Beeswax Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.15 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Beeswax Market Analysis
The beeswax market size is expected to grow from USD 530.51 million in 2023 to USD 619.50 million by 2028, registering a CAGR of 3.15% during the forecast period.
- A wide range of applications of beeswax in different end-use industries is the key factor that drives market growth. Due to the various therapeutical benefits associated with beeswax, it is used to treat several dermatological conditions, including boils, wounds, atopic dermatitis, psoriasis, and pediatric dermatitis. It also aids in lowering cholesterol, relieving pain, and treating inflammation, ulcers, diarrhea, and hiccups.
- Beeswax has a multitude of skincare benefits. It forms a protective barrier on the skin's surface from environmental irritants and harsh weather. Its anti-allergenic, anti-inflammatory, antioxidant, anti-bacterial, and germicidal properties make it a highly stable base ingredient in extending the shelf life of cosmetic products. Yellow and white beeswax are used as thickeners, emulsifiers, and stiffening agents in cosmetic manufacturing. Beeswax is used as a fragrance in soaps and perfumes.
- Beeswax contains various natural compounds, including fatty-acid esters, hydrocarbons, diesters, triesters, and acid polyesters. The edible coating of beeswax, coconut oil, and sunflower oil on fruits like strawberries and apricots retains moisture and maintains appearance, texture, and firmness. Thus, due to its antimicrobial properties against several bacteria and fungi, beeswax is used as a wax cover for fermented foods and cheeses. Moreover, in the food and beverage industry, yellow beeswax treated with alcohol is used as a stiffening agent.
- Besides this, government initiatives provide lucrative opportunities for key players to expand their consumer base, boosting market growth. For instance, in 2022, the Government of India launched Sweet Revolution, which aims to promote apiculture, known as beekeeping, and accelerate the production of quality honey and other related products. To provide a booster shot to Sweet Revolution, the government also launched the National Beekeeping and Honey Mission to promote and develop scientific beekeeping in mission mode.
Beeswax Market Trends
Rising Preference for Natural Ingredients
- In recent years, consumers have been willing to pay more for products with natural and clean ingredients due to increasing environmental consciousness. As per the survey by the Research Institute of Organic Agriculture (German: Forschungsinstitut für biologischen Landbau or (FIBL)), the per capita spending on organic products in the Netherlands increased from 71 euros (USD 79.52) in 2019 to nearly 80 euros (USD 95.20) in 2021.
- Thus, manufacturers from different sectors are shifting towards eco-friendly and sustainable materials to fulfill consumer demand and retain their market share. Therefore, there has been a significant rise in the demand for beeswax, a natural product obtained from honeybees with anti-inflammatory, anti-bacterial, and anti-viral properties.
- Increasingly concerned about the use of potentially harmful ingredients in beauty products, consumers are demanding natural and organic alternatives. Consumers also demand that beauty products be produced transparently and sustainably, which has led to the rise of clean beauty. Furthermore, cosmetics companies are looking to capitalize on consumer demand by replacing synthetic chemicals with natural ingredients, providing a positive thrust to the global beeswax market.
- As per the survey published by Organic Trade Association in 2022, the per capita expenditure on organic food and beverages in the United States increased to an average of approximately USD 71 in 2021, compared to the previous year at USD 52. A considerable shift in consumers' preference toward organic and clean-label packaged food products will likely positively influence the demand for beeswax as it is extensively used in commercial food preparation as a wax cover for fermented foods or as an additive.
Asia-Pacific is the Emerging Market for Beeswax
- In the Asia-Pacific region, increasing population, rising income levels of individuals, and a considerable shift in consumers' preference toward organic and natural ingredients are some key factors positively influencing the demand for beeswax in different end-use industries like pharmaceutical food and beverage and cosmetics.
- The cosmetics industry in China is rapidly rising, with color cosmetics and fragrances witnessing impressive growth. China's beauty and personal care sales reached nearly USD 88 billion in 2021. Furthermore, the rapid evolution of e-commerce and retail digitalization presents new growth opportunities for the cosmetics industry, supporting the beeswax market growth.
