The new report by Expert Market Research titled, ‘Global Candelilla Wax Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global candelilla wax market size, assessing the industry based on its segments like form, application, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 8%
The market for candelilla wax has seen substantial growth due to factors such as increasing demand for organic products and growing vegan population. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the candelilla wax market. It’s properties as a barrier agent to protect the plant from harsh, dry environments have led to applications in the manufacture of cosmetics and skincare products such as moisturisers, lip balms, lotions, and others.
The recent surge in the pharmaceuticals and FMCG industry is expected to persist during the forecast period, which is predicted to drive the demand for candelilla wax due to its use as a glazing agent and binder in the pharmaceuticals market, as well as in the manufacture of everyday products.
Industry Definition and Major Segments
Candelilla (scientifically known as Euphorbia antisyphilitica) is a flowering plant that is shrubby in appearance with erect stems that are in densely packed clusters. It is found naturally in the United States and in Mexico.
Candelilla wax is the wax extracted from the coated stems of this plant. The product obtained is a yellowish-brown, brittle, aromatic powder, which may be opaque or translucent in nature.
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Based on the form, the industry is divided into:
- Lumps
- Slabs
- Pastilles
- Flakes
- Spray Powder
- Ground Powder
Based on the application, the industry is divided into:
- Additive
- Glazing Agent
- Binder
- Emulsifier
Based on the end use, the industry is divided into:
- Cosmetics and Personal Care
- Food
- Pharmaceuticals
- Textiles
The regional markets for candelilla wax include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Geographically, North America and Latin America are projected to be the leading regions in the candelilla wax industry in terms of the production and consumption of the commodity. This is due to the cheaply available raw materials and the growing demand due to its multiple end-uses in various industries.
North America and Europe are seeing a rise in demand for plant-based products due to the increasing eco-consciousness and, thus, candelilla wax products are expected to capture the market for animal-based products such as beeswax.
The rising vegan population, particularly in the developed countries of the North American and European regions are expected to drive demand for plant-based products, including candelilla wax. When health-consciousness spreads internationally, more and more customers are opting for organic substitutions to the goods they use on a regular basis.
This is attributed to the enhanced health characteristics associated with naturally-sourced products, which is projected to contribute to an increase in the production capacity for the candelilla wax industry on a global scale.
Key Market Players
The major players in the market are Norevo GmbH, Carmel Group, Kahl GmbH & CO. K.G., Koster Keunen, Multiceras S.A. de C.V., Arjun Beeswax Industries, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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