MENA: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in MENA

In 2022, the MENA's worked wax articles market decreased by -12% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, showed a abrupt downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Production in MENA

In value terms, worked wax articles production totaled $X in 2022 estimated in export price. In general, production showed a remarkable increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 289%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Worked Wax Articles Exports

Exports in MENA

Worked wax articles exports rose modestly to X units in 2022, growing by 2.4% against the year before. Total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -17.8% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 58% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports skyrocketed to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +98.2% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 49%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

Turkey was the key exporter of worked articles of wax in MENA, with the volume of exports amounting to X units, which was approx. 60% of total exports in 2022. Iran (X units) took the second position in the ranking, distantly followed by the United Arab Emirates (X units) and Egypt (X units). All these countries together held near 28% share of total exports. The following exporters - Bahrain (X units), Saudi Arabia (X units), Lebanon (X units) and Morocco (X units) - each finished at a 7.5% share of total exports.

Turkey was also the fastest-growing in terms of the worked articles of wax exports, with a CAGR of +17.9% from 2012 to 2022. At the same time, Saudi Arabia (+15.6%), Iran (+9.8%), Bahrain (+6.7%) and Lebanon (+6.7%) displayed positive paces of growth. By contrast, Egypt (-5.9%), the United Arab Emirates (-10.8%) and Morocco (-19.6%) illustrated a downward trend over the same period. Turkey (+44 p.p.) and Iran (+7.2 p.p.) significantly strengthened its position in terms of the total exports, while Egypt, Morocco and the United Arab Emirates saw its share reduced by -8.1%, -18% and -25.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest worked wax articles supplier in MENA, comprising 58% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 13% share of total exports. It was followed by Iran, with a 7.4% share.

In Turkey, worked wax articles exports expanded at an average annual rate of +26.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (-5.8% per year) and Iran (+2.0% per year).

Export Prices by Country

The export price in MENA stood at $X per thousand units in 2022, with an increase of 30% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked wax articles export price increased by +84.3% against 2020 indices. The growth pace was the most rapid in 2018 an increase of 106% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per thousand units), while Morocco ($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 Turkey (+7.2%), while the other leaders experienced more modest paces of growth.

Worked Wax Articles Imports

Imports in MENA

For the fourth consecutive year, MENA recorded growth in overseas purchases of worked articles of wax, which increased by 3.3% to X units in 2022. The total import volume increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 20% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, worked wax articles imports contracted to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +42.2% against 2018 indices. The growth pace was the most rapid in 2021 when imports increased by 19% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, Turkey (X units), distantly followed by Algeria (X units), Lebanon (X units), Egypt (X units), Iran (X units) and the United Arab Emirates (X units) represented the main importers of worked articles of wax, together creating 77% of total imports. Israel (X units), Iraq (X units), Tunisia (X units), Morocco (X units), Jordan (X units), Syrian Arab Republic (X units) and Oman (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Lebanon (with a CAGR of +25.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles importing markets in MENA were Turkey ($X), Algeria ($X) and Egypt ($X), together comprising 60% of total imports. The United Arab Emirates, Iran, Israel, Morocco, Tunisia, Jordan, Iraq, Syrian Arab Republic, Lebanon and Oman lagged somewhat behind, together accounting for a further 34%.

Iraq, with a CAGR of +24.2%, saw the highest growth rate of the value of imports, among 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 MENA amounted to $X per thousand units, dropping by -8.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 15% against the previous year. Over the period under review, import prices hit record highs at $X per thousand units in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Morocco ($X per thousand units), while Lebanon ($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 Jordan (+24.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform