Beeswax Market

Global Beeswax Market Size (2024 to 2029)

Beeswax market share value is expected to grow at a CAGR of 3.15% during the forecast period 2024-2029 to reach USD 0.658 billion by 2028 and 0.574 billion in 2024.

Beeswax is a natural product derived from honeycomb cells constructed by honeybees and other bees. There are three main types of beeswax available: yellow, white, and bleached. Yellow beeswax is sourced directly from the honeycomb, while white and bleached varieties are derived from yellow beeswax. In some cases, synthetic versions of beeswax have been created to mimic the appearance of natural beeswax. Medicinally, beeswax is utilized for cholesterol reduction and pain relief. It has also been employed to address inflammation, ulcers, diarrhea, and hiccups. In the culinary field, white beeswax and beeswax absolute (yellow beeswax treated with alcohol) are used as stiffening agents in various foods and beverages. In the manufacturing industry, beeswax is valued for its properties as thickeners, emulsifiers, and stiffening agents in cosmetics. Beeswax Absolute is utilized as a fragrance in soaps and perfumes. Additionally, white beeswax and beeswax absolutely find application in polishing pills. For instance, during the year 2020, global beeswax production amounted to 62,116 tonnes, with India being the leading producer, accounting for 38% of the total output. As a result, the demand for beeswax in the cosmetics and pharmaceutical industries is expected to continue flourishing throughout the forecast period.

The increasing awareness of carbon footprints is anticipated to drive manufacturers towards exploring environmentally friendly alternatives, creating untapped opportunities in the beeswax market. Consumer preferences for products made with natural ingredients are leading to rising demand for organic goods, impelling the development of new products and innovative packaging solutions. Beeswax, with its coating properties and compatibility with organic and natural product formulations, is expected to experience a surge in demand from the pharmaceutical industry. As a result, the pharmaceutical segment is projected to witness rapid revenue growth in the coming years.

Global Beeswax Market Drivers:

The major market drivers in the case of the beeswax market growth can be the growing demand for organic and natural ingredients in cosmetics and food supplements. Amid growing concerns about the potential risks of harmful ingredients in beauty products, consumers are now demanding natural and organic alternatives. This has led to the rise of the clean beauty movement, where transparency and sustainability in production are emphasized. In response to consumer demands, cosmetics companies are shifting towards using natural ingredients, including beeswax, as a safer and eco-friendly option. The global beeswax market demand is experiencing a positive boost as it finds applications in skin care, health, and wellness industries. Moreover, the versatility of beeswax and its wide range of applications in different industries are key drivers of market growth. For instance, beeswax has become popular in the food and beverage industry, where it serves as a glazing agent for pastries, food supplements, flavor carriers, food additives, and fruit wax covers. In addition to its applications in food and beauty products, beeswax is valued for its therapeutic benefits. It is used to treat various dermatological conditions, such as boils, wounds, atopic dermatitis, psoriasis, and pediatric dermatitis. Furthermore, beeswax has been linked to various health benefits, including cholesterol reduction, pain relief, and treatment of inflammation, ulcers, diarrhea, and hiccups. Beeswax has been used for hundred decades in the healthcare industry. Recently, it caught customers' interest due to the shift in healthy lifestyles and reducing toxic ingredients in healthcare products. Thus, these various applications will continue to fuel the beeswax market during the forecast period.

Global Beeswax Market Restraints:

The factors likely to hamper the market growth of the beeswax market are the specific adverse health effects associated with its consumption in large quantities. Although beeswax is generally considered nonpoisonous, ingesting a significant amount could lead to intestinal blockage. Moreover, individuals with allergies to honey and its products may experience allergic reactions, such as rashes, redness, itching, and swelling, when exposed to beeswax. In cases where ointments containing beeswax are swallowed, the medicine component may also cause side effects or poisoning.

To ensure market growth, it is essential to raise awareness among consumers about the proper applications and usage of beeswax products. Incorrect consumption can have serious consequences, emphasizing the need for caution. Therefore, these factors may act as restraints, posing challenges to the beeswax market during the forecast period.

Impact of COVID-19 on the Beeswax Market:

During the global COVID-19 pandemic, businesses across various industries faced significant disruptions due to government-imposed lockdown measures. Many manufacturing facilities had to close temporarily, leading to production halts and supply chain disruptions. However, the food and beverages sector saw a surge in demand as consumers sought natural and organic food supplements during and after the pandemic. It has been noted that the organic beeswax sector experienced growth during the pandemic, particularly in the cosmetic industry, as it offers beneficial properties for beauty and skincare products.

The availability of beeswax was impacted globally due to supply chain disruptions caused by import and export restrictions imposed by different countries. The lockdowns and plant closures resulted in reduced beeswax production, as many countries faced the challenges of the COVID-19 crisis, leading to the shutdown of economic activities. Thus, during the pandemic, the beeswax market value experienced mixed impacts due to high demand but a decrease in supply chain facilities.

