Key Market Indicators
The country was number 16 in 2017. Mexico, China and Germany respectively came in numbers 2, 3 and 4 in this ranking. The global wax market is set to reach $13 billion by 2026, up from $11.2 billion in 2020, growing at an average rate of 2.5% each year. Market growth has averaged 2.7% year-on-year since 1998. China, Japan and Germany ranked second, third and fourth in 2020, respectively. Guatemalan wax imports are projected to reach 11 million kilograms by 2026, up from 10.6 million kilograms in 2021. This marks an average annual growth rate of 0.6%. Since 1998, Guatemalan demand has grown by 0.3% each year. In 2021, Brazil overtook Guatemala with 10.6 million kilograms, and Mexico, Germany and Poland ranked second, third and fourth, respectively. Guatemalan wax exports dropped from 20.2 thousand kilograms in 2016 to 16.2 thousand kilograms in 2017, a decrease of 19.7%. Since 1998, Guatemalan supply has declined by an average of 0.9% each year. In 2017, Guatemala ranked 16th worldwide. Mexico, China and Germany ranked second, third and fourth in 2017, respectively.
