Global Market Outlook on Beewax
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