Beeswax Industry size is expected to register 5.7% CAGR between 2024 and 2032 propelled by the increasing demand for natural and sustainable products.
Selbyville, Delaware, Feb. 19, 2024 (GLOBE NEWSWIRE) — Beeswax Market Size is projected to record a valuation of USD 945.7 million by the end of 2032, as per a recent study by Global Market Insights Inc.
The rising demand for natural and eco-friendly products across industries, such as cosmetics, pharmaceuticals, and food will drive the market growth. Beeswax, known for its versatile applications and sustainable nature, is increasingly preferred over synthetic alternatives. The growing shift of the beauty and personal care sector towards organic ingredients will also escalate the product demand.
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Moreover, the expansion of the health and wellness sector is favoring the utilization of beeswax in herbal and medicinal products, reflecting a broader trend of sustainable and nature-based solutions. For example, in December 2023, Cuban researchers introduced Abexol, an innovative digestive supplement derived from beeswax, designed specifically to address digestive conditions. The growing awareness of the environmental impacts of conventional waxes and the rising preference for biodegradable materials will add to the market growth.
Conventional beeswax to accumulate substantial share
Conventional beeswax market is anticipated to reach significant value during the forecast period, owing to widespread use in various industries, such as cosmetics, pharmaceuticals, and food. Conventional beeswax maintains its popularity due to its versatile applications and cost-effectiveness. Several industries also prefer this beeswax given its consistency and availability. Additionally, growing incorporation in traditional and established formulations across diverse sectors will boost the segment growth.
Beeswax to gain prominence in pharmaceutical applications
The pharmaceuticals application segment in the beeswax market will witness expansion from 2024 to 2032, driven by the increasing preference for natural ingredients in pharmaceutical formulations. Beeswax, known for its medicinal properties and versatile applications, is utilized in pharmaceutical products, such as ointments, creams, and pills. The rising awareness of the benefits in wound healing, skin care, and various therapeutic applications will also drive the product demand. The natural, safe, and sustainable characteristics of beeswax will further accelerate its application scope in the pharmaceutical sector.
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Europe to record higher consumption
Europe beeswax market is expected to depict significant CAGR during the forecast period. The growth can be attributed to the escalating demand for natural and sustainable ingredients across diverse industries. The cosmetic and personal care sectors are witnessing higher usage of beeswax due to its versatility and eco-friendly characteristics. The growing emphasis on environmental consciousness is leading to the multifaceted uses of beeswax in various industries. Additionally, the rising preference for natural products in pharmaceuticals and food applications will fuel the product demand in the region.
Beeswax Market Participants
Some of the prominent beeswax companies include Koster Keunen, British Wax Refining Company, Strahl and Pitsch, New Zealand Beeswax Ltd. These industry players are launching new initiatives and programs to increase their product portfolio and customer reach. For instance, in April 2023, Koster Keunen launched a video titled The Bee Story, highlighting its sustainable beeswax program.
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