"Market Intelligence that Adds Flavour to Your Success"
Beeswax is secreted by eight wax-producing glands below the bees' abdomen and used by them to construct a honeycomb. Beeswax is obtained from several species such as A. mellifera, A. dorsata, A. indica, and A. florea. Beeswax has applications in different industries. For example, it is used in candle making and as an ingredient in wood polishes and leather. In addition, in the pharmaceutical industry, beeswax is used as a stiffening and binding agent in creams and ointments.
According to the research article "Size and scope of the Australian honey bee and pollination industry", published by Michael Clarke and Danny Le Feuvre in 2021, assuming yearly honey production of 20,000 to 30,000 tonnes, it is estimated that total beeswax production ranges from 330 tonnes to 500 tonnes. According to the Centre for International Economics (CIE) and the Department of Foreign Affairs and Trade (DFAT) 2020, from 2012 to 2019, 82% of Australia's beeswax production was exported. It also stated that Australia's average export of beeswax from 2015 to 2019 was of 246 tonnes, and its major export markets are Japan, the U.S., and Germany.
Changes in lifestyle of consumers and increase in the number of consumers becoming beauty oriented are the major factors attributing to the increase in demand for cosmetics. The increased demand for cosmetics is thereby leading to increased use of beeswax in production of cosmetic products. Whereas, the high market price of beeswax compared to that of synthetic waxes is likely to restrain the market growth.
COVID-19 has negatively impacted the global beeswax market. The extended lockdown and restrictions on transportation proved to be a major factor hampering the growth of the market. Beekeepers faced challenges related to the transportation of their beehive boxes within each state or from one state to another. This resulted in a rising number of issues for beeswax production and extraction, and thus affected the distribution of beeswax. Post-pandemic had a positive impact on the beeswax market growth. Consumers have become highly health-conscious and shifted their preference toward natural and organic ingredients used in food preparation. Thus, the beeswax market witnessed gradual growth after the ease of COVID-19 regulations.
The report will cover the following key insights:
Based on application, the market is segregated into cosmetics, pharmaceuticals, industrial lubricants, candle manufacturing, and others. The cosmetics segment is anticipated to hold a major beeswax market share as beeswax is used as a common ingredient in manufacturing cosmetics used on a daily basis such as creams, lotions, lipstick, eye shadow, blush, lip balm, lip gloss, and eyeliner. Its anti-inflammatory and emollient properties are ideal for treating dry skin, chapped lips, and other skin conditions, due to which beeswax is a major ingredient in the manufacturing of cosmetic products. Consumers require these cosmetic products throughout the year, resulting in increased demand for these products. This has resulted in increased demand for beeswax, and thus accounting for a significant market share.
To gain extensive insights into the market, Request for Customization
Based on geography, Asia Pacific is expected to hold a significant beeswax market share. Presence of countries, such as India, South Korea, and China, in Asia Pacific, which are some of the significant producers of beeswax, is contributing to the growth in the region. The rising pharmaceutical and cosmetics industries in Asia Pacific, which have a huge requirement for beeswax, are further generating potential opportunities for beeswax. Major demand has been witnessed for beeswax in the pharmaceutical industry of Asia Pacific, owing to the increasing prevalence of lifestyle-related diseases causing skin-related issues, the beginning of aging and its impact on the hair and skin, and the rising disposable income of consumers. Therefore, all the above factors can be attributed to Asia Pacific accounting for a significant share of the global beeswax market.
Heavenly Organics (U.S.), Barkman Honey, LLC (U.S.), Wedderspoon Organic (U.S.), Nature Nate's (U.S.), UTMT (India), Lamex Food Group Limited (U.K.), Rowse Honey (U.K.), Little Bee Impex (India), United Natural Foods, Inc. (U.S.), and Conagra Brands, Inc. (U.S.) are some of the key players operating in the global beeswax market.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry