Pune, India, July 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Sugarcane Wax Market.
Global Sugarcane Wax Market is estimated to reach a value of USD 1.73 Billion by 2030, registering a CAGR of 4.90%.
The global market growth is primarily driven by the rising demand for sugarcane wax in the food industry, particularly in fruit & vegetable processing, chewing gum, and chocolate products. Additionally, the growing pharmaceutical industry with increased spending on dietary supplements is expected to fuel the demand for sugarcane wax at a substantial rate during the review period. Furthermore, the growing popularity of organic and natural cosmetics products on account of increasing awareness about the benefits of natural products is likely to create lucrative opportunities for market players during the review period. Increasing demand for sugarcane wax as an alternative to candelilla wax, carnauba wax, and chitosan for edible coating of fruits and vegetables, is expected to upsurge its demand during the forecast period. Market participants are investing in R&D activities for the development of economic and sustainable production processes of sugarcane wax and improving the economy of recovering and refining the wax likely to create an opportunity for the market participants during the forecast period. For instance, since 2018, Sucrochem (PTY) Ltd (South Africa) is making efforts toward R&D of sugarcane wax through sustainable approaches.
Global Sugarcane Wax Market has been segmented on the basis of Application and Region.
On the basis of application, the global market is segmented into pharmaceuticals, food, textile & leather, cosmetics, and others. The pharmaceuticals segment accounted for the largest market share of 36.6% in 2018, and was valued at USD 15.7 million; it is expected to register a CAGR of 3.7% during the forecast period. The growth of the segment is attributed to the increasing awareness about the advantages of sugarcane wax extracts on health and the ongoing research in the medical field. Moreover, the policosanol and octacosanol derived from sugarcane wax extract are widely used as supplements owing to their lipid-lowering property in animals and humans. However, cosmetics is the fastest-growing application segment of sugarcane wax. The growth of the market is attributed to the increasing demand for natural and bio-based products in the cosmetics industry.
Global Sugarcane Wax Market, by region, has been segmented into Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America.
The European market accounted for the largest market share of 35.5% in 2018 and is expected to grow at 2.8% CAGR during the review period. The growth of the regional market can be attributed to the strong presence of chocolates, pharmaceuticals, and personal care & cosmetic industries. The market in Asia-Pacific accounted for the second-largest share in 2018 and is expected to register the highest CAGR of 5.18% during the review period. The regional market is expected to be driven by the rapid growth of the major end-use industries and socio-economic factors such as increasing disposable income, changing lifestyles, increasing urbanization, and increase in consumption of dietary supplements as a result of rising health awareness.
Market Research Future (MRFR) recognizes CERAX (South Africa), DEUREX AG (Europe), Origen chemicals (South Africa), Godavari Biorefineries (India), and Huzhou Shengtao Biotech LLC (China) as some to the Prominent Players in the Global Sugarcane Wax Market.
Key Findings of the Study
The Global Sugarcane Wax Market is projected to register a CAGR of 3.9% during the forecast period to reach USD 55.7 million by 2025.
Europe accounted for the largest share of the global sugarcane wax market in 2018, however Asia-Pacific to register the fastest regional growth.
By application, the pharmaceutical segment accounted for the largest market share in 2018, while cosmetics is the fastest-growing application segment of sugarcane wax.
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