia

In 2022, imports of beeswax into Latvia shrank significantly to X tons, waning by -59.5% compared with 2021 figures. Over the period under review, imports continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2014 when imports increased by 969%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, beeswax imports dropped remarkably to $X in 2022. In general, imports, however, enjoyed a pronounced expansion. The growth pace was the most rapid in 2014 with an increase of 607%. Over the period under review, imports attained the peak figure at $X in 2021, and then shrank sharply in the following year.

Imports by Country

Poland (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of beeswax imports to Latvia, with a combined 81% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +105.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest beeswax suppliers to Latvia were Finland ($X), France ($X) and Poland ($X), together accounting for 78% of total imports.

Finland, with a CAGR of +135.4%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average beeswax import price amounted to $X per ton, increasing by 35% against the previous year. Overall, the import price saw resilient growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 87% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform