Updated Jan 22, 2023 07:05

Beeswax Market in Canada

Market Overview
In , the Canadian beeswax market decreased by -% to $ for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, saw a noticeable increase. Beeswax consumption peaked at $ in , and then dropped remarkably in the following year.

In value terms, beeswax production reduced modestly to $ in estimated in export price. Overall, the total production indicated a notable increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against indices. The pace of growth was the most pronounced in 2014 when the production volume increased by %. Over the period under review, production hit record highs at $ in 2016; however, from 2017 to , production stood at a somewhat lower figure.

Beeswax consumption in Canada reduced markedly to tons in , shrinking by -% compared with the previous year. Overall, consumption recorded a mild decline. Over the period under review, consumption reached the peak volume at tons in 2010; however, from 2011 to , consumption failed to regain momentum.

The revenue of the beeswax market in Canada shrank rapidly to $ in , with a decrease of -% 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, consumption, however, continues to indicate a temperate increase. Beeswax consumption peaked at $ in , and then declined markedly in the following year.

Market Forecast
Depressed by shrinking demand for beeswax in Canada, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .

Market Structure
Beeswax market in Canada consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, Canada relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand.

Trade Balance
Canada remains a net exporter of beeswax; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a trade surplus of tons, which was equal to $. Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.