Press release
Carnauba Wax Market is Projected to Grow US$ 611 Million with CAGR of 6.7% by 2034 | Fact.MR Report
Carnauba Wax Market
The use of carnauba wax also referred to as Brazilian wax is on the rise in a number of industries including automotive, food & beverages, pharmaceuticals, personal care, and others. The lustrous nature of carnauba wax is rendering it a suitable choice in the personal care sector for manufacturing skin moisturizers, eye cosmetics, lip care, and others.
A few of the major players in the carnauba wax market are targeting Asian nations such as South Korea, China, India, and Australia because of the expanding automobile, pharmaceutical, and personal care sectors.
In 2021, the North American market is anticipated to control 31% of the global carnauba wax market share because of its expanding use in the automobile and food sectors. The famous personal grooming and cosmetic industry in Western and Eastern Europe is encouraging carnauba wax's sales growth in a positive manner. The demand for natural and organic ingredients has been growing consistently in terms of personal care items as well as cosmetics in nations like Germany, the United Kingdom, and France.
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Key Takeaways from Market Study:
The global carnauba wax market is expected to reach US$ 611 million by 2034, growing at a 6.7% CAGR from 2024 to 2034.
East Asia holds a significant market share of 33.5% in 2024.
North America accounts for US$ 99.1 million in 2024.
South Asia & Pacific is projected to grow at a CAGR of 8.1% during the forecast period.
Flakes carnauba wax segment is anticipated to reach US$ 262.6 million by 2034.
Gelling agent segment is forecasted to hit US$ 167.9 million by 2034.
Leading Players Driving Innovation in the Carnauba Wax Market:
Strahl & Pitsch, Inc.; Poth Hille & Co Ltd; Koster Keunen, LLC.; Calwax; Kahl GmbH & CO. KG; Frank B. Ross Co., Inc.; Akrochem Corporation; Lush Retail Ltd.; Spartan Chemical Company Inc.; Turtle Wax; Feast Watson; Chestnut Products.
Carnauba Wax Increasing Its Cosmetics Industry Reach Offering Opportunities:
Shiny qualities of carnauba wax increasing its application towards the manufacture of cosmetics and personal care products including lip care goods, skin creams, and other eye make-ups. Top-ranking Asian nations including China, Japan, India, and Australia are providing over 3 billion consumers offering potential buyers, showing chances for cosmetic goods manufacturers.
Major players in the carnauba wax industry are relying on wide-ranging uses of carnauba wax in cosmetics. Carnauba wax makers are taking approaches to grab business opportunities in the booming segments of the ethnic beauty markets.
Region-wise Insights:
North American carnauba wax market holds the market share of 31% in 2024. The region is expected to witness a CAGR of 7.5% through the forecast period. The growth is due to the vibrant consumer demand and the availability of natural carnauba wax in the market.
In addition, the availability of top market players, launching innovative products like organic, herbal, halal carnauba wax, vegan-friendly carnauba wax, and is expected to influence market demand positively.
Also, businesses are achieving different certifications like the halal certificate, kosher certificate, and the BSI (British Standards Institution) certification to achieve healthy growth in the carnauba wax market, which is driving market growth in the North American region.
Carnauba Wax Market News:
Akrochem Corporation in 2021 acquired Bech Chem. The acquisition of the prominent chemical supplier will enable the coatings, paints, and lubricants market to be expanded.
Lush Retail Ltd. in 2021 declared an association with DoorDash, to enable same-day delivery of fresh and hand-made items. With the partnership, the customers will gain convenient and on-demand access to Lush products
Browse Full Report: https://www.factmr.com/report/741/carnauba-wax-market
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global carnauba wax market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on form, application, end-user, and region. By form, it includes powder, flakes, and others. In terms of application, carnauba wax is widely used in polish, gelling agents, thickening agents, and other applications.
The market is also categorized by end users, covering industries such as food & beverages, pharmaceuticals, personal care, automotive, and others. Geographically, the market spans across North America, Western Europe, Eastern Europe, Latin America, East Asia, South Asia & Pacific, and the Middle East & Africa, reflecting a diverse demand across various regions.
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