- As per the International Trade Administration (ITA) of the United States, Japan is the 3rd largest pharmaceutical market in the world. Moreover, the Government of Japan focuses on promoting the healthcare industry under the country's economic revitalization and growth strategy, which will likely enhance the application of beeswax in the pharmaceutical industry and propel the market growth during the forecast period.
- Beeswax is widely used in the food and beverage industry as a food additive, a glazing agent in preparing pastries, a flavor carrier, a food supplement, and a fruit wax cover. As per the Australian Trade and Investment Commission (ATIC), food and beverage is one of the most important industries for the Australian economy.
- Moreover, there is emphasis by food manufacturers on using beeswax as a natural ingredient for food supplements and food additives. Thus, the growth in Australia's food and beverage industry complements the beeswax market growth.
Beeswax Industry Overview
The global beeswax market is highly competitive, with several regional and international players. The primary reasons for the revenue of top companies are their diversified product portfolio, brand image, and global presence. These companies also focus on business expansion through mergers and acquisitions and new product launches to proliferate their revenue.
The key players in the beeswax market are Koster Keunen LLC, Gustav Heess Oleochemische Erzeugnisse GmbH, British Wax Refining Company Limited, Strahl and Pitsch, and New Zealand Beeswax Ltd.
Beeswax Market Leaders
Koster Keunen LLC
Gustav Heess Oleochemische Erzeugnisse GmbH
British Wax Refining Company Limited
Strahl and Pitsch
New Zealand Beeswax Ltd
*Disclaimer: Major Players sorted in no particular order
Beeswax Market News
- December 2021: Hilltop launched an original beeswax lip balm containing natural emulsifiers that hydrate, replenish, and protect against UV rays. It caters to the demand for natural products recently created by consumers.
- November 2021: Bacofoil launched new beeswax wraps made with organic beeswax, expanding their product portfolio of sustainable food wraps with high-quality product performance.
- May 2021: Charlotte Tilbury launched magic lip scrub with natural products like shea butter and beeswax to buff away dead skin cells, creating a massive market for organic products.
Beeswax Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Beeswax: a Multifunctional Excipient
4.2 Market Restraints
4.2.1 Allergic Reaction Limits the Demand for Beeswax-Based Products
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Cosmetics
5.1.2 Pharmaceuticals
5.1.3 Other Applications
5.2 Product Type
5.2.1 Organic
5.2.2 Conventional
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest od South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Koster Keunen
6.3.2 Aadra International
6.3.3 New Zealand Beeswax Ltd
6.3.4 Melland Ecogreen Technology Co. Ltd
6.3.5 Paramold Manufacturing LLC
6.3.6 Strahl and Pitsch
6.3.7 Alfa Chemistry
6.3.8 Beeswax-Store
6.3.9 Beeswax Products Company LLC
6.3.10 British Wax Refining Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Beeswax Industry Segmentation
Naturally generated and secreted by honeybees, beeswax is a substance derived directly from the honeycomb and exudes the aroma of honey. Due to its properties and composition, beeswax is widely used in aromatherapy, cosmetics, pharmaceuticals, and food manufacturing.
The report on beeswax provides a segmental market analysis according to product type, application, and geography. The market is segmented into pharmaceuticals, cosmetics, and other applications based on application. By product type, the market is segmented into organic and conventional. By geography, the study analyzes the market into emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The market sizing has been done in value terms in USD for all the above-mentioned segments.
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Beeswax Market Research FAQs
What is the current Beeswax Market size?
The Beeswax Market is projected to register a CAGR of 3.15% during the forecast period (2024-2029)
Who are the key players in Beeswax Market?
Koster Keunen LLC, Gustav Heess Oleochemische Erzeugnisse GmbH, British Wax Refining Company Limited, Strahl and Pitsch and New Zealand Beeswax Ltd are the major companies operating in the Beeswax Market.
Which is the fastest growing region in Beeswax Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Beeswax Market?
In 2024, the Asia-Pacific accounts for the largest market share in Beeswax Market.
What years does this Beeswax Market cover?
The report covers the Beeswax Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Beeswax Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Beeswax Industry Report
Statistics for the 2024 Beeswax market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Beeswax analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
