Key Market Indicators
The global wax market is expected to reach $51.1 million by 2026, up 0.6% year-on-year. This growth follows an annual growth rate of 1.9% since 2020. China, Japan and Germany took the top three spots in the ranking. South Africa's wax imports are forecast to reach 1.3 million kilograms by 2026, growing at a rate of 0.1% year-on-year on average. Since 2005, South African demand has grown at an average rate of 0.4% annually. The country ranked 62nd in 2021, with Zambia ahead at 1.3 million kilograms. Mexico, Germany and Poland ranked in the top four spots. South African wax exports are expected to reach 92.7 million kilograms by 2026, up 0.5% year-on-year on average. Since 2005, South African supply has grown 4.3% annually. The country came in fourth in 2021, with Germany taking the top spot at 89.9 million kilograms. Malaysia, Germany and South Africa held the second, third and fourth spots, respectively.
