Vietnam: Beeswax Market 2024

Beeswax Market Size in Vietnam

In 2022, the Vietnamese beeswax market decreased by X% to $X, falling for the third consecutive year after four years of growth. In general, consumption recorded a sharp reduction. Beeswax consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Beeswax Production in Vietnam

In value terms, beeswax production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

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Beeswax Exports

Exports from Vietnam

For the third year in a row, Vietnam recorded growth in overseas shipments of beeswax, which increased by X% to X tons in 2022. Over the period under review, exports recorded strong growth. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, beeswax exports surged to $X in 2022. Overall, exports saw buoyant growth. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), Germany (X tons) and Japan (X tons) were the main destinations of beeswax exports from Vietnam, together comprising X% of total exports. The Netherlands lagged somewhat behind, accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for beeswax exported from Vietnam were the United States ($X), Germany ($X) and Japan ($X), together comprising X% of total exports. The Netherlands lagged somewhat behind, comprising a further X%.

The Netherlands, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average beeswax export price amounted to $X per ton, falling by X% against the previous year. Overall, export price indicated a modest increase from 2012 to 2022: its price 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, beeswax export price decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Germany ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Beeswax Imports

Imports into Vietnam

In 2022, approx. X tons of beeswax were imported into Vietnam; dropping by X% against the year before. In general, imports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2017 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, beeswax imports declined markedly to $X in 2022. Over the period under review, imports recorded a noticeable descent. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and Germany (X tons) were the main suppliers of beeswax imports to Vietnam.

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

In value terms, China ($X), Japan ($X) and Germany ($X) were the largest beeswax suppliers to Vietnam.

In terms of the main suppliers, China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average beeswax import price stood at $X per ton in 2022, dropping by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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