USD 271.22 million
Report ID: SQSG15E2050 | Region: Global | Published Date: October, 2022 | Pages: 222 | Tables: 118 | Figures: 77
Global Carnauba Wax Market size was valued at USD 271.22 million in 2021 and is poised to grow from USD 280 million in 2022 to USD 350 million by 2030, growing at a CAGR of 3.15% in the forecast period (2023-2030).
Rising consumption of chewy confectionery products like jellies and chewing gums by young population with the easy availability across various regions are the major factors expected to drive the growth of the global carnauba wax market during the forecast period. Moreover, wide utilization of carnauba wax in several types of applications as a type of hardening ingredient and gelling, are further estimated to propel the growth of the market at a significant growth rate over the coming years.
Furthermore, global carnauba wax market is highly dependent on the supply of its raw materials extracted from Brazilian palm trees owing to the low cost of raw material and sources of employment for laborers in the country. Additionally, global market players are focusing on improving technological advancements in their manufacturing and distribution process to cater the rising need across the globe. The carnauba wax market is also projected a rapid growth on account of the increasing demand for these wax in food glazing and various cosmetics market.
US Carnauba Wax Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 271.22 million
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Global carnauba wax market is segmented on the basis of product, application, source, form, and region. By product, the market is sub-segmented into type 1, type 3, and type 4. By source, the Carnauba Wax Market is segmented into natural, organic. By form, the Carnauba Wax Market is segmented into powder, flakes, pellet. By application, the Carnauba Wax Market is categorized into cosmetics, food, pharmaceutical, automotive, and others. By region, the Carnauba Wax Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Carnauba Wax Market Analysis by Product
By product, the type 1 segment dominated the market and accounted for a significant market share in 2021 owing to its high purity and rising popularity in various niche applications including food products and pharmaceutical. Moreover, high utilization of these products in manufacturing of premium automotive wax formulations, that is mainly used to enhance the outer shine of automotive bodies and rising aesthetic appeal, all these factors are likely to boost the demand the demand and growth of the segment in the near future.
Carnauba Wax Market Analysis by Application
By application, the food products segment held the largest market share in 2021 and it is anticipated to maintain its dominance throughout the forecast period owing to high use of carnauba wax in fruit coatings and confectionery. In addition, increased consumer disposable income, growing expenditure on food products, and enhanced packaging to attract consumers are also expected to fuel the growth and demand of the segment over the coming years.
Furthermore, the automotive segment is witnessing fastest CAGR during the forecast period due to the increasing need for premium shine wax in automotive sector to enhance the shining and aesthetic apparel of vehicles. Additionally, increasing investment by large market players in automotive industry for improving build quality and reaching larger consumer base is also fueling the demand for carnauba wax in the coming years.
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Globally, North America dominated the carnauba wax market with a holding of significant market share in 2021, and is set to continue this dominance over the forecast period. Early adoption to advanced technology, high consumer income, and growing demand for carnauba wax in several applications are the key factors anticipated to drive the growth of the carnauba wax market in the region. In addition, increasing consumer spending on their health and well-being by opting for natural and organic products is also fostering the growth of the regional market.
Furthermore, Asia Pacific region is projected to grow at fastest rate throughout the forecast period owing to rapid industrialization, development of several industries, and high population burden in the region. Moreover, rising need for food glazing agents and confectionery especially in various developing economies including India, China, and Brazil is driving the demand and popularity of carnauba wax in the region, which las led to tremendous growth in the region.
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Carnauba Wax Market Drivers
Carnauba Wax Market Restraint
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The global carnauba wax market is moderately competitive with the presence of many well-known international and local companies operating around the globe. Major companies of the market are highly focusing on several business strategies including mergers & acquisitions, collaborations, partnerships, new product launches, and high technological development for expanding their product offerings and global market presence.
Carnauba Wax Market Top Player’s Company Profiles
Carnauba Wax Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global carnauba wax market is witnessing a significant growth during the forecast period owing to high consumer spending, introduction to new products, and wide utilization of carnauba wax in several end-use industries. Additionally, properties of carnauba wax such as emulsifying, thickening, and softening of skin are also projected to fuel the demand and growth of the market over the coming years. However, some health issues are also associated with these products like blurry vision, irritation, and burning of the eyes, which are likely to hinder the global market growth during the forecast period.
|Market size value in 2021||USD 271.22 million|
|Market size value in 2030||USD 280 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Carnauba Wax Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Carnauba Wax Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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