Vegetable Waxes Market

The article discusses the rising demand for vegetable waxes worldwide, projecting an increase in market consumption with a forecasted CAGR of +3.4% in volume and +5.4% in value from 2022-2030. In 2022, consumption increased by 2.7% to 63K tons after a period of decline, reaching a market size of $294M. The highest consuming countries were Russia, China, and Brazil, accounting for 39% of global consumption. Production of vegetable waxes reached 51K tons in 2022, with Brazil leading as the largest producer. Imports and exports of vegetable waxes saw fluctuations, with Brazil and the United States being key players in the export market. Overall, the article provides insight into the trends and patterns of the global vegetable waxes market.

Market Forecast

Driven by rising demand for vegetable waxes worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 83K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $448M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Vegetable Waxes

In 2022, consumption of vegetable waxes increased by 2.7% to 63K tons, rising for the third year in a row after two years of decline. Over the period under review, consumption, however, showed a perceptible downturn. Over the period under review, global consumption hit record highs at 97K tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global vegetable waxes market size amounted to $294M in 2022, with an increase of 3.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at $321M in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Russia (12K tons), China (7K tons) and Brazil (6.2K tons), with a combined 39% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Russia (with a CAGR of +64.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($59M), Brazil ($37M) and Russia ($37M) were the countries with the highest levels of market value in 2022, together accounting for 45% of the global market.

Russia, with a CAGR of +65.1%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vegetable waxes per capita consumption was registered in Estonia (865 kg per 1000 persons), followed by Malaysia (183 kg per 1000 persons), Russia (81 kg per 1000 persons) and Germany (43 kg per 1000 persons), while the world average per capita consumption of vegetable waxes was estimated at 8 kg per 1000 persons.

In Estonia, vegetable waxes per capita consumption declined by an average annual rate of -15.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-0.5% per year) and Russia (+63.9% per year).

Production

World Production of Vegetable Waxes

In 2022, the amount of vegetable waxes produced worldwide reached 51K tons, increasing by 5.5% against 2021 figures. In general, the total production indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.9% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 64% against the previous year. As a result, production reached the peak volume of 62K tons. From 2018 to 2022, global production growth remained at a lower figure.

In value terms, vegetable waxes production shrank to $242M in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 40% against the previous year. As a result, production attained the peak level of $268M. From 2018 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Brazil (20K tons), Russia (12K tons) and Malaysia (6.4K tons), together accounting for 74% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Russia (with a CAGR of +83.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Vegetable Waxes

After two years of growth, purchases abroad of vegetable waxes decreased by -11% to 42K tons in 2022. In general, imports recorded a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of 15%. Global imports peaked at 92K tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable waxes imports contracted to $206M in 2022. Overall, imports recorded a perceptible downturn. The growth pace was the most rapid in 2021 with an increase of 21% against the previous year. Over the period under review, global imports hit record highs at $263M in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, China (7.9K tons), the United States (6K tons) and Germany (5K tons) represented the key importer of vegetable waxes in the world, making up 45% of total import. It was distantly followed by Japan (2.4K tons), constituting a 5.7% share of total imports. Spain (1.8K tons), France (1.6K tons), Canada (1.4K tons), Vietnam (1.3K tons), Mexico (1.2K tons), Estonia (1.1K tons), India (1K tons), Australia (1K tons) and the UK (1K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Spain (with a CAGR of +13.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest vegetable waxes importing markets worldwide were the United States ($37M), Germany ($31M) and China ($22M), with a combined 43% share of global imports. Japan, France, Vietnam, Spain, Canada, the UK, India, Australia, Estonia and Mexico lagged somewhat behind, together comprising a further 33%.

In terms of the main importing countries, Canada, with a CAGR of +9.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average vegetable waxes import price stood at $4,926 per ton in 2022, almost unchanged from the previous year. In general, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable waxes import price increased by +11.3% against 2020 indices. The growth pace was the most rapid in 2014 an increase of 39% against the previous year. Over the period under review, average import prices attained the maximum at $5,184 per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($7,345 per ton), while Mexico ($1,175 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Vegetable Waxes

In 2022, shipments abroad of vegetable waxes decreased by -12.3% to 30K tons, falling for the second consecutive year after two years of growth. In general, exports showed a mild decrease. The pace of growth appeared the most rapid in 2019 with an increase of 19% against the previous year. The global exports peaked at 36K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, vegetable waxes exports dropped to $171M in 2022. Overall, exports recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 17%. The global exports peaked at $240M in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

Brazil represented the largest exporting country with an export of around 14K tons, which reached 47% of total exports. It was distantly followed by the United States (5.6K tons), China (1.9K tons) and Germany (1.4K tons), together mixing up a 30% share of total exports. Thailand (1,243 tons) and India (733 tons) followed a long way behind the leaders.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of vegetable waxes. At the same time, Thailand (+38.1%), India (+16.4%), the United States (+5.0%) and Germany (+4.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +38.1% from 2012-2022. By contrast, China (-2.7%) illustrated a downward trend over the same period. The United States (+9.4 p.p.), Brazil (+4.9 p.p.), Thailand (+4.1 p.p.), Germany (+2.2 p.p.) and India (+2 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($89M) remains the largest vegetable waxes supplier worldwide, comprising 52% of global exports. The second position in the ranking was held by the United States ($23M), with a 13% share of global exports. It was followed by Germany, with a 9.1% share.

In Brazil, vegetable waxes exports shrank by an average annual rate of -2.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.4% per year) and Germany (+1.8% per year).

Export Prices By Country

The average vegetable waxes export price stood at $5,748 per ton in 2022, rising by 1.9% against the previous year. In general, the export price, however, continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2021 an increase of 21% against the previous year. The global export price peaked at $6,651 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($10,872 per ton), while Thailand ($781 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+9.5%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform