Southern Asia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Southern Asia

The South Asian worked wax articles market was estimated at $X in 2022, approximately mirroring the previous year. The total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 -19.7% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Production in Southern Asia

In value terms, worked wax articles production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production saw a prominent expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 54%. 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 Southern Asia

In 2022, overseas shipments of worked articles of wax increased by 34% to X units, rising for the second year in a row after two years of decline. Total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +67.7% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, worked wax articles exports skyrocketed to $X in 2022. Total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +10.3% 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 +85.8% against 2019 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 43%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

India dominates exports structure, finishing at X units, which was approx. 91% of total exports in 2022. It was distantly followed by Pakistan (X units), constituting an 8.4% share of total exports.

Exports from India increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Pakistan (+17.2%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +17.2% from 2012-2022. From 2012 to 2022, the share of Pakistan increased by +5.8 percentage points.

In value terms, India ($X) remains the largest worked wax articles supplier in Southern Asia, comprising 92% of total exports. The second position in the ranking was held by Pakistan ($X), with a 7.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +10.5%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per thousand units, shrinking by -4.7% against the previous year. Over the last decade, it increased at an average annual rate of +5.5%. The growth pace was the most rapid in 2013 an increase of 36%. Over the period under review, the export prices reached the peak figure at $X per thousand units in 2021, and then dropped slightly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per thousand units), while Pakistan amounted to $X per thousand units.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.2%).

Worked Wax Articles Imports

Imports in Southern Asia

In 2022, the amount of worked articles of wax imported in Southern Asia contracted to X units, waning by -12.9% on 2021 figures. In general, imports continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 74%. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, worked wax articles imports dropped to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 191%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

India represented the main importing country with an import of around X units, which finished at 51% of total imports. Bangladesh (X units) took a 30% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (17%). Nepal (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +9.5%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest worked wax articles importing markets in Southern Asia were Bangladesh ($X), India ($X) and Pakistan ($X), together comprising 97% of total imports. Nepal lagged somewhat behind, accounting for a further 1.8%.

Among the main importing countries, Nepal, with a CAGR of +12.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Southern Asia stood at $X per thousand units in 2022, rising by 9.5% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 import price decreased by -7.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 67%. As a result, import price attained the peak level of $X per thousand units. From 2021 to 2022, the import prices remained at a somewhat lower figure.

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 Pakistan ($X per thousand units), while India ($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 Pakistan (+11.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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