Global Carnauba Wax Market– Statistics and Analysis & forecast to 2024
The global carnauba
wax market size is expected to reach USD 334.9 million by 2024,
according to a new report by Grand View Research, Inc. The market is expected
to witness high growth owing to increasing use of the product as a food glazing
agent which provides a superior shine, thus improving its aesthetic ability.
Carnauba wax market is highly influenced by the favorable regulations enforced
by the regulatory agencies such as European Union (EU) and Food and Drug
Administration (FDA). The industry is highly dependent on the raw materials
which form a major part of the operational cost for the manufacturers. The raw
material is supplied majorly by the farmers and landholders, employing
primitive techniques for wax extraction. However, in some cases, the
manufacturers may be backward integrated to the extraction of raw materials.
The manufacturing
of the product is limited to Brazil due to the exclusivity of the Brazilian
palm tree to the region. The production is dominated by four wax manufacturers
namely Brasil Ceras, Carnauba do Brasil, Foncepi, and Pontes. The companies in
the market resort to external third party distribution channels to sell their
product in the international market while the domestic distribution is carried
out through the company established distribution channels. The industry is
characterized by the presence of a number of suppliers and distributors spread
across the major carnauba wax consuming regions such as North America, Europe,
and Asia Pacific.
Key players in the global carnauba wax market include Foncepi comercial exportadora ltda, Brasil
Ceras, Carnauba do Brasil, Pontes industria de Cera ltda., and Tropical Ceras
do Brasil Ltda.
Browse
Research Report On carnauba wax Market:
The manufacturing of the product is limited to Brazil due to the
exclusivity of the Brazilian palm tree to the region. The production is
dominated by four wax manufacturers namely Brasil Ceras, Carnauba do Brasil,
Foncepi, and Pontes. The companies in the market resort to external third party
distribution channels to sell their product in the international market while
the domestic distribution is carried out through the company established
distribution channels. The industry is characterized by the presence of a
number of suppliers and distributors spread across the major carnauba wax
consuming regions such as North America, Europe, and Asia Pacific.
Further key findings from the report
suggest:
·
Cosmetics accounted for over
24% of the consumption volume in 2015 due to high demand for the wax as a
glazing agent in lip colors, lip gloss, conditioners, and hair gels. Growing
demand for the product in manufacturing cosmetics owing to its organic nature
is expected to drive the industry growth.
·
Pharmaceutical use of the
product is expected to account for over 7% of the industry revenue due to
increasing use of the product as a coating agent in pharmaceutical drugs. Also,
growing demand for time-release drug delivery systems such as capsules coupled
with favorable regulations pertaining to the use of the product for medical
applications.
·
Asia Pacific is expected to
grow at a CAGR of over 4% from 2016 to 2024 due to rapid industrialization in
the developing economies such as China and India. Increasing disposable income
coupled with the changing consumer preference in the region is expected to
drive the demand. The growth of the confectionery industry in the
aforementioned economies is expected to benefit the market growth.
·
Key participants in the
industry are involved in setting up of the extensive distribution network to
cater to the global demand. The distributors are involved in the procurement of
the product from the manufacturers, followed by product customization related
to the physical form, in accordance with the requirements of the end-users.
The market is segmented on the basis of products into
carnauba wax type 1, type 3, and type 4. Type 1 accounted for over USD 92
million in 2015. It is the purest form of the product and has high demand in
niche applications such and pharmaceutical and food products. It is also used
in the manufacturing of premium automotive wax formulations, which are used for
enhancing the shine of automotive bodies and increasing their aesthetic appeal.
Increasing demand for the product in fruit coatings is expected to drive the
demand for the product.
Browse Press
Release of this report:
Grand View Research has segmented the
global carnauba wax market on the basis of application:
Product Outlook (Volume, Tons;
Revenue, USD Million, 2013 - 2024)
·
Type1
·
Type 3
·
Type 4
Application Outlook (Volume,
Tons; Revenue, USD Million, 2013 - 2024)
·
Cosmetics
·
Food
·
Automotive
·
Pharmaceutical
·
Others
About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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