REPORT COVERAGE: 

This research report on the global beeswax market has been segmented and sub-segmented based on product type, application, and region. 

Global Beeswax Market - By Application:

• Cosmetics
• Pharmaceuticals
• Others

Based on application, the cosmetics segment has dominated the beeswax market in 2022, and it is anticipated to grow at the highest CAGR during the projected period. Beeswax's anti-inflammatory and healing properties make it a highly sought-after ingredient in both cosmetic and pharmaceutical products. Its versatile applications in cosmetics, providing elasticity, plasticity, and improved skin adhesiveness, make it valuable in the production of lipsticks, sticks, and creams. For instance, the global cosmetics market witnessed a substantial growth of over 15 percent in 2022, driven by the increasing daily usage of cosmetic products by people of all genders and ages. This shows the demand for cosmetics will keep on rising and eventually drive the beeswax market during the forecast period.

On the other hand, in the pharmaceutical industry, beeswax serves medicinal purposes, including cholesterol reduction and pain relief. It is also utilized to address conditions such as inflammation, ulcers, diarrhea, and hiccups. The wide range of therapeutic benefits associated with beeswax further highlights its significance in pharmaceutical applications. This segment is also responsible for a greater amount of market share in the beeswax market.

Global Beeswax Market - By Product Type:

• Organic 
• Conventional

Based on the product type, organic is expected to dominate the beeswax market during the forecast period. Organic beeswax, a natural wax substance produced by hives, is renowned for its ability to act as a natural humectant, healing and softening excessively dry skin. By creating a protective layer on the skin, it effectively traps natural moisture, providing nourishment and hydration. The demand for handmade and natural products has surged among consumers who seek to minimize their exposure to toxic ingredients, further driving the popularity of organic beeswax-based skincare products. This will eventually fuel the beeswax market during the mentioned timeframe.

Simultaneously, conventional beeswax remains highly sought-after and is projected to achieve the fastest CAGR during the forecast period. Various conventional beeswax products, such as candles, have a long history of utilizing beeswax due to their clean and efficient burning properties. Additionally, beeswax finds applications in surgical bone wax, used during surgeries to control bleeding from bone surfaces, as well as in the production of shoe polish and furniture polish, where it serves as a key component. The versatility and demand for conventional beeswax products contribute to its strong growth prospects in the beeswax market.

Global Beeswax Market – By Region:

• North America 
• Europe 
• Asia-Pacific 
• Latin America 
• Middle East and Africa 

Based on region, Asia-Pacific is expected to dominate the beeswax market during the forecast period. The growing demand for beeswax in various industries, including pharmaceuticals, food and beverage, and cosmetics, can be attributed to several key factors. Factors such as a rising global population, increasing income levels of individuals, and a significant shift in consumer preferences toward organic and natural ingredients have positively impacted the demand for beeswax. Furthermore, beeswax has a long-standing history as a known and valued product in Asian cultures, where it has been traditionally used for generations. This traditional knowledge and application have further contributed to its widespread use and popularity in various end-use industries.

Additionally, Africa holds a prominent position as both the largest producer and consumer of beeswax in the market, primarily driven by its significant usage in pharmaceutical applications. The increasing demand for beeswax in these regions is a key factor propelling the growth of the global beeswax market.

On the other hand, North America and Europe are expected to record the fastest CAGR during the projected period due to the increasing concerns about healthy lifestyles and non-toxic cosmetic products.

KEY MARKET PLAYERS:

Key Market Players of Global Beeswax Market are Dabur India Ltd, Seidler Chemical Co, Bulk Apothecary, Pacific Coast Chemicals, Jedwards International Inc, Frank B Ross Co, City Chemical LLC, TMC Industries, Shandong Bokang Apiculture Co., Ltd, Roger A Reed Inc, Alfa Chemical Corp, Hase Petroleum Wax Co, Aroma Naturals Inc, Chengdu Feng’s Apiculture Co.Ltd, Thomas Apiculture SAS, Luberon Apiculture.

RECENT HAPPENINGS IN THE MARKET:

• In December 2021, Hilltop introduced a new beeswax lip balm formulated with natural emulsifiers, responding to the rising consumer demand for natural products; this innovative lip balm aims to provide hydration, replenishment, and protection against UV rays, all while meeting the recent surge in interest for natural skincare solutions.
• In June 2021, Dabur India Limited, a multinational consumer goods company, commenced the construction of its largest manufacturing facility in Madhya Pradesh. The project comes with a significant investment of Rs 550 crore and is designed to produce a diverse range of Dabur's Food Products, Ayurvedic Medicines, and Health Supplements.