The import of beeswax, other insect waxes, and spermaceti to India is projected to steadily increase from 4.8297 million kilograms in 2024 to 5.7663 million kilograms in 2028. In 2023, the figure was slightly lower, suggesting a growing demand for these products over the coming years. The year-on-year growth rates are consistent, ranging from 5% to 6%, reflecting a stable upward trajectory. The compounded annual growth rate (CAGR) over the five-year forecast period indicates a healthy growth trend in imports.
Future trends to watch for:
- Increasing consumption in industries like cosmetics and pharmaceuticals.
- Potential impacts of domestic production changes or policy shifts.
- Sustainability and ethical sourcing of waxes could affect import levels.
