San Francisco, California, November 06, 2017: A recent business and commerce study by TMR Research has noted that while the countries in North American and European regions have been the primary consumers of chewy confectioneries such as chewing gums and jellies, youngsters in the region of Asia Pacific are inclining towards these sweet products with different flavors. Consequently, the demand in the global carnauba wax market will increment at a significant CAGR during the forecast period of 2017 to 2025. Significant impetus is also given by the leading vendors on strengthening their distribution channels, as most of the raw material comes from a single country of Brazil, and then is distributed across the world.
This report, developed by a group of experienced research analysts, aspires to function as a reliable business tool for its targeted audiences such as vendors of food and beverage, government agencies, suppliers and distributors, and others. The report provides an overview of the current scenario of the market, explores dynamics such as drivers, trends, and restraints, segments it into smaller aspects, takes stock of the potential of carnauba wax market in various regions, and profiles some of the key companies in order to represent the competitive landscape. FONCEPI – Comercial Exportadora Ltda, Tropical Ceras do Brasil Ltda, Brasil Ceras, Carnauba do Brasil Ltda, and Pontes Indústria de Cera Ltda. are some of the prominent companies currently connected to the value chain of the global carnauba wax market.
As per the findings of the report, a number of factors will fuel the carnauba wax market over the course of the said forecast period, such as growth of confectionery industry in emerging economies such as China, India, and Japan. A chunk of manufactures of this carnauba wax are based out of Brazil, as the country has abundance of raw materials. Supplies extract wax from the leaves of the Brazilian palm tree, filter it, and processes it to make it ready for application. While the latter two processes are not very capital intensive, which makes this segment of the market a highly fragmented one. On the other hand, the extraction methods are highly dependent on labor and thereby higher cost and hence fewer players.
Application-wise, the global carnauba wax market can be segmented into cosmetics, automotive, food, pharmaceuticals, and others. Currently, the food industry provides for the maximum demand, which is a reflection of growing usage of carnauba wax in fruit coatings and confectioneries. The culture of cake has spread furiously across heavily populated country of India and urban populations with increased disposable income are providing substantial thrust to this segment. That being said, the automotive sector is also promising strong demand throughout the forecast period, as the demand for high shine wax is increasing for luxury vehicles. Cosmetics industry is also expected to provide a considerable chunk of demand in the near future, particularly for type 1, the purest form of the product called carnauba wax.
Geographically, while North America will remain the most lucrative region, followed by Europe, Asia Pacific is expected to emerge as a highly profitable region for the companies who invest strategically in emerging economies such as India and China, gaining traction from prospering food and beverage industry as well as the automotive industry.
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