Republic of Korea: Beeswax Market 2025

Beeswax Market Size in Republic of Korea

In 2022, the South Korean beeswax market decreased by -0.4% to $X, falling for the second year in a row after two years of growth. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 -1.0% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Beeswax Production in Republic of Korea

In value terms, beeswax production expanded to $X in 2022 estimated in export price. Overall, production, however, saw a resilient increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 342% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Beeswax Exports

Exports from Republic of Korea

In 2022, approx. X tons of beeswax were exported from South Korea; waning by -40.7% compared with 2021 figures. Overall, exports, however, showed a prominent increase. The growth pace was the most rapid in 2015 with an increase of 1,399%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, beeswax exports dropped notably to $X in 2022. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 2,393%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for beeswax exports from South Korea, with a 73% share of total exports. Moreover, beeswax exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. The third position in this ranking was taken by Thailand (X kg), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+26.4% per year) and Thailand (+18.1% per year).

In value terms, China ($X) remains the key foreign market for beeswax exports from South Korea, comprising 79% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 10% share of total exports. It was followed by Thailand, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +27.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+27.6% per year) and Thailand (+17.1% per year).

Export Prices by Country

In 2022, the average beeswax export price amounted to $X per ton, with a decrease of -17.5% against the previous year. In general, the export price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2015 when the average export price increased by 66% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Australia ($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 China (+10.1%), while the prices for the other major destinations experienced mixed trend patterns.

Beeswax Imports

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in purchases abroad of beeswax, when their volume decreased by -9.5% to X tons. In general, total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 44% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, beeswax imports shrank to $X in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +36.2% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 38% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

The Netherlands (X tons), the United States (X tons) and China (X tons) were the main suppliers of beeswax imports to South Korea, with a combined 77% share of total imports. Germany, Cuba and Japan lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Cuba (with a CAGR of +30.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest beeswax suppliers to South Korea were the United States ($X), the Netherlands ($X) and Germany ($X), with a combined 66% share of total imports. Cuba, China and Japan lagged somewhat behind, together accounting for a further 30%.

Cuba, with a CAGR of +38.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average beeswax import price stood at $X per ton in 2022, falling by -3.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 17% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank modestly in the following year.

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 Cuba ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cuba (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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