Global Vegetable Waxes Market Overview
In value terms, vegetable waxes production stood at $451M in 2010 estimated in export prices. Over the period under review, vegetable waxes production, however, continues to indicate an abrupt deduction. The pace of growth appeared the most rapid in 2010 when production volume increased by 11% against the previous year. Over the period under review, global vegetable waxes production attained its maximum level at $610M in 2007; however, from 2008 to 2010, production failed to regain its momentum.
The countries with the highest volumes of vegetable waxes production in 2010 were Brazil (21K tonnes), Indonesia (18K tonnes) and China (12K tonnes), with a combined 48% share of global production.
From 2007 to 2010, the most notable rate of growth in terms of vegetable waxes production, amongst the main producing countries, was attained by Indonesia, while the other global leaders experienced more modest paces of growth.
The global vegetable waxes market revenue amounted to $459M in 2010, surging by 7.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, vegetable waxes consumption, however, continues to indicate a drastic decrease. The pace of growth appeared the most rapid in 2010 with an increase of 7.9% y-o-y. Over the period under review, the global vegetable waxes market attained its peak figure level at $546M in 2007; however, from 2008 to 2010, consumption remained at a lower figure.
From 2007 to 2010, the average annual rate of growth in terms of volume in China amounted to -3.7%. In the other countries, the average annual rates were as follows: the U.S. (+0.9% per year) and India (-5.4% per year).
In value terms, the largest vegetable waxes markets worldwide were China ($53M), the U.S. ($32M) and India ($23M), together comprising 24% of the global market. Russia, Japan, Brazil, Venezuela, Pakistan, Bangladesh, Mexico, Estonia and Indonesia lagged somewhat behind, together comprising a further 24%.
Among the main consuming countries, Estonia (+59.0% per year) experienced the highest growth rate of vegetable waxes market, over the last three-year period, while the other global leaders experienced more modest paces of growth.
In 2010, the highest levels of vegetable waxes per capita consumption was registered in Estonia (2,894 kg per 1000 persons), followed by Venezuela (96 kg per 1000 persons), Russia (27 kg per 1000 persons) and Japan (25 kg per 1000 persons), while the world average per capita consumption of vegetable waxes was estimated at 15 kg per 1000 persons.
In Estonia, vegetable waxes per capita consumption increased at an average annual rate of +81.6% over the period from 2007-2010. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Venezuela (+41.3% per year) and Russia (-9.1% per year).