Updated Jan 22, 2023 07:01

Beeswax Market in Argentina

Market Overview
The Argentinian beeswax market reached $ in , standing approx. at 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, the total consumption indicated a measured expansion 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, consumption decreased by -% against 2018 indices. Beeswax consumption peaked at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.

In value terms, beeswax production totaled $ in estimated in export price. Overall, the total production indicated a pronounced increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by +% against 2019 indices. The most prominent rate of growth was recorded in 2012 with an increase of % against the previous year. Beeswax production peaked at $ in 2018; however, from 2019 to , production remained at a lower figure.


Consumption
In , the amount of beeswax consumed in Argentina was estimated at tons, stabilizing at the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Beeswax consumption peaked at tons in ; however, from to , consumption failed to regain momentum.

The size of the beeswax market in Argentina totaled $ in , approximately mirroring 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, the total consumption indicated a temperate increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against 2018 indices. Beeswax consumption peaked at $ in 2018; however, from 2019 to , consumption failed to regain momentum.


Market Forecast
Driven by increasing demand for beeswax in Argentina, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase 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
Over the period under review, imports of beeswax in Argentina were negligibly small compared to the production volumes. Therefore, the share of imports in the total market was practically nonexistent, both in volume and in value terms. This situation has remained constant over the period under review, which means that domestic producers entirely meet the domestic demand for beeswax.


Trade Balance
Argentina remains a net exporter of beeswax; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.