Beeswax Market, Analysis By Product (Yellow Beeswax, White Beeswax, and Beeswax Absolute), By Application (Cosmetics, Pharmaceuticals, Industrial Lubricants, Candle Manufacturing, and Others), and Regional Forecast, 2024-2032

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.  

Impact of COVID-19 on the Beeswax Market:

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. 

Key Insights 

The report will cover the following key insights:

• Overview of parent/related market


• Partnership, merger, and acquisition by key players


• Key trends and innovation


• Regulatory analysis


• Impact of COVID-19 on the beeswax market

Analysis by Application:

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.

Analysis by Region:

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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.

Key Market Players

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.

Segmentation

Key Industrial Developments

• February 2021, Hilltop launched a new beeswax lip balm comprising of six natural ingredients such as beeswax, sunflower oil, jojoba oil, castor seed oil, avocado oil, and tocopherol.


• June 2021, Bacofoil launched new beeswax wraps made from organic beeswax. The launch allowed consumers to opt for sustainable food wrap options with superior quality.