Globally, prices of beeswax could rise due to lower bee productivity in some regions. Honey productivity in China is however rising, which implies a sustainable beeswax supply as well
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Beewax market frequently asked questions
When there's an acute shortage of Beeswax supply from the local (Brazil) region, China with its competitive pricing can present itself as a reliable source for Beeswax.
According to the beeswax market report by Beroe, Asia-Pacific holds the biggest market share for Beeswax with nearly 52.4% of the global beeswax production share.
As per Beroe, India, China, and Ethiopia are the leading producers of beeswax. The report also indicates that India's net production capacity can easily touch the valuation of 25,000 MT on an annual basis.
According to Beroe's beeswax market growth report, China's annual production is approximately 13,000 MT every year.
As per Beroe's analysis, beekeeping accounts for nearly 1.3% of Ethiopia's GDP, and it's a major market.
After China, most buyers in the beeswax market look at the LATAM region, Argentina in particular, when it comes to outsourcing of beeswax. The shortage in Brazil further aggravates the demand.
As per the beeswax market trends, it can be concluded that LATAM (Latin ' America) is the second biggest region after APAC (Asia ' Pacific) in terms of global beeswax production. The contributing factor is the rapid growth of beekeeping in Argentina and Brazil that paves the way for sustainable growth of beeswax in these regions over time.
According to the beeswax market size report shared by Beroe, the LATAM region holds 13.2% of global beeswax production.
As per reports, Argentina is the biggest beeswax producer in the LATAM region and holds the fourth position globally. Brazil and Uruguay are additional producers of beeswax from the LATAM area since beekeeping is continuously growing in Brazil, which assures promising growth.
The end-to-end competition from the pharmaceutical and cosmetic companies makes it hard for the beeswax industry to source the end product.
Producing beeswax is quite cheaper which increases the demand; however, the market growth is directly challenged by the high beeswax market price compared to that of synthetic waxes. The beeswax market forecast report also indicates that the demand for beeswax use will rise in the cosmetic industry which will further drive the market growth.
As per Beroe's analysis, beeswax is majorly used in blush, eye shadow, lip gloss, moisturizers, and lip balm. It is also used in soap, and as hair pomades and mustache wax.
Beewax market report transcript
Global Market Outlook on Beeswax
Buyer Insights: Industry can consider China as an ideal region for sustainable sourcing of Beeswax in case of local (Brazil) supply shortage, as it is reported to offer competitive prices.
Category Takeaway: Asia-Pacific is the dominant region accounting for about 52.4% of global beeswax production share. India and China are likely to show sustained production growth in the future.
- Data for beeswax production is not available in its entirety. Some countries likely do not maintain accurate records of volume
- India, China and Ethiopia are the leading producers. India can reach a potential 25,000 MT of production on an annual basis
- China is a major exporter of beeswax and produces approx. 13,000 MT on an annual basis, though production is rarely reported
- Beekeeping accounts for 1.3% of Ethiopia's GDP and is a major market
LATAM Beeswax Market: Supply
Buyer Insights: Besides China, the industry can consider Argentina as the most ideal LATAM region for sourcing beeswax, in case of shortage in Brazil.
Category Takeaway: LATAM is the largest region next to Asia-Pacific for global beeswax production. Beekeeping is growing in regions, like Argentina and Brazil, which could allow for future growth of beeswax production.
Estimated Global Market Share of LATAM Beeswax Producers ~ 8578 MT (2016)
- LATAM region accounts for ~13.2% of global production. Argentina ranks fourth in the world and is the largest LATAM producer
- Brazil and Uruguay are the major LATAM producers. Bee-keeping is increasing in Brazil and hence, beeswax production can grow
- Ecuador and Paraguay produce very minor quantities, and hence are not significant players in the region
Global Beeswax Market: Demand
Buyer Insights: Industry mainly faces end-use competition from pharmaceutical and cosmetic companies while sourcing beeswax.
Category Takeaway: The low cost of producing beeswax can increase demand, but the challenge faced by market growth is high market price as compared to synthetic waxes.
- Demand for use of beeswax in cosmetic products is likely to drive market growth
- Beeswax is used in blush, eye shadow, lip gloss, lip balm, and moisturizers
- It is used in soap and also as hair pomades and mustache wax