Non-vegetable waxes market in Caribbean

Earlier Report Observations

From 2018 to 2022, the Caribbean non-vegetable wax market expanded steadily, with volume rising from 1 422 t to 1 469 t. This growth was primarily fueled by increasing demand from the cosmetic, pharmaceutical, and food sectors, which placed greater pressure on local production. The global COVID-19 pandemic in 2020 disrupted import supply chains, further incentivizing a shift toward domestic output and quality improvements. Subsequent years saw strengthened regulations on pesticide residues and significant local investments in wax cleaning and processing equipment, driven by projects like CIMEQA, which aimed to enhance product purity and meet consumer expectations for certified, traceable goods.

The market volume experienced a slight contraction to 1 454 t in 2023. This coincided with a notable rise in exports, which reached 15 t that year, reducing the amount available for domestic consumption. Throughout the period, the market contended with ongoing challenges such as dependence on imported raw wax, risks of adulteration, and the emergence of plant-based alternatives like carnauba wax, which began influencing consumer preferences and company strategies in the natural and vegan product segments.

Production non-vegetable waxes in Caribbean

In kind, 2017-2020, t

Top producers of non-vegetable waxes, 2017-2020

World map of production of non-vegetable waxes, 2017-2020

Caribbean's production of non-vegetable waxes has grown for the third year in a row. In 2020, the region produced 1,437 tonnes of non-vegetable waxes, marking a 1.0% increase from the previous year. Over the period from 2017 to 2020, production rose by 2.9%, with an average annual growth rate of 1.0%.

Annual dynamics of production in Caribbean in kind, 2017-2020, t

In value, 2017-2020, K $ US

Following two years of growth, Caribbean's non-vegetable waxes production value declined. In 2020, the output was valued at 9,543 thousand US dollars, representing a significant drop of 12.0% compared to 2019. Between 2017 and 2020, production value increased by 10.2%, which translates to an annualized rate of 3.3%. The highest value was recorded in 2019 at 10,846 thousand US dollars, with the largest increase of 19.0% also occurring that year.

Annual dynamics of production in Caribbean in value, 2017-2020, K $ US

Exports non-vegetable waxes from Caribbean

Exports in kind, kg

The data shows irregular fluctuations, pointing to a volatile market. In 2019, Caribbean's non-vegetable waxes export volume hit a low of 663 kilograms, while in 2018 it peaked at 5,198 kilograms, resulting in a 7.8-fold difference between these years. In 2020, exports reached 1,817 kilograms, reflecting a sharp rise of 174.2% from 2019. The largest decline was recorded in 2019 at 87.3%.

Annual dynamics of product's exports from Caribbean in kind, 2017-2020, kg

From 2017 to 2020, Colombia, the United States, and Bunkers remained the top buyers of non-vegetable waxes from the Caribbean. Colombia accounted for 50.0% of exports in kind, the United States for 24.6%, and Bunkers for 0.6%, collectively making up 75.2% of total exports.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Caribbean in kind, 2017-2020

Exports in value, K $ US

The data indicates irregular changes, suggesting a volatile market environment. In 2019, exports hit a trough of 5.0 thousand US dollars, while in 2018 they peaked at 33.6 thousand US dollars, showing a 6.7-fold difference. In 2020, exports amounted to 12.1 thousand US dollars, up by 139.0% from the previous year. The largest decline was in 2019 at 85.0%, and the largest increase was in 2018 at 152.3%.

Annual dynamics of product's exports from Caribbean in value, 2017-2020, K $ US

Between 2017 and 2020, Colombia and the United States continued to be the main buyers of non-vegetable waxes from the Caribbean in value terms, together accounting for 89.5% of total exports, with other countries making up the remainder.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Caribbean in value, 2017-2020

Imports non-vegetable waxes to Caribbean

Imports in kind, kg

Imports of non-vegetable waxes to the Caribbean fell for the second consecutive year. In 2020, imports totaled 11,070 kilograms, down by 28.7% from 2019. Over the period from 2017 to 2020, imports decreased by 14.5%, equating to an annualized decline of 5.1%. The highest import volume was in 2018 at 17,976 kilograms, with the largest increase of 38.9% also recorded that year.

Annual dynamics of product's imports to Caribbean in kind, 2017-2020, kg

From 2017 to 2020, the United States was the primary supplier of non-vegetable waxes to the Caribbean, holding 75.9% of total imports in kind, while other partners had smaller shares.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Caribbean in kind, 2017-2020

Imports in value, K $ US

Imports of non-vegetable waxes to the Caribbean declined for the third year in a row. In 2020, imports were valued at 9,543 thousand US dollars, representing a dramatic drop of 31.4% compared to the previous year. Between 2017 and 2020, imports fell by 65%, which corresponds to an annualized decrease of 29.5%.

Annual dynamics of product's imports to Caribbean in value, 2017-2020, K $ US

During 2017–2020, the United States and Germany were the dominant suppliers of non-vegetable waxes to the Caribbean in value terms, together accounting for 89.3% of total imports, with other partners playing a less significant role.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Caribbean in value, 2017-2020