The Beeswax Market is forecast to reach USD 653.7 Million by 2027, according to a new report by Reports and Data. The major factor for the increase in demand for Beeswax includes the food industry, pharmaceutical, and cosmetic industry. The surge in demand from food confectioners food manufacturers, increase in consciousness for its therapeutic effects among consumers, the rise in cash flow, awareness among consumers about the benefits of natural ingredients in their personal care are all anticipated to drive the beeswax market in the forecasted duration.
The primary restraining factor is its several aftereffects on health when consumed in higher quantities. It can cause intestinal occlusion and its allergic reactions, especially in people who are allergic to honey and its products.
The growing awareness for beeswax in its natural and moreover organic form and its intense application in skincare products is the rising drift in the personal care industry like in lip care, treating eczema, acne, dry skin, and in reducing stretch marks. The natural cosmetics segment has been witnessing high growth in demand, and most of the ingredients catering to this demand are organic in nature, organic beeswax is an important indigent for this segment and has been popular in the regions of North America, following the all-natural health trend.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly adopting safe strategy and techniques which are supposed to increase the demand for Beeswax, preferably as the market starts stabilizing. The significant effect is the constraints in logistics, as it is seen that the results are both bullish and bearish. The impact of COVID-19 is variable, depending upon the participants of the market and the locations. While looking at the supply side, most of the Indian domestic producers of Beeswax have reopened their plants post lockdown. In logistics, many countries are loosening the import-export policies post lockdown to resume to recover the loss due to this pandemic. But as the exception exists, in southeast Asia due to extension in the restrictions to prevent coronavirus outbreak, the demand for raw materials is increasing.
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Further key findings from the report suggest
- Direct sales mean to direct selling of Beeswax as an additive to other industries. Beeswax is broadly used as a waterproofing agent for wood and leather, and for strengthening threads; it is used in rural industries such as candle-making and as an additive in ointments, medicines, soaps, and polishes. Beeswax is in substantial demand in the world market.
- Beeswax works as an excellent additive to cosmetics, for several reasons. When used in lotions and creams, beeswax produces a blockage that helps to seal moisture into the skin. This blockage also helps to prevent the skin from environmental toxins and irritants.
- Asia, North America, and Europe are expected to be the largest markets for Beeswax over the projected period due to the rapid development in pharmaceutical and wide use in the cosmetic industry.
- Key participants include Dabur India Ltd., Seidler Chemicals Co., Bulk Apothecary, Pacific Coast Chemicals, Jedwards International Inc., Frank B Ross Co., Hase Petroleum Wax Co., TMC Industries, Shandong Bokang Apiculture Co. Ltd., Aroma Naturals.
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For this report, Reports and Data have segmented into the global Beeswax Market based on distribution channel, end-use, colour, application, and region:
Distribution Channel Outlook (Revenue, USD Million; 2017-2027)
- Direct Sale
- Retail Sale
- Hypermarket / Supermarket
- Grocery stores
- Online retailers
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
- Cosmetic Personal Care
- Pharmaceutical
- Sculptures and Consumer Goods
- Food and Confectionary
Colour Outlook (Revenue, USD Million; 2017-2027)
- White Beeswax
- Yellow Beeswax
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Commercial
- Processed Fruits
- Chewing Gums
- Food Additives
- Household
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arab
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of MEA
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