Carnauba wax market size is projected to grow from $299.48 million to $457.13 million in 10 years. Growing demand for natural goods is the major factor driving the carnauba wax market.
Newark, June 13, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the carnauba wax market from USD 299.48 million in 2023 will reach USD 457.13 million by 2033. The growing consumption of confectionery that chewing gum and jelly are expected to drive demand for carnauba wax during the forecast period, especially in Asia Pacific, where youth consumption is on the rise.
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Carnauba Wax Market Key Insights
North America is projected to expand at the highest CAGR of 6.38% during the projection period.
North America is expected to grow at the highest CAGR of 6.38% during the forecast period. The growing popularity of automotive care waxes is predicted to drive it. There will probably be a high demand for the product due to the expansion of the automotive care sector, caused by the increase in sales of new and used cars.
The type 1 segment is expected to register the highest CAGR of 7.76% during the forecast period in the carnauba wax market.
The type 1 segment is projected to grow at the highest CAGR of 7.76% in the Carnauba wax market. In specialty markets such as pharmaceuticals and food products, it is highly sought after as the purest form of the commodity. In addition, it finds application in the production of high-quality car wax mixtures that improve the gloss and visual appeal of automobile bodies. The demand of the product is expected to increase due to the increase in fruit dressings.
The food segment is expected to register the highest CAGR of 7.38% in the carnauba wax market during the forecast period.
During the forecast period, the food segment is projected to grow at the highest CAGR of 7.38% in the Carnauba wax market. The reason is the increased use of carnauba wax in fruit dressings and confections. During the projection period, increasing demand for these goods due to rising disposable income is projected to drive the demand. The only application for which it is needed in the pharmaceutical sector is the coating of tablets and capsules to allow a controlled release of drugs.
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Market Dynamics
Leader: Growing demand for natural goods
The main driver of the demand for carnauba wax is the growing demand for natural products. Although carnauba wax has a great ability to bind oils and has good emulsifying properties, it is commonly used in the pharmaceutical industry for coating pills. With the growth of the food and beverage industry, products such as carnauba wax that have excellent emulsifying properties and oil binding abilities are becoming increasingly popular. Because of its high melting point and glossy qualities, it has become very popular among manufacturers of cosmetics including lip balms, lipsticks, and mascaras. Consequently, the market for carnauba wax is growing due to its variety of applications.
Content: High costs
Some chemical solvents can be used to remove carnauba wax from cooking and cosmetic products. Because of its high cost, candelilla wax, sunflower seed wax and beeswax are much less expensive than carnauba wax. As a result, the availability of lower-priced alternatives to carnauba wax is projected to negatively impact market demand and restrain it by 0.5X over the course of the projection period. The growth of the carnauba wax market is being hindered by an increase in government regulations. It is illegal for manufacturers and distributors to sell products that are tainted or mislabeled, and the FDA mandates that they take the lead in determining the safety and labeling of their goods before offering them for sale. Manufacturers in this industry have low set-up costs because processing and filtering the product does not require much money. However, labor costs are higher because extraction and processing require a large amount of labor.
Opportunity: Increased use in the cosmetics industry
Carnauba wax manufacturers have increased their market share by taking advantage of the product’s many uses in cosmetics. To gain a competitive edge in the ethnic beauty markets, carnauba wax manufacturers are using strategies to capture market opportunities. These businesses sell a variety of cosmetic products that include beneficial elements for various beauty products. For example, lipsticks with high gloss and high heat resistance are made from a mixture of oils and carnauba wax. Over the next few years, it is anticipated that the aforementioned factors will lead to an approximately 25% increase in market demand for carnauba wax.
Some of the key players operating in the carnauba wax market are:
Carnauba do Brasil Ltda
Tropical Ceras Do Brasil Ltda.
Pontes Industria de Cera ltd.
Kahl GmbH & Co. KG
Koster Keunen Holland
FONCEPI- Comercial Exportadora Ltda.
Natural wax
Norevo GmbH.
Brasil Ceras
Strahl & Pitsch, Inc.
Main segments covered in the market:
By product:
Type 3
Type 1
Type 4
By application:
Food
pharmaceutical
makeup
automotive
Others
By region
North America (USA, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and the rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on the basis of value (million USD). All segments are analyzed on a global, regional and local basis. The study includes the analysis of more than 30 countries for each part. The report analyzes the driving factors, opportunities, restraints and challenges to gain critical insights into the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitive position network analysis, distribution and marketing channel analysis.
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