Beeswax has long been touted for its human health benefits, and many experts believe that the advantages are similar for pets. Bees produce beeswax in order to hold the combs that store their honey. While bee products have an array of benefits, beeswax is particularly  helpful in healing sores, moisturizing dry skin, and soothing cracked paw pads. It also supports a healthy coat and relieves hot spots, reducing skin inflammation.