Global Industry Analysis (2017-2020) – Growth Trends and Market Forecast (2021-2025)
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Beeswax Benefits and its Natural Origins Increase Uptake
Beeswax, derived from the honeycomb, contains myricyl palmitate, cerotic acid, some high carbon paraffin, and predominantly esters of higher fatty acids. Its properties such as being insoluble in water, good remittance to hydrolysis, and natural oxidization make it ideal for multiple uses. Beeswax is extensively used in food, cosmetics, pharmaceuticals, and candle making for ages.
Beeswax is a stable emulsifier and increases the water holding capacity of ointments and creams. It also contributes to sheen, consistency, and colour stabilization, which has popularized its application in lipsticks, lip balms, and hair conditioners amongst others. Its natural origin and extraction have made it fit the growing trend of using sustainable raw materials, helping consumers to find excellent alternatives to synthetic chemicals used in cosmetics products. Fairfield Market Research predicts that the global beeswax market is likely to prosper as its demand remains sustained throughout 2021 to 2025 across industries.
Candle and Food Industries becomes Pertinent to Beeswax Market
Candles are the next big user of beeswax. More than 18% of the traded beeswax is used in the production of candles. Beeswax candles are less common in developing nations but have gained popularity in developed countries.
It is used in the food industry as a natural edible ingredient for the wrapping film on the surface products such as cheese, chewing gum, and confectionery products to lend shine. As a swelling number of consumers opt for chemical-free products, the demand for beeswax is likely to rise steadily.
However, beeswax is a natural resource, which makes its availability limited. Its high demand makes it a pricey product as well. Limited supply and lack of clearly defined purity criteria make it a target for adulteration. Cheap paraffin is the most common adulteration found in beeswax. Furthermore, increased consumer concern towards animal welfare has shifted consumer preference towards plant-derived ingredients leading to the higher consumption of vegetable wax such as soy wax and palm wax. These factors are expected to restrain the market growth over the forecast period.
Cosmetics Industry Identifies White Beeswax as Super Selling Ingredient
The global beeswax market is segmented on the basis of product type, nature, end use, sales channel, and region. Based on product type, the market is segmented into white beeswax and yellow beeswax. Out of these, white beeswax is estimated to dominate the global market as it is noted to be virgin beeswax, available in the purest form. Thus, it will remain a highly sought-after product in soaps, lotions, and lip balms. Use of white beeswax, which is unbleached allows cosmetics manufacturer to add colours to achieve the desired outcome. This makes it ideal for premium cosmetic products, which is expected to drive the segment growth over the forecast period.
Based on nature the market is segmented as organic and conventional. By end use the market is segmented as household, food, pharmaceutical, cosmetics, and industrial. Among these segments, the cosmetics segment will represent an attractive index. Increased demand for natural and organic cosmetic products is expected to boost the segment growth in global beeswax market. While by sales channel the market is segmented as business-to-business and business-to-consumer segment. The business-to-consumer segment is further sub-segmented into supermarket, departmental stores, specialty outlet, and online.
Ethiopia to Remain Biggest Producer as Europe Remains Largest Consumer of Beeswax
Ethiopia is one of the largest beeswax producing countries in the world followed by China, Mexico, and Turkey. More than one million farmers are engaged in beekeeping making it one of the major exportable agricultural products in Ethiopia. However, in terms of consumption, Europe will continue to maintain the lead throughout the forecast period.
Europe represents around two-thirds of the global candle market. Home decorations, restaurants ambiences, and churches are the key consumers of the candles in the region. Between 2015 and 2019, candle imports in Europe registered an average annual growth of 1.6%. The region is also one of the growing markets for natural cosmetics. In 2018, the region’s natural cosmetics market was valued at more than US$4 billion. Increased consumer awareness towards the harmful effects of products containing synthetic chemicals is driving the demand for beeswax in the region.
Global Beeswax Market: Key Players
The key players studied in the global beeswax market are Gustav Heess Oleochemische Erzeugnisse GmbH, Wild Bee Land Inc, Golla Bee Producs PLC, Shree Giri Corporation, Koster Keunen, Inc., Poth Hille & Co Ltd, Henan Shengchao Apiculture Co., Ltd., Local Honey Man, Tropical Forest Products, and Arjun Beeswax.