The global Carnauba Wax Market size is expected to reach USD
334.9 million by 2024, according to a new report by Grand View Research, Inc.
The market is expected to witness high growth owing to increasing use of the
product as a food glazing agent which provides a superior shine, thus improving
its aesthetic ability. Carnauba wax market is highly influenced by the
favorable regulations enforced by the regulatory agencies such as European
Union (EU) and Food and Drug Administration (FDA). The industry is highly
dependent on the raw materials which form a major part of the operational cost
for the manufacturers. The raw material is supplied majorly by the farmers and
landholders, employing primitive techniques for wax extraction. However, in
some cases, the manufacturers may be backward integrated to the extraction of
raw materials.
The manufacturing of the product is limited to Brazil due
to the exclusivity of the Brazilian palm tree to the region. The production is
dominated by four wax manufacturers namely Brasil Ceras, Carnauba do Brasil,
Foncepi, and Pontes. The companies in the market resort to external third party
distribution channels to sell their product in the international market while
the domestic distribution is carried out through the company established
distribution channels. The industry is characterized by the presence of a
number of suppliers and distributors spread across the major carnauba wax consuming
regions such as North America, Europe, and Asia Pacific.
The investment feasibility for the market declares the
low-profit margins for the raw materials suppliers and the manufacturers, and a
relatively higher margins for the suppliers and the wholesalers. The price of
the product is lower in North America and Europe, but higher in Asia Pacific.
The product is manufactured solely in Brazil, leading to a comparatively lower
cost in Central and South America as compared to North America and Europe. The
prices significantly vary across region owing to transportation cost. As a
result, the prices in North America are significantly lower as compared to the
cost in Asia Pacific.
Browse Details of Report @
http://www.grandviewresearch.com/industry-analysis/carnauba-wax-market
http://www.grandviewresearch.com/industry-analysis/carnauba-wax-market
Further key findings from the report suggest:
- Cosmetics accounted for over 24% of the consumption
volume in 2015 due to high demand for the wax as a glazing agent in lip
colors, lip gloss, conditioners, and hair gels. Growing demand for the
product in manufacturing cosmetics owing to its organic nature is expected
to drive the industry growth.
- Pharmaceutical use of the product is expected to
account for over 7% of the industry revenue due to increasing use of the
product as a coating agent in pharmaceutical drugs. Also, growing demand
for time-release drug delivery systems such as capsules coupled with
favorable regulations pertaining to the use of the product for medical
applications.
- Asia Pacific is expected to grow at a CAGR of over
4% from 2016 to 2024 due to rapid industrialization in the developing
economies such as China and India. Increasing disposable income coupled
with the changing consumer preference in the region is expected to drive
the demand. The growth of the confectionery industry in the aforementioned
economies is expected to benefit the market growth.
- Key participants in the industry are involved in
setting up of the extensive distribution network to cater to the global
demand. The distributors are involved in the procurement of the product
from the manufacturers, followed by product customization related to the
physical form, in accordance with the requirements of the end-users.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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