Sugarcane Wax Market was valued at USD 42.8 Million in 2020 and expected to register a CAGR of 3.87% to reach USD 55.7 Million by 2030.
The rising demand for sugarcane wax as a preservative in the processing of fruits and vegetables, as well as increased investments in R&D in the pharmaceutical industry, are two major factors driving the worldwide sugarcane wax market forward. Furthermore, throughout the projected period, the growing demand for specialized and premium chocolate goods, as well as increased consumption of gum confectionaries and chocolate products in Asia-rising Pacific’s countries, is likely to fuel demand for sugarcane wax. Rapid urbanization, population expansion, changing tastes and preferences, and increased per capita disposable income are all contributing to market expansion in the region’s developing economies.
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The Prominent Players in the Global Sugarcane Wax Market are DEUREX AG (Germany), CERAX (South Africa), Origen chemicals (South Africa), Huzhou Shengtao Biotech LLC (China), and Godavari Biorefineries (India).
The Global Sugarcane Wax Market is characterized by a small number of competitors. The market is extremely consolidated, with all firms vying for increasing market share. Sugarcane wax makers compete on price, brand recognition, product quality, and raw material availability. To obtain an advantage over their competitors, the major companies in the sugarcane wax manufacturing industry are expanding their production capabilities and investing in research and development.
Furthermore, throughout the study period, the rising pharmaceutical industry, with rising spending on dietary supplements, is likely to drive up demand for sugarcane wax at a significant rate. Furthermore, the rising popularity of organic and natural cosmetics products as a result of increased awareness about the benefits of natural goods is expected to generate lucrative opportunities for market participants throughout the forecast period. During the projected period, rising demand for sugarcane wax as an alternative to candelilla wax, carnauba wax, and chitosan for edible coating of fruits and vegetables is likely to drive up demand. During the projected period, market participants are projected to spend in R&D activities for the development of cost-effective and sustainable sugarcane wax manufacturing technologies, as well as enhancing the economics of recovering and refining the wax.
Global Sugarcane Wax Market has been segmented on the basis of Application and Region.
On the basis of application, the global market is segmented into pharmaceuticals, food, textile & leather, cosmetics, and others. In 2018, the pharmaceuticals segment had the greatest market share (36.6%) and was worth USD 15.7 million; it is predicted to grow at a CAGR of 3.7 percent over the projected period. The increased knowledge of the health benefits of sugarcane wax extracts, as well as ongoing medical research, are credited with the segment’s growth. Furthermore, the lipid-lowering properties of policosanol and octacosanol generated from sugarcane wax extract are frequently used as supplements in animals and humans. Sugarcane wax’s fastest-growing application category, however, is cosmetics. The increased demand for natural and bio-based goods in the cosmetics industry is credited to the market’s rise.
Geographically, the global sugarcane wax market has been divided into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The European market, with a value of USD 15.2 million, had the biggest proportion of them, accounting for almost 35%. During the projection period, the regional market is expected to grow at a CAGR of 2.8 percent. More than half of Europe’s sugarcane wax market was accounted for by Germany and the United Kingdom. The presence of an established pharmaceutical sector, a growing elderly population, and an increase in the number of persons with cardiovascular disorders are likely to fuel market expansion in Europe. The presence of chocolates, pharmaceuticals, and personal care and cosmetics sectors in the area market has contributed to its rise.
During the projected period, the sugarcane wax market in Asia-Pacific is predicted to grow at the fastest rate of 5.18 percent. Increased disposable income, a changing lifestyle, increased usage of dietary supplements, and the growing popularity of organic and natural cosmetics and personal care products are all contributing to the region’s rise.
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