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Global palm wax Market Insight
2022-01-18 Comments

The palm wax is forecast to crazy over the next few years. According to WK-chem Research,“Global palm wax Professional Survey Report 2022, Forecast to 2027”, With the rapid improvement of people’s health awareness and the impact of the COVID-19, the palm wax industry is developing at an incredible speed. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 3.15% base on WK-chem Research regression analysis model.

Analysts’ Viewpoint:

“Many of the benefits of palm wax are slowly being discovered,” said Eva Joy, senior analyst at WK-chem Research’s chemical market research center. “Industry players of palm wax should recognize its multiple roles and promote it to adapt to the rapid development of the market.”

Market insight:

Palm wax is used as a food-grade polish and also as a gelling agent in a variety of products. The production of palm wax mainly takes place in Brazil. However, palm wax production has gradually increased in African and Sri Lankan countries. Palm wax has a wide range of applications in the food, pharmaceutical, cosmetic and automotive industries. The palm wax market is expected to be driven by several factors. Growing consumer demand for natural or organic products is expected to be a major driver of the market. Palm wax is used as an emulsifier in the production of many food products. In addition to this, carnauba wax is used as a natural additive in the manufacturing process of a variety of cosmetics, including lipsticks, lip balms, mascara, and more. Due to its hypoallergenic nature, carnauba wax is gaining popularity among drug manufacturers.

However, tropical varieties of carnauba wax may cause some side effects, such as rashes, contact dermatitis, and inflammation of the hair follicles. Thereby inhibiting the growth of the carnauba wax market. Furthermore, the carnauba wax market offers global manufacturers low profit margins due to the low level of commercialization.

Competition Landscape:
Some of the prominent players in the global carnauba wax market include: Strahl & Pitsch, Inc., Poth Hille & Co Ltd, Koster Keunen, LLC., Calvax、Kahl GmbH & CO. KG, Frank B. Ross Company, Akro Chemical Company.
At present, the cosmetic market still has huge consumption potential, and some cosmetic companies also use carnauba wax as a main ingredient in their products, such as Kahl GmbH & Co. KG (Germany) with its product range that contains functional ingredients for different beauty products Many, enter the cosmetics industry. Additionally, the company recently launched “Lipstick Base 6465,” which is a blend of carnauba wax and oil.

Segmentation of palm wax Market:

On the basis of end user, the carnauba wax market is segmented into: Food & Beverage, Automotive, Personal Care, Pharmaceutical, and Others. Among them, the food and beverage industry holds the largest market share. Carnauba wax has good emulsifying and stabilizing properties and is sparking innovation in the food and beverage industry. Edible films and carnauba wax coatings are used in numerous food applications to meet the specific needs of a product, such as improving its shelf life and enhancing its appearance. Carnauba wax is commonly used in the preparation of confectionery products and fruit coatings, marking the food industry’s significant contribution to the growth of the carnauba wax market. In addition to this, the cosmetic industry is also emerging and leading manufacturers in the carnauba wax market are adopting strategies to capture business opportunities in the ethnic beauty market. Carnauba Wax Market Split By Origin: Natural and Organic. With the development of the times, people gradually realized the harm of pesticides and began to pursue natural and organic products, which is conducive to further developing the organic food and postal cosmetics market. On the basis of form, the carnauba wax market is segmented into: powder, flake, and granular, and various forms of carnauba wax are widely used in various industries.

palm wax Market: Regional Analysis

Asia Pacific controls a large portion of the global carnauba wax market and is the fastest growing market. Rising consumption of carnauba wax in food and beverages and surging demand for the product in the personal care industry are benefiting the regional market.
In addition, the European carnauba wax market is also expanding with increasing adoption in the food and beverage industry coupled with increasing demand from the cosmetic and personal care industries. A booming working population and rapid urbanization and industrial growth in the region have led to an increase in demand for ready-to-eat food. This factor is expected to drive the demand for carnauba wax as it is widely used as an emulsifier. Another complementary factor supporting the market growth includes the booming pharmaceutical industry in the region as it is used as a glazing agent and tablet coating agent.
Finally, the Latin American market is expected to witness substantial growth during the period under review, owing to the dramatic increase in the production and export of carnauba wax in recent years.

Cagr: 3.15%
Largest share area:Asia Pacific

Largest share country:Brazil
Product Type(by basis of form): powder、flakes、particles
Product Type(by basis of source):natural 、 organic.Application: food and drinks、car、personal care、Pharmaceutical、other
Leading Company:Micro Powders、C.E. Roeper、Foncepi、KahlWax、Multiceras