The global vegetable wax market size is expected to grow at a CAGR of over 5% during the period 2019–2025.
The vegetable wax market has emerged a lot over the last few years. As the demand has shifted from synthetic products to natural products, especially after 2010, the utility of vegetable wax has significantly increased. In addition, the combination of vegetable wax with other types of waxes has opened many opportunities for the vendors operating in the market. However, the global market for vegetable wax is undergoing several transformations with regard to the research of innovative technologies and their integration in application sectors. Also, the demand and rise in use of vegetable wax are high due to numerous reasons such as urban development and a rise in living standards across societies and more focus on getting natural products. The market in terms of revenue is likely to witness significant growth in the coming years.
Arizton’s latest market research report considers the present scenario of the vegetable wax market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Vegetable Wax Market – Dynamics
Here are the list of trends and drivers that are impacting the revenues and profitability in the vegetable wax market:
- Rising Demand for Cleaner Raw Materials
- Opportunity in Cosmetic Industry
- Expected Rise in Demand from Candle & Food Sectors
- Increase in Environmental Concerns
- Emphasis on Human Health
- Shifting Consumer Focus on Organic Products
Vegetable Wax Market – Segmentation
This research report includes a detailed segmentation by distribution, product, application, and geography.
- The US dominates the candelilla wax market and is projected to continue its dominance due to rising awareness of natural products. Furthermore, North and Latin America are major producers of candelilla wax due to the easy availability of raw materials, as Mexico is the major producer of the candelilla plant.
- The food industry makes considerable use of wax as a protective coating for fruits and vegetables. One of the primary reasons for waxing is the prevention of water loss from fruits, such as citrus fruits and apples, thus preventing shrinkage and spoilage and enhancing the appearance.
- The growth in online sales is set to increase by over 5% during the forecast period. This is primarily because online stores offer more options than retail stores. Some vendors offer YouTube videos (video tutorials) and help beginners get knowledge about the applications and make them aware of these products.
Market Segmentation by Product
- Carnauba Wax
- Candelilla Wax
- Castor Wax
Market Segmentation by Distribution
Market Segmentation by Application
- Industry Applications
Vegetable Wax Market – Geography
In 2019, APAC dominated the global vegetable wax market. The penetration of vegetable wax in APAC countries, such as China and India, is increasing rapidly. For instance, India is likely to witness a CAGR growth of over 5% in demand for vegetable wax between 2019 and 2025 due to the rising awareness of natural beauty products. The demand for vegetable wax in Europe is growing, while upgrades in natural cosmetics and replacements are also driving the market. Furthermore, Western European economies are witnessing maturing markets with product saturation due to low product differentiation. However, Central and Eastern European countries are expected to exhibit new demand.
Market Segmentation by Geography
- South Korea
- North America
- Latin America
- Saudi Arabia
- South Africa
Vegetable Wax Market – Vendor Landscape
The global vegetable wax market is fragmented in nature due to the presence of many local and international market players. The key leading vendors in the global vegetable wax market are Cargill and Koster Keunen, among others. The competition among these key players is intense. The market concentration in developed countries such as the US and other Western European countries is high, while the markets in developing economies such as China and India are at a moderate stage because of the entry of many international brands in these countries. The market competition is based on offerings and pricing and vendors using new business models and focusing on developing the portfolio of their establishments to drive growth. Focus is also shifting toward natural cosmetics, which are likely to provide vendors vast opportunities.
- Huzhou Shentgtao Biotech
- Koster Keunen
- Croda Industrial Chemicals
- Brenntag (EPChem)
- Marcus Oil
- Argan Co.
- FAITH Industries
- PJ Group India
- Carnaúba do Brasil
- Brasil Ceras
- KAVYA IMPEX
- Shri Ram Sons Wax Private Ltd.
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