Bottle Sealing Wax Market size will experience a dynamic growth between 2023 and 2032 on account of the increasing product use in of beauty & cosmetic packaging as well as alcohol packaging.
Bottle sealing wax is primarily utilized to seal liquor bottles. It also records high application in casing of perfumes, cosmetics, and food products, such as syrups, sauces, and honey. Increasing consumption of processed food products and beverages worldwide is also accelerate bottle sealing wax market.
With the burgeoning growth in the global population, several governments are addressing the increasing burden of food insecurity by helping food and beverage manufacturers ramp up production. Hence, the booming food and beverage manufacturing activities worldwide is expected to fuel the need for effective packaging solutions.
While the emergence of the COVID-19 pandemic caused massive supply chain disruptions globally, several countries experiences an upsurge in alcohol sales. This subsequently accelerated the need for liquor bottle packaging, offering lucrative business prospects for bottle seal wax manufacturers. Additionally, the advent of e-commerce catalyzed by the pandemic led to the massive rise in online purchases of personal care and cosmetic products, spurring the bottle sealing wax market growth.
With respect to application, the cosmetics segment is anticipated to hold a notable share of the bottle sealing wax industry by 2032. The increasing demand for cosmetics and luxury beauty products can be attributed to the rising disposable incomes. Consumers across the world are increasingly spending on self-care products, including premium-quality cosmetics, thereby encouraging beauty brands to invest in advanced packaging and labeling. Cosmetic manufacturers are also focusing on overall packaging and designs to elevate product appeal among consumers.
Regionally, North America bottle sealing wax market size is poised to register substantial revenue gains by 2032 driven by the increasing alcohol consumption across the U.S., and Canada. As per Statistics Canada, Canadians registered an increased alcohol consumption during the pandemic with a 30% rise in Ontario followed by 27%, 22%, and 17% in Prairie provinces, British Columbia, and Quebec respectively. Furthermore, the presence of supportive regulatory frameworks and the availability of alcohol across online channels will help to accelerate liquor sales in North America, fuelling the need for bottle seal wax.
The competitive landscape of the global bottle sealing wax market includes GW Kent, Australian Wax Company, The British Wax Refining Co. Ltd, Jax Wax, Blended Waxes, Inc., Cortica Benicia, Tabo, Calwax, LLC, Oakbank Products Ltd, Brick Packaging, Southwest Wax LLC, and Darent Wax Co. Ltd. These companies are focusing on new sustainable initiatives to consolidate industry presence. For instance, in August 2021, Darent Wax in collaboration with the Worshipful Company of Wax Chandlers established a new pan-livery initiative, Pollinating London Together to boost cleaner production of beeswax by encouraging pollinators.
However, the Russia-Ukraine war may affect the bottle sealing wax industry with significant supply chain disruptions. The war-led inflation and skyrocketing commodity costs as well as energy bills could restrain the industry growth.