Republic of Korea: Beeswax Market 2024

Beeswax Market Size in Republic of Korea

The South Korean beeswax market totaled $X in 2022, approximately reflecting the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2017 indices. Beeswax consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Beeswax Production in Republic of Korea

In value terms, beeswax production totaled $X in 2022 estimated in export price. Overall, production enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Beeswax production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Beeswax Exports

Exports from Republic of Korea

In 2022, exports of beeswax from South Korea contracted sharply to X tons, shrinking by X% compared with 2021. In general, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, beeswax exports contracted significantly to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for beeswax exports from South Korea, with a X% share of total exports. Moreover, beeswax exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), fourfold. Thailand (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Thailand (X% per year).

In value terms, China ($X) remains the key foreign market for beeswax exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Thailand (X% per year).

Export Prices by Country

The average beeswax export price stood at $X per ton in 2022, which is down by X% against the previous year. In general, the export price, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2021, and then reduced markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Beeswax Imports

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in purchases abroad of beeswax, when their volume decreased by X% to X tons. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, beeswax imports dropped to $X in 2022. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

The Netherlands (X tons), the United States (X tons) and China (X tons) were the main suppliers of beeswax imports to South Korea, with a combined X% share of total imports. Germany, Cuba and Japan lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Cuba (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest beeswax suppliers to South Korea were the United States ($X), the Netherlands ($X) and Germany ($X), with a combined X% share of total imports. Cuba, China and Japan lagged somewhat behind, together comprising a further X%.

Cuba, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average beeswax import price amounted to $X per ton, falling by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cuba ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cuba (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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