The carnauba wax market is expected to escalate at a CAGR of 4.2%, from USD 290.0 million in 2022 to USD 435.8 million through 2032. Amid the COVID-19 crisis, the global market for carnauba wax is estimated at US$ 290.0 Million in 2022 to US$ 435.8 Million in 2032. Previously, the market grew at a faster rate of 3.4% from 2015 to 2021, culminating in a market of US$ 281.3 Million in 2021.
An important challenge for the growth of the carnauba wax market is that it is leading to allergic reactions or side effects. Furthermore, carnauba wax is causing stomach problems among children by being applied to fruits and candy products, which is hindering the market for carnauba wax.
Market growth for carnauba wax is being driven by consumers’ inclination to use natural products. Having excellent emulsifying properties and binding capacity for oils, carnauba wax is finding increased use in the pharmaceutical industry for pill coating. As the food & beverage industry undergoes continuous innovation, the use of products such as carnauba wax that possess excellent emulsifying properties and binding capacity for oils is gaining traction.
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The presence of cheaper alternatives to carnauba wax is likely to impact market demand negatively and restrain market demand by 0.5X over the forecast period of 2022-2032.
Increasing government regulations are hampering the growth of the Carnauba Wax market
In order to make carnauba wax suitable for use in cosmetics and food products, it is often mixed with chemical solvents. Because carnauba wax is significantly more expensive than common substitutes such as sunflower seed wax, candelilla wax, and beeswax, the availability of cheaper alternatives is expected to hinder market demand negatively and prevent growth by 0.5X for the forecast period of 2022-2032.
The melting point and glossy feature of this natural additive make it a preferred choice among manufacturers of cosmetics such as lip balms, lipsticks, and mascara. This broad-spectrum application is propelling carnauba wax market growth. Furthermore, due to its hardness and viscosity moderating characteristics, it is extensively used as polish wax in the automobile industry. The broad breadth of uses associated with carnauba wax is making it more popular with consumers over bee wax, thereby accelerating the carnauba wax sales.
Clinical trials and research will be negatively affected by increased FDA enforcement of dietary violations.
KEY TAKEAWAYS:
- The carnauba wax market is predicted to develop at a CAGR of 4.0% in the product section of the type1 category.
- The CAGR for the cosmetics segment of the application category in carnauba wax market is anticipated to be 3.6% through 2032.
- In the United States, the carnauba wax market is estimated to reach US$ 149.9 million by 2032, rising at a CAGR of 3.6% throughout the forecast period.
- By 2032, the carnauba wax market in the United Kingdom is expected to be valued US$ 18.9 million, with a CAGR of 3.1% through 2032.
- With a CAGR of 3.4% throughout the forecast period, China is expected to reach a market size of US$ 30.1 million in carnauba wax market by 2032.
- By 2032, the carnauba wax market in Japan is estimated to be worth US$ 24.9 million, growing at an annual rate of 2.7% through 2032.
- With a CAGR of 2.1% throughout the forecast period, South Korea is predicted to reach a market size of US$ 14.6 million in carnauba wax market by 2032.
Companies that have developed new products to increase their market share among consumers are also adopted by leading companies. It is these strategies that have led to the development of carnauba wax.
Regulations currently in place at the FDA require manufacturers and distributors to evaluate the safety and labeling of their products before they are marketed for sale, and they are prohibited from marketing adulterated or misbranded products.
Historically, the economy of APAC has been heavily influenced by the economic dynamics of countries such as China and India, however, with the rise of foreign direct investment for economic development in South East Asia, a new scenario is emerging. There are a wide range of products made with carnauba wax, mostly in the categories of cosmetics, food products, and polishes.
Freight management software’s are manufactured and marketed by Foncepi Comercial Exportadora Ltda, Carnauba do Brasil Ltda, Brasil Ceras, Strahl & Pitsch, Inc, Pontes Industria de Cera ltda.
RECENT DEVELOPMENT:
- Recently, DoorDash announced a partnership with Lush Retail Ltd. 2021 to offer its customers fresh, handmade products with same-day delivery. Lush’s products will now be readily available to consumers on-demand and at their fingertips through this partnership.
- Akrophech will have acquired Bech Chem by 2021, one of the industry’s leading chemical suppliers, and will be able to increase its market share in coatings, paints, and lubricants.
- A large part of the carnauba wax industry revenue is expected to come from the pharmaceutical industry due to the growing use of the product as a coating agent. A growing demand for time-release drug delivery systems such as capsules, combined with favourable regulations that govern their use in medical applications.
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Key segments
By Application:
- Cosmetics
- Food
- Automotive
- Pharmaceutical
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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