Key Market Indicators
The global wax market is forecast to reach a value of $22.3 million by 2026, down from $24.2 million in 2020. This represents a decrease of 1.4% year-on-year on average. Since 1999, the market has grown by an average of 2.6% year-on-year. In 2021, China was ranked second in the global market, followed by Japan and Germany at third and fourth place respectively. Chilean wax exports are set to drop to 5,510 kilograms by 2026, from 9,180 kilograms in 2021. This equates to a decrease of 8.5% year-on-year on average. Since 1999, Chilean supply has declined by 23.3% year-on-year. In 2021, Chile was ranked 54th in the global market, with Portugal overtaking as the top exporter with 9,180 kilograms. Malaysia, Germany and South Africa were ranked second, third and fourth respectively. Chilean wax imports are expected to reach 3.3 million kilograms by 2026, down from 4 million kilograms in 2021. This indicates a CAGR decrease of 3.1% year-on-year. Since 1996, Chilean demand has decreased by 6.6% year-on-year. In 2021, Argentina was ranked ahead of Chile in the global market, with 4 million kilograms. Mexico, Germany and Poland were ranked second, third and fourth respectively.
