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Global Candelilla Wax Market to Grow at a CAGR of 8% During 2021-2026, Aided by the Increasing Demand for Organic Products
According to a new report by EMR titled, ‘Global Candelilla Wax Market Report and Forecast 2021-2026’, the global market for candelilla wax is expected to grow at a CAGR of 8% in the forecast period of 2021-2026.
The rising demand for organic products based on sustainably-sourced natural ingredients is expected to drive the growth of the global candelilla wax industry. This is due to the better health-characteristics associated with such products. Candelilla wax is used extensively in the cosmetics and personal care industry to make skin and hair-care products. It is used in the food industry as a glazing agent and as a binder in chewing gums. Several studies also indicate the potential of candelilla wax as an alternative method to make trans-free food products.
In 2018, Kahl Wax, one of the leading producers of candelilla wax and its products, announced its partnership with Ingretech as its exclusive distributor in France and nearby regions. This is an indicator of the increase in demand for candelilla wax products in Europe, and is expected to boost the candelilla wax industry in this region. Kahl Wax also launched a new candelilla wax-based product in 2020 known as KahlBase 4074, designed for use in matte lipsticks and made entirely from natural plant materials and hence expected to serve the vegan and organic-products market.
The growth of the market is also expected to be driven by the steady expansion in the e-commerce industry due to companies such as Amazon.com Inc. (NASDAQ: AMZN) and Alibaba Group Holding Ltd. (HKG: 9988), which are increasing consumer access to cosmetics, personal care and FMCG products.
Market Analysis by Form, Application, End Use and Region:
- The market on the basis of form can be divided into lumps, slabs, pastilles, flakes, spray powder, ground powder, and others.
- Based on application, the industry can be divided into additive, glazing agent, binder, and emulsifier, among others.
- The end-uses of the market include cosmetics and personal care, food, pharmaceuticals, textiles, and others.
- The regional markets for candelilla wax include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The steadily expanding cosmetics and personal care industry is a major driver for the global candelilla wax industry.
- The growing health-consciousness is leading to an increase in the demand for candelilla wax products.
- The rising environmental consciousness and vegan population are expected to increase the production capacity of the candelilla wax industry.
- The recent surge in the pharmaceuticals and FMCG sectors is predicted to boost the candelilla wax industry during the forecast period.
Key Offerings of the Report:
- The EMR report gives an overview of the global market for candelilla wax for the periods (2016-2020) and (2021-2026).
- The report also offers the historical (2016-2020) and forecast (2021-2026) market information for the forms, applications, end uses, and major regions of candelilla wax.
- It assesses the regional price trends for the (2016-2020) and (2021-2026) periods.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global candelilla wax market are Norevo GmbH, Carmel Group, Kahl GmbH & CO. K.G., Koster Keunen, Multiceras S.A. de C.V., and Arjun Beeswax Industries, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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