Vegetable Wax Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1580
Global Vegetable Wax Market size is set to witness a high growth during the forecast period owing to its extensive use in the cosmetic, food and processing industry. It is a naturally occurring substance and does not contain any toxins that may result in health hazards.
Emphasis on human health and rising environmental concerns are the major drivers for the global vegetable wax market. Being organic in nature, the product is beneficial to human health as it helps in metabolism improvement, decreasing the rate of heart disease and breast cancer. In conventionally grown fruits and vegetables, a wax coating is done to prevent them from moisture loss and also to protect them from bruising during shipping. Wax coating also increases the shelf life of these perishable food products. Some of the non-organic products that are wax coated include oranges, lemons, limes, apples, potatoes, eggplant, bell pepper and cucumbers.
Extensive usage of the product in manufacturing cosmetics will also signify the vegetable wax market in coming years. Changing lifestyles and increasing standard of living is inclining people towards grooming themselves which is further propelling the demand for cosmetic industry. Rapidly changing corporate world is persuading people towards grooming themselves to make to make good impression, maintain hygiene, impressing peers, and gaining self-confidence.
Long timespan required for plantation such as bayberry, candelilla and carnauba plants which need roughly six to eight years for full growth is likely to slow down the vegetable wax market growth. Moreover, difficulty in the management and care of such plantations due to unfavorable climatic conditions and untimely rains can result in further hindrances. Decrease in the cost of other waxy raw materials such as animal and insect wax, due to its abundant availability are also factors likely to slow down the global vegetable wax market growth.
The global vegetable wax market can be segmented on the basis of product type which includes the different types of vegetable wax. These waxes can be listed as bayberry, candelilla, carnauba, palm, castor, rice bran, soy, tallow tree, and others such as esparto, japan, and ouricury wax, etc. Bayberry wax is an aromatic product obtained from the surface of the fruit of bayberry and finds its uses in scented candles and other products where distinctive fragrance is desirable. Candelilla is a yellowish-brown, aromatic, brittle and hard wax derived from the leaves of small candelilla shrub. It finds its uses as a food additive for glazing, in cosmetic industry for lip balms and lotion bars, and works as a binder for chewing gums.
Based on the application, the vegetable wax market can be classified as inks, cosmetics, fruit surface coatings, polymer coatings, polishes, candles, and paper surface coatings to name some. In cosmetics, the product is widely used in the making of baby products, bath products, lipsticks, make up, fragrances, coloring and non-coloring hair products, nail and skin care products, personal cleanliness products and shaving products to name a few. Also, the product is used on a large scale for the preparation of candles that are scented with distinctive fragrances and are used for lighting & decoration in spas, shops, hotels, and other exotic places.
As per regions, Asia Pacific is the fastest growing region for the vegetable wax market due to increasing use of pharmaceuticals, and cosmetics. India and China are the major suppliers in the vegetable wax market. In developed economies like North America and Europe, vegetable wax market demand is driven by expansions in the cosmetics and pharmaceutical industry owing to the rise in demand for natural cosmetics and pharmaceutical products & medicines.
Key players operating in the vegetable wax market include Cargill Incorporated, BASF SE, Akzo Nobel, Koster Keunen, Kemie Industries, Dhariwal Corporation, Megha Group of Companies, Paragon Metachem, Triveni Chemicals, Unichem Polymers Pvt. Ltd., Excel Polymer Industries, Synergy Poly Additives Private Ltd., Petroleum Product Mfg. Society, Australian Wax Co, Kavya Impex, Katyani Exports, Delhi Wax Refinery, Waxoils Pvt Ltd, Shri Ram Sons Wax Pvt Ltd. and Chaitanya Solvex Private Limited to name some.
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