Non-vegetable waxes market in Latin America and the Caribbean

Earlier Report Observations

From 2018 to 2023, the market volume for non-vegetable waxes in Latin America and the Caribbean remained stable, fluctuating between 12 000 and 12 600 tons. The peak was recorded in 2021 at 12 584 tons, following a slight dip in 2020. Overall, the market showed resilience with no drastic shifts over the six-year period.

Domestic production, which ranged from 12 176 to 12 530 tons annually, was the primary driver of market size, as imports and exports played a relatively minor role. The market's stability suggests consistent underlying demand for these natural waxes, such as beeswax, despite yearly variations in trade flows.

Regional developments in clean energy and sustainability, including InterEnergy Group's renewable projects and the emphasis on climate action during the 2022 Latin America and Caribbean Climate Week, highlighted a growing focus on natural and sustainable products. This broader trend likely helped maintain interest in non-vegetable waxes, though it did not trigger major volume changes in the market.

Production non-vegetable waxes in Latin America and the Caribbean

In kind, 2017-2020, t

Top producers of non-vegetable waxes, 2017-2020

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

After two years of growth, non-vegetable wax production in Latin America and the Caribbean declined. In 2019, production reached its peak at 12 406 tons, but by 2020 it had fallen slightly to 12 176 tons, representing a 1.9% decrease. The largest increase occurred in 2018, with production rising by 1.1%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, t

In value, 2017-2020, M $ US

Non-vegetable wax production in Latin America and the Caribbean increased in value for the third consecutive year. In 2020, output was valued at 292.1 million US dollars, marking a moderate gain of 9.7% compared to 2019. From 2017 to 2020, production value grew by 41%, which translates to an annualized rate of 12.1%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports non-vegetable waxes from Latin America and the Caribbean

Exports in kind, t

In 2020, non-vegetable wax exports from Latin America and the Caribbean totaled 399.4 tons, showing a solid decline of 22.0% compared to 2019. Over the period from 2017 to 2020, exports decreased by 42.4%, with a compound annual growth rate of -16.8%. The largest decline was recorded in 2018 at 35.3%, while the largest increase occurred in 2019 with a 14.2% rise.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, t

From 2017 to 2020, the United States and Japan were the leading destinations for non-vegetable wax exports in kind from Latin America and the Caribbean, together accounting for 84.3% of total flows. The remaining share was distributed among other countries.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, K $ US

In 2020, cross-border shipments of non-vegetable waxes from Latin America and the Caribbean were valued at 9 581 thousand US dollars, corresponding to a notable decline of 12.8% compared to 2019. Between 2017 and 2020, export value decreased by 18.3%, equating to an annualized rate of -6.5%. The minimum value was recorded in 2018 at 9 065 thousand US dollars, with the largest decline that year at 22.7%. The largest increase occurred in 2019, with a 21.3% rise.

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

From 2017 to 2020, Japan, the United States, and China were the main destinations for non-vegetable wax exports in value terms from Latin America and the Caribbean. Japan accounted for 45.1% of exports, the United States for 22.0%, and China for 19.8%, together making up 86.9% of total export value.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports non-vegetable waxes to Latin America and the Caribbean

Imports in kind, t

In 2020, non-vegetable wax imports into Latin America and the Caribbean stood at 278.3 tons, showing a decrease of 22.0% year-over-year. Between 2017 and 2020, imports increased by 7.2%, equating to an annualized rate of 2.3%. The minimum value was recorded in 2018 at 219.8 tons, while the maximum was in 2019 at 356.7 tons. The largest increase occurred in 2019, with a 62.3% rise.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, t

From 2017 to 2020, the United States and Germany jointly absorbed 82.5% of total non-vegetable wax imports in kind to Latin America and the Caribbean, with the rest of the volume scattered across smaller markets.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, K $ US

In 2020, non-vegetable wax imports into Latin America and the Caribbean registered 2 077 thousand US dollars, down by 6.4% compared to the previous year. Over the period from 2017 to 2020, import value increased by 8.3%, with a compound annual growth rate of 2.7%. The minimum value was recorded in 2018 at 1 777 thousand US dollars, while the maximum was in 2019 at 2 218 thousand US dollars. The largest decline occurred in 2018 at 7.3%, and the largest increase was in 2019 with a 24.8% rise.

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

From 2017 to 2020, the United States and Germany jointly absorbed 82.7% of total non-vegetable wax imports in value terms to Latin America and the Caribbean, with the rest of the volume scattered across smaller markets.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020