Beeswax is a type of wax that is produced by the worker bees of a colony who produce or discard it in a hive or outside it. The worker bees possess wax glands on the underside of their abdomen which secrete the beeswax in the form of platelets. These are then chewed by the bees and masticated into small pieces. The beeswax is generally removed while extracting honey which yields the light-colored variant of beeswax. The composition of beeswax is determined by its location, species of the honeybee and the age of the wax. Beeswax is chemically inert and has a high level of plasticity. It is used for making wax foundations. Beeswax also has many applications in candle making, metal castings, and modeling, apart from the more common uses in cosmetics and food and beverage products.
Beeswax Market Outlook
- The consumption of beeswax has been witnessing a surge in the recent years. This is in line with the growing demand for the key end products like personal care and cosmetics, thus covering a wide range including most consumer goods. This is indicative of the diversity of the product and is a key factor driving its growth.
- Further, the recovery in the global economy forecast for the coming years would increase the value of beeswax used in other applications like pharmaceutical.
- Growing consumer interest in products with natural ingredients as well as awareness about its health benefits would drive growth in the market. Likewise, a growing body of evidence suggests the harmful effects of chemicals widely present in a large number of regular use products has on the body. This has driven consumers to opt for products with natural alternatives like beeswax.
Beeswax Market Regional Highlights
- Growing disposable income in the emerging regions of Asia Pacific and Latin America on the back of an economic recovery would bring hitherto unaffordable products within reach. These include a range of premium personal care items which use beeswax. This would lead to the region witnessing the fastest growth over the forecast period from 2020 to 2026 among its global peers with regard to the value of Beeswax consumed.
- Further, North America followed by Europe dominate the market currently in 2019 owing to the favorable economic and demographic conditions.
Beeswax Market Segmental Overview
- The colour of beeswax varies from yellowish to white, depending on the level of refining it has been through. Yellow beeswax is the raw form of beeswax that is extracted from the honeycomb while white beeswax means that it has been either naturally or synthetically refined. Beeswax absolute is the form of yellow beeswax that has been treated with alcohol.
- Beeswax can be used as a food additive and for glazing fruits as a form of surface protection. It is used in soft gelatin capsules and tablet coatings as well among other applications.
Beeswax Market Key Players
The major companies operating in the beeswax market include Alfa Chemicals Ltd, Aroma Naturals, Bulk Apothecary, Chengdu Feng's Apiculture Co., Ltd, DUTCH GOLD HONEY, Glenn Apiaries, Hase Petroleum Wax Co Jedwards International, Inc, Miller's Honey Company, Seidler Chemical Co, Inc, Shandong Bokang Apiculture Co., Ltd, and SNT THOMAS SAS among others.
The key players in the beeswax market are keeping their ears to the ground so as to not miss out on any upcoming market developments. Keeping a pulse of the rapidly changing consumer behavior would benefit the makers and would enable them to stay ahead of the curve to obtain a competitive edge in a dynamic market. In this regard, new product development and adopting sustainable manufacturing practices is a leading strategy being adopted by the manufacturers given its nature.