Vegetable Wax Market by Source (Carnauba Wax, Candelila Wax, Castor Wax, Soy Wax, Coconut Wax, Others), Application (Candles, Cosmetics & Personal Care, Food, Industrial Applications, Other Applications) and Key Region - Forecasted to 2027
According to MarketsandMarkets, the global Vegetable wax market is estimated to be valued at USD 92.6 million in 2022. It is projected to reach USD 125.1 million by 2027, with a CAGR of 6.2%, in terms of value between 2022 and 2027. Vegetable wax is a type of natural wax, which is derived from the fruits, seeds, or leaves of plants. Further, they are commonly used as glazing agent in foods and binders in pharmaceutical tablets.
Vegetable Wax Market Dynamics
Drivers: Increase in health consciousness among the consumers to drives the demand for vegetable wax
Consumers are increasingly looking forward to labels, such as ‘additive free’ and ‘organic’ in products which are especially used for food and personal care. This is expected to drive the boost in demand for vegetable markets globally, with consumers increasingly preferring natural raw materials in their products.
Restraints: Restraints majorly tend to be arising out of uncertainties in plantations and the long waiting period required for yields
There are a number of variables restraining the growth of vegetable wax market. Some of them include fluctuation of crude oil from vegetable and seed sources due to supply chain factors, difficulty in plantation management, and the long waiting time required for plantation to give yields.
Opportunities: Low prices of castor and regulations against synthetic chemicals present an opportunity in castor-based vegetable wax market products
Demand for castor wax is expected to healthy growth over the forecast period. This is owing to stringent government regulations against use of synthetic chemicals. Further, price of castor seeds has sequentially dropped over the past couple of years owing to the increase of production in countries, such as Jamaica and China. This is expected to therefore present an opportunity for manufacturers to opt castor as a raw material for vegetable wax production.
Challenges: Naturally sourced vegetable wax products are higher than their synthetic counterparts, thereby making the former less appealing to price conscious consumers
Consumers, especially Millennials and Gen Z, look forward to checking the ingredients before they buy food and cosmetics products. This tends to create scope for naturally sourced vegetable wax; however, it places a premium on the product’s price, which then makes it less appealing to price conscious consumers. Since synthetic chemicals are more cost effective to use in products, usage of naturally sourced vegetable waxes is expected to create a challenge for sellers with respect to high prices of the latter.
By source, candelilla wax is projected to witness the fastest growth rate during the forecast period.
Candelilla wax source is expected to witness the fastest growth over the forested period. It is owing to shift in demand for organic wax products, driven by rising trend of health consciousness. This is despite the candelilla as a source in commanding majority share in the vegetable wax market used in food products for glazing purpose.
By application, medical and cosmetics segment are expected to showcase the fastest growth
There is an increasing demand for soy wax based scented and decorative candles over the globe. This is owing to them being marketed as having natural ingredient, with further advantages of minimizing carbon dioxide emissions during productions, and also being able to burn about half a time longer than regular paraffin candles.
Asia Pacific region is expected to be the fastest growing market over the forecasted period. This is mainly owing to increasing usage of vegetable wax in a wide variety of industrial applications, such as in paint, rubber, and electrical systems. Further, there is also a rise in growing demand for vegetable wax in food, cosmetics, and pharmaceutical industries in the region.
Key Market Players:
Key players in this market include Cargill (US), Alfa Chemicals (US), Huzhou Shengtao Biotech (China), Koster Keunen (US), Fuji Oil (Japan), among others.
FAQs:
- Which are the major Vegetable wax segments considered in this study and which of them are projected to have promising growth rates in the future?
- I am interested in the Asia Pacific market for castor wax and coconut wax segment. Is the customization available for the same? What all information would be included in the same?
- What are some of the drivers fuelling the growth of the Vegetable wax market?
- I am interested in understanding the research methodology on how you arrived at the market size and segmental splits before making a purchase decision. Can you provide me with an explanation on the same?
- What kind of information is provided in the competitive landscape section?
