Report Update Nov 1, 2024

Nigeria - Beeswax - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Beeswax Market 2024

Beeswax Market Size in Nigeria

In 2022, the Nigerien beeswax market decreased by -29.5% to $X, falling for the fifth consecutive year after two years of growth. Overall, consumption showed a sharp downturn. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Beeswax Production in Nigeria

In value terms, beeswax production fell to $X in 2022 estimated in export price. In general, the total production indicated modest growth 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. Based on 2022 figures, production increased by +2.4% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 46% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Beeswax Exports

Exports from Nigeria

After two years of growth, shipments abroad of beeswax decreased by -12.9% to X tons in 2022. In general, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 624% against the previous year. The exports peaked at X tons in 2021, and then contracted in the following year.

In value terms, beeswax exports reduced to $X in 2022. Overall, exports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by 509%. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Togo (X tons) was the main destination for beeswax exports from Nigeria, with a 62% share of total exports. Moreover, beeswax exports to Togo exceeded the volume sent to the second major destination, the United States (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Togo stood at +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+9.0% per year) and the UK (-2.3% per year).

In value terms, Togo ($X) remains the key foreign market for beeswax exports from Nigeria, comprising 59% of total exports. The second position in the ranking was taken by the UK ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Togo totaled +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+1.0% per year) and the United States (+6.6% per year).

Export Prices by Country

The average beeswax export price stood at $X per ton in 2022, rising by 2.7% against the previous year. Overall, the export price, however, showed a mild decrease. The most prominent rate of growth was recorded in 2014 when the average export price increased by 38%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+3.4%), while the prices for the other major destinations experienced a decline.

Beeswax Imports

Imports into Nigeria

After four years of decline, purchases abroad of beeswax increased by 198% to X tons in 2022. Overall, imports, however, showed a precipitous descent. The growth pace was the most rapid in 2016 when imports increased by 2,385% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, beeswax imports skyrocketed to $X in 2022. In general, imports, however, saw a dramatic decrease. The pace of growth appeared the most rapid in 2016 with an increase of 5,387% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X tons), Thailand (X tons) and Malaysia (X tons) were the main suppliers of beeswax imports to Nigeria, with a combined 97% 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 Indonesia (with a CAGR of +12.1%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X), Thailand ($X) and Malaysia ($X) were the largest beeswax suppliers to Nigeria, with a combined 93% share of total imports.

Indonesia, with a CAGR of +5.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average beeswax import price stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the import price saw tangible growth. The growth pace was the most rapid in 2016 an increase of 121%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+111.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for beeswax in the world?

The countries with the highest volumes of beeswax consumption in 2021 were India, Benin and France, with a combined 44% share of global consumption.

What are the largest producers of beeswax in the world?

The countries with the highest volumes of beeswax production in 2021 were India, China and Ethiopia, with a combined 51% share of global production. Argentina, Turkey, South Korea, Indonesia, Kenya, Angola, Tanzania, Brazil, the United States and Spain lagged somewhat behind, together accounting for a further 31%.

What are the leading suppliers of beeswax to Nigeria?

In value terms, Indonesia constituted the largest supplier of beeswax to Nigeria, comprising 53% of total imports. The second position in the ranking was occupied by Thailand, with a 23% share of total imports. It was followed by Malaysia, with a 13% share.

What are the leading importers of beeswax from Nigeria?

In value terms, the United States and the UK constituted the largest markets for beeswax exported from Nigeria worldwide.

What is the average export price for beeswax in Nigeria?

The average beeswax export price stood at $5,430 per ton in 2021, reducing by -4.6% against the previous year.

What is the average import price for beeswax in Nigeria?

In 2021, the average beeswax import price amounted to $715 per ton, dropping by -21.9% against the previous year.

This report provides an in-depth analysis of the beeswax market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 1183 - Beeswax

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, PRODUCING ANIMALS AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Producing Animals Slaughtered, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023