Due to the growing popularity of confectionery products, the global carnauba market was valued at USD 246.0 million. Over the forecast period, the demand for chewy confectionery like jellies or chewing gums will increase, primarily in Asia Pacific due to increased youth consumption.
Due to the abundant raw material in Brazil, the majority of the industry's manufacturers are located in Brazil. Raw material suppliers are responsible for extracting the wax from the Brazilian palm tree leaves at a location that is not accessible to wax processing and filtering. The process of filtering and processing the product is not very capital-intensive, which results in low setup costs for manufacturers. Extracting and processing require a lot of labor, which results in a higher labor price.
Carnauba wax is dependent on continuous supply of Brazilian palm tree raw material from August through January. Because there are no other employment options for laborers, the raw material costs are lower during this period. The process of extracting crude wax is slow and does not use advanced leaf drying techniques. This results in a longer extraction time.
Raw material suppliers are responsible for paying the labor costs of workers, transport, logistics, and minimal equipment cost. The cost of operating landholdings for raw material suppliers depends on the type of ownership and where the land is located. Distributors in this industry have high distribution margins due to price customizations based on the region. The distributors' transportation costs can affect the margin shares.
Due to growing demand for carnauba wax in cosmetics and food glazing, the market for this wax is expected to grow. This market will experience steady growth over the forecast period with minimal changes in production.
Segmentation of the market is based on products: type 1 and 3 are carnauba wax types, while type 4 is type 4. Type 1 was the most popular type in 2015, accounting for more than USD 92 millions. It is the purest form and most in demand for niche applications, such as pharmaceuticals and food products. It is also used to make premium automotive wax formulations. These are used to enhance the appearance of automobile bodies and increase their aesthetic appeal. The product is expected to be in high demand as fruit coatings become more popular.
Type 3 and 4 waxes are dark in color. They can be used in automotive applications, in industrial polishes and in leather tanning. It's also used in cosmetics as an agent to give gloss to different products, such as nail polishes and lip colors. Type 4 will see an increase in demand due to the increasing demand for mold release agents.
Due to the increasing use of carnauba in confectionery and fruit coatings, the food industry accounts for more than 18% of global revenue. The forecast period will see an increase in demand for these products due to growing disposable income and growing preference towards high-priced wax treated foods.
Premium shine wax is in high demand and accounts for a large portion of the automotive industry. It is used in capsules and tablets for the timed release of drug drugs, but there is not much demand in pharmaceutical applications. Market growth is expected to be driven by the high demand for cosmetics in Asia Pacific and Europe.
Due to the maturity of the market, North America and Europe are expected to have a limited demand. Automotive care waxes are expected to drive the demand for the product. Due to the increasing sales of used cars and the growth in automotive sales, the demand for this product will likely be high.
This growth will be driven by the increasing demand for the product in Asia Pacific due to rapid industrialization which has led to the development of many application industries in this region. Market growth is expected to be driven by the rising demand for food glazing products in China's developing confectionery and food industries. Market growth in Asia Pacific will also be accelerated by the increasing use of the product within the automotive industry.
Due to the efforts of major manufacturers to increase their revenues and margins, the market has seen a steady price rise. These companies have been in operation for more than ten years. They benefit from market knowledge and extensive experience. The company produces carnauba wax and exports it to global markets via multiple distribution channels that include wholesalers, suppliers, distributors, and distributors. Companies have access to plentiful raw materials and favorable regulations from Brazil.
Foncepi comercial exportadora Ltda, Brasil Ceras and Carnauba do Brasil are the key players in the global market for carnauba wax.
Up Market Research published a new report titled “Carnauba Wax Market research report which is segmented by Product (Type 3, Type 4, Type 1), by Application (Automotive, Food, Pharmaceutical, Cosmetics), By Players/Companies Pontes industria de Cera ltda, Carnauba do Brasil, Brasil Ceras, Tropical Ceras do Brasil Ltda, Foncepi comercial exportadora ltda”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Carnauba Wax Market Research Report |
By Product | Type 3, Type 4, Type 1 |
By Application | Automotive, Food, Pharmaceutical, Cosmetics |
By Companies | Pontes industria de Cera ltda, Carnauba do Brasil, Brasil Ceras, Tropical Ceras do Brasil Ltda, Foncepi comercial exportadora ltda |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 207 |
Number of Tables & Figures | 145 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Type 3, Type 4, Type 1), by Application (Automotive, Food, Pharmaceutical, Cosmetics).
Carnauba Wax Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Carnauba Wax Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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