Encaustic Paint is a mixture of 3 things:
1) Beeswax: 
Beeswax is a natural product of nature. It is produced by worker honey bees from special glands and molded by the worker bee, through the use of her mouthparts, into comb. Comb is pure beeswax cells that are six-sided facing opposite directions from a midrib.
When produced by the worker honey bees, beeswax is white but it quickly darkens from contamination with pollen and contact with the bees in the bee hive. Beeswax taken from the bees and melted by the beekeeper generally is a lemon yellow in color.
2) Damar Resin:
Damar resin is a natural resin from trees in the East Indies. It seeps out of the tree from a cut, similar to how maple syrup is harvested from maple trees. It dries in large lumps or crystals.
You melt these and mix them with beeswax for encaustic paints. Damar resin is mixed with beeswax to harden it and raise its melting temperature. It also keeps the paint translucent and prevents blooming (whitening). It can also be polished to a glossy shine.
Pigment provides the colour that artists use. Early pigments came from natural materials like plants and animals, or were produced by simple chemical processes by taking colour from a mineral such as Malachite.
Metals were treated with liquids such as vinegar or heated with a substance like sulphur to obtain pigment.
The pigments used by the cave painters of long ago were ground from brown-red earth’s or clays such as iron oxide and yellow ochre. They were often mixed with animal fat to make them waterproof.
As time went on many more natural pigments were found and artists had a much wider range of colours to use.
The first artificial pigment was produced in 1856 – a purple colour called mauvein. This paved the way for modern synthetic colours or dyes.
Examples of where some colors come from:
Malachite – greenish and comes from a copper ore- copper carbonate-hydroxide
Red Earth – comes from iron oxide.
Ultramarine – deep blue and comes from the semi-precious stone lapis lazuli
Vermilion – bright red made from cinnabar (mercuric sulphide) from volcanic rocks.
