The Carnauba Wax Market is forecast to reach $331 million by 2025, growing at a CAGR of 5.22% during 2020-2025. The boom in the food, pharmaceutical and cosmetic applications is causing the growing penetration of Carnauba wax products. The medical pill or tablet manufacturing is finding the demand for the carnauba wax which will play a significant growth trend in the growth of global carnauba wax market. The report covers Carnauba Wax Market size by applications, Carnauba Wax Market share by top 5 companies and also the market share by start-ups during the forecast period.
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North America dominates the Carnauba Wax market owing to increasing demand from applications such as food and pharmaceutical industries.
The Carnauba wax production is highest in countries such as Brazil, Sri Lanka, and in African and other South American countries. The consumption of carnauba wax in the US is high and it is due to food industry followed by pharmaceutical industry.
By End-Use Industry – Segment Analysis
The Cosmetics segment held the major share of the market by application and is expected to be dominant over the forecast period. Trends such as the growing aging population and changing lifestyle will further contribute towards positive industry growth. Innovative and improved products for women’s cosmetics, which are multifunctional is likely to generate the increased sales of personal care products in the forecast period. To reach specific customer needs, manufacturers have introduced specific skin and hair products in the market. The market is also anticipated to be promoted by media penetration, advertising, and various marketing offers. In developing countries, aspects like growing consumers’ purchasing power, presence of international brands, and rapid urbanization is expected to grow the market in the forecast period. Consumers and producers are becoming more open to the usage of natural cosmetics. The major factor driving the carnauba wax or palm wax market is the increasing demand of the consumers for products containing natural and organic ingredients in their formulation. Consumers are committed to more natural and green products, and this was clearly visible during the recession period, when the market for natural products was less affected than the total market for personal care products, and recorded a higher growth rate.
As the market grows, there will be tightening pressure from government agencies and an increase in oversight. The FDA has upped enforcement of dietary violations, which will impact clinical trials and research. With the diversity and power of pets, the pet care industry is growing dynamically and closely following the movements, also the development of human living environment and quality. In response to the consumer demands, cosmetic companies started to develop and to launch on the market new products containing natural ingredients, eventually bioactive; medical claims have been thoroughly investigated and supported by clinical trials.
Geography – Segment Analysis
North America dominated the carnauba wax market with a share of 45%, followed by APAC and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Carnauba wax is used for a wide array of products mostly falling into the categories of: Cosmetics, food products and polishes. Some of the products are: Candies/sweets, chewing gums, chocolates, confectionary sugar, fruit coating, polishing wax (for car, leather, floor, furniture), food packing, can coating, plastic film, matches, medicine/capsules, graphite pencils, paints, cosmetics, bullets coating, bar codes, dry batteries, computer chips, printing ink, carbon paper, toner, dehydrated vegetables, modeling flowers and fruits, dental wax, textile coatings, lubricants, skin care, hair care, shave creams.
Drivers – Carnauba Wax Market
Rising demand for natural cosmetics
The worldwide cosmetic industry is growing steadily with a growth of turnover of about more than 9% per year. Manufacturers have invested in developing new products containing natural ingredients. With the use of natural plant extracts as cosmetic ingredients, a new generation of products has been introduced in the market of which a category has been claimed to contain biologically active ingredients with medicinal or drug-like effects, which satisfy the needs of both beauty and health. The natural products were easily accepted by consumers.
Challenges – Carnauba Wax Market
In the U.S., the FDA regulates both finished dietary supplement products and ingredients found in dietary supplements. As previously noted, dietary supplements are outside of the strict oversight accorded drugs and pharmaceutical products. Instead, they are categorized as a type of food product, and must comply with regulations promulgated under the federal Dietary Supplement Health and Education Act (DSHEA) of 1994 and other more recent legislation. Under current FDA regulations, manufacturers and distributors are directly responsible for evaluating the safety and labeling of their products prior to marketing them for sale, and are prohibited from marketing products that are adulterated or misbranded.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the carnauba wax market. In 2018, the top five players accounted for xx% of the share. Major players in the carnauba wax Market are Lush Retail Ltd., Spartan Chemical Company, Inc., Turtle Wax, Feast Watson (Dulux Group Pty Limited), Chestnut Products, Howard Products (Aust), F. SUTER & CO. LTD, TENZI Sp. z o.o., TER HELL & Co. GmbH, Strahl & Pitsch, Inc. , P21S Car Care Products, among others.
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