Press release
Carnauba Wax Market: Set for Rapid Growth and Trend by 2025
Carnauba wax is also used as release agents, car polishes and in wood floor polishes.
The global cosmetic industry is expected to grow at a CAGR of 3.9% till 2020 coupled with rising population. The global carnauba wax market is primarily driven by the two major end-use industries, cosmetic and food. Increasing disposable income of individuals which aids in expanding the behavior of individuals towards more adoption of cosmetics boosts the global carnauba wax market. For instance, carnauba wax is widely used an additive in lip balms, mascaras and lipsticks owing to the better emulsification, oil binding properties. Further, for carnauba waxes, there are no price fluctuations when compared to synthetic and petroleum based waxes, which gives an additive advantage for carnauba wax manufacturers.
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However, the regulations for the manufacture of carnauba wax are strict, since they are widely consumed in food, pharma and cosmetics industries which make the global carnauba wax quite consolidated.
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The global carnauba wax market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). The carnauba wax market in Latin America and APEJ regions is robust owing to the availability of suitable climatic condition for palm trees from which carnauba wax is extracted. Countries such as Brazil in Latin America and Indonesia, India, China are prominent for carnauba wax production. North America and Eastern European regions majorly import high amounts of carnauba wax.
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