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TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.4 REGIONAL SEGMENTATION
1.5 PERIODIZATION CONSIDERED
1.6 CURRENCY CONSIDERED
1.7 VOLUME UNITS CONSIDERED
1.8 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key Data from Secondary Sources
2.1.2 PRIMARY DATA
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 MARKET SIZE ESTIMATION
2.2.1 MARKET SIZE ESTIMATION - METHOD 1
2.2.2 MARKET SIZE ESTIMATION - METHOD 2
2.3 DATA TRIANGULATION
2.4 ASSUMPTIONS FOR THE STUDY
2.5 LIMITATIONS OF THE STUDY
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.2 RESTRAINTS
5.2.3 OPPORTUNITIES
5.2.4 CHALLENGES
6 INDUSTRY TRENDS
6.1 INTRODUCTION
6.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
6.3 TECHNOLOGY ANALYSIS
6.4 PRICING ANALYSIS
6.5 ECOSYSTEM/ MARKET MAP
6.6 TRENDS/ DISRUPTION IMPACTING THE CUSTOMER’S BUSINESS
6.7 PATENT ANALYSIS
6.8 TRADE ANALYSIS
6.9 KEY CONFERENCES AND EVENTS IN 2022-2023
6.10 TARIFF AND REGULATORY LANDSCAPE
6.11 PORTER’S FIVE FORCES ANALYSIS
6.12 KEY STAKEHOLDERS & BUYING CRITERIA
6.13 CASE STUDY ANALYSIS
7 VEGETABLE WAX MARKET, BY SOURCE
7.1 INTRODUCTION
7.2 CARNAUBA WAX
7.3 CANDELILA WAX
7.4 CASTOR WAX
7.5 SOY WAX
7.6 COCONUT WAX
7.7 OTHER SOURCES
8 VEGETABLE WAX MARKET, BY APPLICATION
8.1 INTRODUCTION
8.2 CANDLES
8.3 COSMETICS & PERSONAL CARE
8.4 FOOD
8.5 INDUSTRIAL APPLICATIONS
8.6 OTHER APPLICATIONS
9 VEGETABLE WAX MARKET, BY REGION
9.1 INTRODUCTION
9.2 NORTH AMERICA
9.2.1 US
9.2.2 CANADA
9.2.3 MEXICO
9.3 EUROPE
9.3.1 GERMANY
9.3.2 FRANCE
9.3.3 UK
9.3.4 ITALY
9.3.5 SPAIN
9.3.6 REST OF EUROPE
9.4 ASIA PACIFIC
9.4.1 CHINA
9.4.2 INDIA
9.4.3 JAPAN
9.4.4 AUSTRALIA & NEW ZEALAND
9.4.5 REST OF ASIA PACIFIC
9.5 SOUTH AMERICA
9.5.1 BRAZIL
9.5.2 ARGENTINA
9.5.3 REST OF SOUTH AMERICA
9.6 REST OF THE WORLD
9.6.1 AFRICA
9.6.2 MIDDLE EAST
10 COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 MARKET SHARE ANALYSIS
10.3 KEY PLAYERS STRATEGIES
10.4 COMPANY REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS
10.5 COMPANY EVALUATION QUADRANT
10.5.1 STARS
10.5.2 EMERGING LEADERS
10.5.3 PERVASIVE PLAYERS
10.5.4 PARTICIPANTS
10.5.5 COMPETITIVE BENCHMARKING
10.6 PRODUCT FOOTPRINTS
10.7 STARTUP/SME EVALUATION QUADRANT
10.7.1 PROGRESSIVE COMPANIES
10.7.2 STARTING BLOCKS
10.7.3 RESPONSIVE COMPANIES
10.7.4 DYNAMIC COMPANIES
10.8 PRODUCT LAUNCHES, DEALS, AND OTHER DEVELOPMENTS
10.8.1 NEW PRODUCT LAUNCHES
10.8.2 DEALS
10.8.3 OTHER DEVELOPMENTS
10.8.4 PARTNERSHIPS, COLLABORATIONS, AND JOINT VENTURES
11 COMPANY PROFILES
11.1 CARGILL
11.2 ALFA CHEMICALS
11.3 SURCHEM
11.4 HUZHOU SHENGTAO BIOTECH
11.5 KOSTER KEUNEN
11.6 MATERIA AROMATICA
11.7 FUJI OIL
11.8 CRODA INDUSTRIAL CHEMICALS
11.9 ARGAN CO.
Note: Currently, list of only 9 companies have been provided. However, this section covers 12-15 key company profiles which include business overview, recent financials, product offerings, key strategies, and swot analysis. recent financials can be provided based on data/information availability in public domain. The list of companies mentioned above can be altered depending upon client’s interest.
12 APPENDIX
Note: The TOC prepared above is tentative and may subject to change, based on the research progress
Growth opportunities and latent adjacency in Vegetable Wax Market