Carnauba Wax Market To Expand With Developments In Food & Beverages And Pharmaceuticals Resource Utilization Modules
Carnauba Wax Market Dynamics
The latest assessment by Market Research Future (MRFR) indicate that the Global Carnauba Wax Market is on track to have a profitable run, with an arresting CAGR during the forecast period (2019-2023).
Attractive properties of carnauba wax have given an outstanding boost to its demand in the production of cosmetics as well as personal care products like skin moisturizers, lip gloss, lip balms, and various eye makeup products. The important countries in Asia such as India, Australia, Japan and China are inundated with over 3 billion potential consumers, reflecting the abundance of profitable opportunities for the manufacturers within the cosmetics industry.
For instance, Kahl GmbH & Co. KG (Germany) had made a foray into the cosmetic industry backed by its wide variety of products containing functional ingredients for different beauty products. additionally, the company had launched ‘Lipstick Base 6465’ recently, which is a mix of carnauba wax and oils.
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The Global Carnauba Wax Market has been segmented on the basis of form, type, and application.
Form-wise, the market can be broken down into powder, flakes, and pellet.
Depending on the type, the market caters to type 1, type 2, type 3, and type 4.
The various applications covered in the report include food and beverage, pharmaceuticals, cosmetic and personal care, automobiles, and others.
Growth Drivers and Key Challenges
World over, the market for carnauba wax is projected to note a strong growth on account of the surge in its use as a food glazing agent used for providing an excellent shine, thereby enhancing the aesthetic appeal of the food item. The carnauba wax market is mostly affected by the supportive regulations implemented by various regulatory agencies including Food and Drug Administration (FDA) and European Union (EU). The market depends heavily on the raw materials, which is responsible for the substantial portion of the operational cost for the manufacturers. These raw materials are supplied primarily by the landholders as well as farmers, who use primitive methods for wax extraction.
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- Foncepi comercial exportadora ltd
- Koster Keunen.LLC
- Kahl GmbH & CO
- Akrochem Corporation
- Strahl & Pitsch
- Carnauba do Brasil
- Pontes industria de Cera ltd
- Tropical Ceras do Brasil Ltd
- Poth Hille & Co Ltd
The Global Market for Carnauba Wax is spread across the key regions of Latin America, Asia Pacific, Europe, North America and the Middle East & Africa.
The market in Latin America is presumed to note a substantial growth during the evaluation period sinc the production as well as export of carnauba wax has observed a sharp rise in recent years. Few renowned companies located in the region include Carnauba do Brasil, Concept commercial exportadora ltda, Tropical Ceras do Brasil Ltda, Pontes industrial de Cera ltda among others.
In addition to being the fastest-expanding market, Asia Pacific also controls the prominent portion of the global carnauba wax market as the consumption of carnauba wax within the food and beverage seems to be rising at a significant rate. Also, the booming personal care industry and the subsequently surging product demand from this sector is working in favor of the regional market as well. In addition, with the elevating per capita disposable income giving considerable push to the demand for home care and personal care products, the market is bound to have a lucrative growth pattern in the near future.
Micro Powders is expected to launch three natural, sustainable and biodegradable products that are based on International Nomenclature of Cosmetic Ingredients (INCI). These ingredients are known to provide various benefits to personal care formulators. One of these include Naturescrub Cocoa C50 exfoliants whose core ingredient is based on chocolate brown colored Copernicia cerifera or Carnauba wax. This helps elevating the functionality as well as the aesthetic properties of different personal care formulations.