Key Market Indicators
The global wax market is forecast to reach a value of $215.4 million by 2026, up from $215.2 million in 2020. This represents an average annual growth rate of 0%. In 2020, the market increased by 0.9% year-on-year. China, Japan and Germany were the second, third and fourth largest markets respectively. Canadian wax exports are expected to fall by 17.6% annually to reach 3.7 million kilograms by 2026. This is a decrease from 10.8 million kilograms in 2021. Since 1994, Canadian supply has decreased by 10.7% annually. In 2021, Hungary overtook Canada, which ranked fifteenth. Malaysia, Germany and South Africa were the second, third and fourth largest exporters respectively. Canadian demand for wax has decreased by 3% year-on-year since 1994.
