Beeswax Market in Turkey
Market Overview
The Turkish beeswax market contracted 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, saw a relatively flat trend pattern. Beeswax consumption peaked at $ in 2016; however, from 2017 to , consumption remained at a lower figure.
In value terms, beeswax production fell to $ in estimated in export price. Over the period under review, production, however, posted pronounced growth. The most prominent rate of growth was recorded in 2016 with an increase of % against the previous year. As a result, production reached the peak level of $. From 2017 to , production growth remained at a lower figure.
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, saw a relatively flat trend pattern. Beeswax consumption peaked at $ in 2016; however, from 2017 to , consumption remained at a lower figure.In value terms, beeswax production fell to $
in estimated in export price. Over the period under review, production, however, posted pronounced growth. The most prominent rate of growth was recorded in 2016 with an increase of % against the previous year. As a result, production reached the peak level of $. From 2017 to , production growth remained at a lower figure.Consumption
In , approx. tons of beeswax were consumed in Turkey; shrinking by -% against figures. Overall, consumption recorded a relatively flat trend pattern. Beeswax consumption peaked at tons in 2010; however, from 2011 to , consumption remained at a lower figure.
The size of the beeswax market in Turkey shrank to $ in , reducing by -% 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). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Beeswax consumption peaked at $ in 2016; however, from 2017 to , consumption remained at a lower figure.
, approx. tons of beeswax were consumed in Turkey; shrinking by -% against figures. Overall, consumption recorded a relatively flat trend pattern. Beeswax consumption peaked at tons in 2010; however, from 2011 to , consumption remained at a lower figure.The size of the beeswax market in Turkey shrank to $
in , reducing by -% 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). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Beeswax consumption peaked at $ in 2016; however, from 2017 to , consumption remained at a lower figure.Market Forecast
Depressed by shrinking demand for beeswax in Turkey, 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 .
% 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
Over the period under review, the share of imports in terms of total beeswax consumption in Turkey was relatively small in physical terms, fluctuating under an % figure. In value terms the share of imports also stood at a low figure, which means that the Turkey beeswax market is largely supplied by domestic manufacturers. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. The growth in the share of Turkey imports of in the beeswax market structure from % in 2007 to % in is explained by a more substantial reduction in output, compared with a decrease in imports.
% figure. In value terms the share of imports also stood at a low figure, which means that the Turkey beeswax market is largely supplied by domestic manufacturers. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. The growth in the share of Turkey imports of in the beeswax market structure from % in 2007 to % in is explained by a more substantial reduction in output, compared with a decrease in imports.Trade Balance
Turkey 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.
. 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.
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