Newark, June 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 299.48 Million in 2023 carnauba wax market will reach USD 457.13 Million by 2033. The increasing consumption of chewy sweets like chewing gum and jellies is expected to drive up demand for carnauba wax over the projected period, especially in Asia Pacific where youth consumption is on the increase.
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Key Insight of the Carnauba Wax Market
North America is anticipated to expand at the highest CAGR of 6.38% over the projection period.
North America is expected to grow at the highest CAGR of 6.38% over the forecast period. It is anticipated that the growing popularity of automobile care waxes will propel it. There will probably be a large demand for the product due to the expansion of the automotive care sector brought on by rising sales of both new and old automobiles.
The type 1 segment is expected to register the highest CAGR of 7.76% over the projected period in the carnauba wax market.
The type 1 segment is anticipated to grow at the highest CAGR of 7.76% in the carnauba wax market. In specialised markets like pharmaceuticals and food items, 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 attractiveness of automobile bodies. The product's demand is anticipated to rise because to an increase in fruit coatings.
The food segment is expected to register the highest CAGR of 7.38% in the carnauba wax market over the projected period.
Over the forecasted period, the food segment is anticipated to grow at the highest CAGR of 7.38% in the carnauba wax market. The increasing usage of carnauba wax in fruit coatings and confections is the cause. Over the course of the projection period, rising demand for these goods due to rising disposable income is anticipated to drive demand. The only application for which it is needed in the pharmaceutical sector is coating tablets and capsules to allow for a controlled release of medication.
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Market Dynamics
Driver: The rising demand for natural goods
The primary driver of carnauba wax demand is the growing demand for natural products. Although carnauba wax has a great ability to bind oils and has good emulsification properties, it is commonly used in the pharmaceutical industry for pill coating. With the growth of the food and beverage industry, products like carnauba wax that have excellent emulsifying properties and oil binding capacity are becoming more and more popular. Because of its high melting point and glossy qualities, it has become highly popular among manufacturers of cosmetics including lip balms, lipsticks, and mascara. Consequently, the market for carnauba wax is growing due to its diverse variety of applications.
Restraint: High costs
Several chemical solvents can be used to remove carnauba wax from products for use in cooking and cosmetics. Because of its high cost, candelilla wax, sunflower seed wax, and beeswax are far less expensive than carnauba wax. As a result, it is projected that the availability of less priced alternatives to carnauba wax will negatively impact market demand and limit it by 0.5X during the course of the projection period. The growth of the carnauba wax market is being impeded by an increase in government regulations. It is illegal for manufacturers and distributors to sell products that are tainted or incorrectly labelled, and the FDA mandates that they take the lead in determining the safety and labelling of their goods before pushing them for sale. The producers in this industry have low setup costs because the product's processing and filtering don't require a lot of cash. However, labour costs are higher because extraction and processing require a large amount of labour.
Opportunity: Increasing usage in the cosmetics industry
Carnauba wax producers have been increasing their market share by capitalising on the product's numerous uses in cosmetics. In order to get a competitive edge in the ethnic beauty markets, manufacturers of carnauba wax are employing strategies to seize market opportunities. These businesses sell a range of cosmetics that include beneficial elements for various beauty goods. For example, high gloss, high heat resistance lipsticks are made from a blend of oils and carnauba wax. Over the coming years, it is anticipated that the aforementioned factors will lead to a roughly 25% growth in the market demand for carnauba wax.
Some of the major players operating in the carnauba wax market are:
• Carnauba do Brasil Ltda
• Tropical Ceras Do Brasil Ltda.
• Pontes Industria de Cera ltda.
• Kahl GmbH & Co. KG
• Koster Keunen Holland
• FONCEPI- Comercial Exportadora Ltda.
• Natural Wax
• Norevo GmbH.
• Brasil Ceras
• Strahl & Pitsch, Inc.
Key Segments cover in the market:
By Product:
• Type 3
• Type 1
• Type 4
By Application:
• Food
• Pharmaceutical
• Cosmetics
• Automotive
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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