Global Beeswax Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Beeswax Market’ is the title of an upcoming report that is being researched and analyzed at Trusted Business Insights. Numerous factors have been considered in terms of research, study, and analysis to present our findings on the global beeswax market. Critical information and data such as market growth, driving factors, key trends, restraints, threats, and potential revenue opportunities in untapped regions and countries are to be presented. In addition, the detailed information of the key players in the market is presented in the company profile section of the report. Recent developments, opportunities, strategies, etc. are also included in the report. The global beeswax market is segmented based on product type, nature, application, and region.

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Overview

Beeswax is a natural wax formed by worker honeybees. The bees use this material to build or construct hexagonal cells in the form of a beehive for storing honey. Beeswax consists of long-chained alcohols and fatty acid esters. Beeswax is used to produce a range of cosmetics and beauty products, including lip gloss, lip balm, hand creams, moisturizers, and salves. It is also used in cosmetics products such as eye shadow, blush, and eyeliner. Beeswax is also used as a vital ingredient in hair pomades and mustache wax, which make the hair and mustache look sleek and shiny. As it is solid at room temperature, beeswax helps to thicken homemade lotions and cosmetics. Beeswax is also used extensively in formulations that are required to be in liquid form at room temperature, and some such products include coconut oil and other oils. Vitamin A in beeswax improves the hydration of the skin and is known to promote cell generation. The various health benefits and use of beeswax are among some of the major driving factors for growth of the global beeswax market.

Dynamics

Numerous applications of beeswax have made it a popular option for a range of applications. Beeswax is used as an ingredient in cleaning agents, lubricants, as food flavoring and many others. Negative ions created by burning beeswax attracts pollutants such as odor, molds, dust, viruses, bacteria, and many other toxins that reduce the quality. These properties and attributes are also among some of the key factors projected to fuel growth of the global beeswax market, as well as continue to gain traction and application in products that are environment-friendly, as well as improve air quality etc. Rising demand for cosmetic products is supported by an increasing younger consumer base that is increasingly focusing on personal appearance and attractiveness. Increasing user base of social media platforms such as Facebook and Instagram etc., and rising fashion trends, coupled with better visibility of products online and in e-Commerce retail formats is expected to support market growth. Increasing development and production of organic cosmetic products, and groin preference for such products, especially in developing economies in Asia Pacific, is a major factor supporting market growth. The global beeswax market is expected register a significantly high revenue growth rate over the forecast period, as a result of the above-mentioned factors. However, high cost of beeswax and easy availability of synthetic waxes and supplements is expected to hamper market growth in the long term. Furthermore, low labor costs and cost of setting up bee farms in countries in Asia Pacific region could represent the potential revenue opportunities for existing as well as new entrants in the market. In addition to cosmetics, pharmaceuticals is another major application area for beeswax. Owing to coating properties of beeswax, and rising demand for organic and natural ingredients in various products, applications in the pharmaceuticals industry is projected to continue to increase, thereby rapidly driving revenue growth of the pharmaceuticals segment. Other applications include packaging, candles, adhesives, rubber, wood & leather finishes, industrial lubricants, and waterproofed textiles. Extensive demand for expanding areas of applications is expected to further drive market growth during the forecast period.

Global Beeswax Market 
Segment Analysis:

Product Type: Among the product type segments, the yellow beeswax segment accounted for the major part of the revenue share, and this is attributed to its wide use in cosmetic and pharmaceutical product manufacturing.

Nature: The organic segment among the nature segments is expected to account for highest revenue share in the global beeswax market over the forecast period, and the trend is projected to continue over the forecast period.

Global Beeswax Market 
Regional Analysis:

The market in Asia Pacific is projected to maintain its dominance in terms of revenue share, which is attributed to rising prevalence of lifestyle-related diseases that are causing skin-related conditions, onset of aging symptoms on the skin and hair, and rising disposable earnings among consumers in countries in the region. Growth of the market is particularly supported by revenue contribution from countries such as India, China, South Korea, Malaysia, Indonesia, the Philippines, and Japan in the region.

Global Beeswax Market Segmentation: 

By Product Type:

Yellow beeswax
White beeswax
Absolute beeswax

By Nature

Organic
Conventional

By Application:

Cosmetic
Pharmaceuticals
Candle Making
Metal casting molding
Wood & leather finishes
Industrial lubricants
Waterproofed textiles