Key Market Indicators
The global wax market value is projected to decline by 0.9% year on year on average to reach $66 billion by 2026. In 2020, the market was valued at $70 billion and decreased by 1.3% from the previous year. China, Japan and Germany were the second, third, and fourth largest markets in this ranking. Colombian wax exports declined by 49.5% in 2021 compared to 2020, falling from 19,510 Kilograms to 9,860 Kilograms. Since 1996, the supply has decreased by 21.4% year on year. Colombia was ranked 52nd in 2021, while Finland was ahead with 9,860 Kilograms. Malaysia, Germany, and South Africa were numbers 2, 3, and 4, respectively. Colombian wax imports are predicted to grow at an average rate of 3% year on year, reaching 11.2 million Kilograms by 2026. In 2021, the imports amounted to 9.4 million Kilograms, an increase of 10.9% since 1996. Ethiopia was ranked first with 9.4 million Kilograms, while Colombia followed in 19th place. Mexico, Germany, and Poland ranked second, third, and fourth, respectively.
