Carnauba Wax Market In-depth Forecast Study Highlights Growth in CAGR% and Revenue (US$Mn) till 2027
The carnauba wax market is consolidated by Brazilian wax industry players as Brazil is the largest producer and exporter of carnauba wax.
[USPRwire, Thu Jul 11 2019] Carnauba wax, also known as Brazil wax, is a type of wax derived from leaves of a species of palm, Copernicia prunifera. Owing to its glossy finish, carnauba wax finds application across various end-use industries which is directly translating into growth of its market. The carnauba wax are popularly used in automobile wax, food products, floor and furniture waxes, and in instrument polishes. In the recent years, cosmetic industry has been gaining high traction worldwide, especially in emerging economies due to high spending capabilities. This is expected to propel growth of Carnauba Wax Market as the wax has excellent emollient and hypoallergenic properties, making it an ideal ingredient for cosmetic products.
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Increasing rate of adoption in food & beverages industry coupled with rising demand from cosmetic & personal care products are fuelling growth of the carnauba wax market. Increasing working population on the coattails of rapid urbanization and industrial growth in the Asia Pacific is influencing the demand for ready-to-go food products which in turn surge the demand for carnauba wax which is extensively used as emulsifiers. Further, rise in pharmaceutical industry will possibly boost the carnauba wax market with increasing use as glazing and tablet-coating agent.
Brazilian Manufacturers to Hold Sway Over the Carnauba Wax Market
Carnauba wax businesses in northeastern Brazilian states produce around 16,000 tons of carnauba wax every year – a significant percentage of this production is for exports. The carnauba wax market is consolidated by Brazilian wax industry players as Brazil is the largest producer and exporter of carnauba wax. According to the Ministry of Development, Industry and Foreign Trade (MDIC), the total value of carnauba wax exported by Brazil in 2016 was worth over US$ 99 million. In 2017, Brazil exported 15,652 tons of carnauba wax and the total value increased up to US$ 101.7 million.
Carnauba oil possesses excellent dispersion characteristics and can produce a glossy finish when used as a polish. Owing to its wide range of applications in specific industrial sectors, the carnauba wax market is likely to witness steady growth in the foreseeable future. Based on the statistics published by the MDIC, the total export value of carnauba wax from Brazil may increase up to US$ 114 million by the end of 2018. United States, Germany, China, Japan, and the Netherlands were the top five countries to import carnauba wax from Brazil in 2017.
Penetration in Food and Confectionary Industries to Drive Growth
Carnauba wax possesses good emulsifying and stabilizing properties, which is triggering innovation in the food & beverage industry. Edible films and carnauba wax coatings are used in a large number of food applications to meet product-specific needs such as to improve its shelf life and enhance its outer appearance. Carnauba wax is commonly used in the preparation of confectionery products and fruit coatings, marking a high contribution of the food industry in the growth of the carnauba wax market. For an instance, ‘Haribo’ – a German confectionery company – uses carnauba wax to produce gelatin, which is the primary ingredient of their popular confectionery product – Gummy Bear candies.
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While the food industry accounts for the largest revenue share in the carnauba wax market, automotive applications of carnauba wax account a significant share of the industry. Attributing to its high melting point and glossy properties, carnauba wax is commonly used as an automotive care polish. Increasing demand for car waxes made with carnauba oil is likely to fuel the growth of the carnauba wax market. Apart from the food industry and automotive industry, carnauba wax finds numerous applications across other industrial sectors including pharmaceuticals industry and cosmetics industry.
Opportunities Abound for Carnauba Wax Gains Traction in Cosmetics Industry
Glossy characteristics of carnauba wax boost its demand for producing cosmetics and personal care products such as lip balms, lip gloss, skin moisturizers, and other eye makeup products. Leading Asian countries such as China, Japan, India, and Australia offer more than 3 billion potential consumers, indicating lucrative opportunities for manufacturers in the cosmetics industry. In 2015, the Europe market for cosmetic products accounted for over US$ 87 Bn and it is likely to grow at a rapid pace in the upcoming years. Leading manufacturers in the carnauba wax market are banking on numerous applications of carnauba wax in the cosmetics industry. Carnauba wax manufacturers are adopting strategies to capture business opportunities in the flourishing segments of the ethnic beauty markets.
Kahl GmbH & Co. KG – a German wax manufacturing company – entered the cosmetic industry with its diverse product range with functional ingredients for various beauty products. The company recently launched ‘Lipstick Base 6465’, a blend of carnauba wax and oils, which is used to manufacture lipsticks with high gloss and high heat resistance. In addition, Kahl GmbH & Co. KG also collaborated with Ingretech – a leading distributor of cosmetic ingredients – as its distributor for the French market. By building a long-term partnership with Ingretech, the company aims to offer premium services and create a powerful presence in the French cosmetic market.
Availability of Cheaper Alternatives Can Impede Demand
Carnauba wax is often combined with some chemical solvents to make it feasible for use in various cosmetic as well as food products. Increasing awareness about the negative health effects of synthetic chemical added to carnauba wax is encouraging consumers to shift to its healthier alternatives. Also, carnauba wax is much more expensive as compared to its popular substitutes such as sunflower seeds wax, Candelilla wax and beeswax. In order to meet the dynamic consumer demand and providing natural carnauba wax, leading market players are introducing innovative products such as herbal, organic, vegan-friendly, and halal carnauba wax. Also, obtaining various certifications such as the halal certificate, kosher certificate, and BSI (British Standards Institution) certification is aiding manufacturers to maintain healthy growth in the carnauba wax market.
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