The Sugarcane Wax Market was valued at USD 42.8 Million during the historic forecast period and is expected to register a CAGR of 3.87% to reach USD 55.7 Million by the end of the forecast period.
Sugarcane wax is a valuable byproduct of the sugarcane industry. The sugarcane crop’s yield has a significant impact on the market value of sugarcane wax. Sugarcane wax is used in the food sector to keep foods looking fresh for longer periods. Sugarcane wax is utilized as an elastomer or plasticizer in edible chewing gums, and it successfully controls the consistency of the food product. Sugarcane wax is used to make the donuts look glossy and fresh. For a glossy look, the donuts’ chocolate drippings are thinly covered with sugarcane wax.
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Sugarcane wax companies, like any other processing industry, were in decline throughout the pandemic because of government limitations enforced by industrialized countries. The epidemic has raised the demand for medical services and supplies, prompting pharmaceutical industry investors to ramp up production throughout the pandemic. Throughout the epidemic, such factors have increased demand for sugarcane wax. Moreover, throughout the epidemic, the food and beverage business experienced substantial expansion. In recent years, such elements have benefited the general growth of the Sugarcane wax sector.
Market Segmentation
Based on the End-user applications, the market is segmented into Pharmaceuticals, Food, Cosmetics, Textile & Leather, and Others.
Based on the Ingredients, the market is segmented into Long-chain hydrocarbons, Hydroxycarboxylic acids, Aromatic carboxylic acids, Fatty alcohols, Diols, Long-chain wax acids, Unesterified diols, and Saturated hydrocarbons.
Based on the processing techniques, the market is segmented into Crushing, Juice clarification, Crystallization, Centrifuge, Depolarization & conditioning, and Packing & bagging.
Based on the by-products, the market is segmented into Bagasse, Molasses, and Press mud.
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Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Regional Classification
In recent years, European countries have held the biggest market share in the Sugarcane wax sector, with a great market value. Sugarcane’s market share is growing due to rising pharmaceutical demand and a growing geriatric population. The region’s renowned pharmaceutical industry, as well as the rising frequency of cardiovascular ailments and a senior population, are thought to be the main drivers of sugarcane wax market expansion. The increasing economic decline of the region and changing preferences of the population in the Asia-Pacific region are likely to enhance the Sugarcane wax market growth during the forecast period.
Industry News
The major key players in the market are Durex AG (Germany), CERAX (South Africa), Origen chemicals (South Africa), Huzhou Shengtao Biotech LLC (China), Godavari Biorefineries (India), Evonik, Kossik Filtertechnik GMBH, Michael Gutschke, Rohstoffhandel E.K., Connect Chemicals, and Tonixchem.
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Each & Every Natural introduces its aluminum-free deodorant, a new product on the market for men’s grooming. Sugarcane wax, a carbon-negative, renewable, and sustainable material, is used to make the brand’s deo and other products’ packaging. There were no hazardous chemicals or other harmful things utilized in the production process, and the EWG certified Each & Every deodorant as outstanding. It is free of synthetic scents, aluminum, parabens, alcohol, phthalates, and baking soda, making it ideal for people seeking an organic product.
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