Sugarcane Wax Market Overview
Sugarcane Wax Market was valued at USD 42.8 Million in 2018 and expected to register a CAGR of 3.87% to reach USD 55.7 Million by 2025.
The Sugarcane wax market is expected to grow with a healthy CAGR of 3.87% during the forecast period. The sugar cane wax is the value by-product of the sugarcane crop. The sugarcane wax market value is highly influenced by the production of the sugarcane crop. Sugarcane wax is utilized in the food industry, especially to make them look fresher for a longer period. The sugarcane wax is used in the edible chewing gums as they act as the elastomers or plasticizer and it effectively controls the consistency of the food product. In the donuts, sugarcane wax is used to make them look glossy and fresh. The chocolate dripping of the donuts is thinly coated with the sugarcane wax for the glossy effect.
The sugarcane wax is used to coat the vegetables to keep them fresh for a longer time. They are mixed with other waxes and are sprayed upon the vegetables and fruits. Moreover, they are used in the medical sector as well. Sugarcane wax is considered to be effective in lowering blood cholesterol. The utilization of sugarcane wax has increased in the industries such as cosmetics, leather, and plastics industry to protect them. Other significant applications of sugarcane wax include paints and printing inks and in the production of the inks.
COVID 19 Analysis:
Like any other processing industry, sugarcane wax industries were also declining throughout the pandemic, owing to the restrictions imposed by the governments of the developed countries. The pandemic has increased the demand for medical services and supplies, which has propelled the investors of the pharmaceutical industries to increase the production activities throughout the pandemic. Such factors have increased the sugarcane wax market demand throughout the pandemic.
Moreover, the food and beverage industry was also witnessing significant growth during the pandemic. Such factors have aided the overall growth of the Sugarcane wax industry in recent years.
Market dynamics:
Market drivers:
The increasing investments and the potential developments in the R&D in the pharmaceutical industry are considered as the major market driver for the overall growth of the Sugarcane wax industry.
Moreover, the favorable economic condition in the developed countries and the increasing per capita income combined with the changing preferences of the consumers are increasingly impacting the overall growth of the Sugarcane wax industry in recent years.
Market opportunities:
The sugarcane wax is utilized as the preservation for fruits and vegetables, in the food processing industries. Compared to the other preservatives, the sugarcane waxes are safer and comply with the major restrictions imposed by the food industry. Therefore they are intensively utilized in the food processing industry. Moreover, the demand for the food processing industries is growing rapidly in recent years as customers are inclined towards processed foods. Such factors are presenting lucrative opportunities for the overall growth of the Sugarcane wax industry during the forecast period.
The luxury chocolate factories are rapidly increasing in developed countries. The premium quality chocolates and pastries are increasingly gaining momentum across the globe which is propelling the overall growth of the Sugarcane wax industry in recent years and presents opportunities during the forecast period.
Market restraints:
The labor involved in the sugarcane wax industries and the production processes is considered economically intensive. Moreover, the availability of sugarcane wax in the sugarcane is extremely less. Therefore the production process of the sugarcane wax is considered to be highly difficult and labor-intensive. Such factors are considered as hindering the overall growth of the Sugarcane wax industry.
Sugarcane farms are not widely available across the globe. The sugarcane crops are mainly grown in the subtropical and tropical regions of the globe. Especially in Brazil and the sugarcane demands well-drained soil and topographic conditions. Such factors are considered as hindering the Sugarcane wax market growth.
Market challenges:
The sugar processing industry creates a huge negative impact on the environment such as wastewater, air pollution, and solid waste discharge into the environment. Moreover, the humongous amount of organic and inorganic waste into the environment is also creating huge distress to the surroundings. Such factors are considered as the major challenge for the overall growth of the Sugarcane wax industry.
The stringent regulations and the policies imposed in certain developed countries for effective environment management are expected to hinder the overall growth of the Sugarcane wax industry during the forecast period.
Cumulative growth analysis:
The sugarcane waxes are primarily used in chocolate products and pastries for glossy finishes and as edible gums. The higher consumption of chocolates and pastries is fuelling the overall growth of the sugarcane wax industry. Moreover, the rapid urbanization and population combined with the increasing per capita income are expected to boost the overall growth of the sugarcane wax industry. Some of the key end-user industries such as pharmaceuticals, food, textile, and cosmetics industries are rapidly developing the production rate owing to the growing demand, which is also impacting the sugarcane wax market growth in recent years. Therefore the market value of Sugarcane wax is expected to reach USD 55.7 million by the year 2025, whereas the market value was at USD 42.8 million in the year 2018 while registering a CAGR of 3.87% during the forecast period.
The pharmaceutical industry is currently utilizing the sugarcane wax intensively, as a pharmaceutical excipient. The sugarcane wax contains over 60% of octacosanol which helps in reducing the cholesterol and triglyceride levels for the patients. The increasing health-related awareness and the increasing number of incidences are driving the overall growth of the sugarcane wax industry in recent years.
Value chain analysis:
Sugarcane wax market growth is highly influenced by the major end-user industries such as pharmaceuticals, food and textiles, cosmetics, and significant others. Among which the pharmaceutical industry is accounted for over USD 15.7 million in recent years with a healthy CAGR of 36.6%. The cosmetics industry is also bolstering in recent years owing to the recent developments in the industry. The increasing social media exposure and increasing penetration of the internet are propelling the growth of cosmetics across the globe, which are aiding the overall growth of sugarcane wax in that segment particularly. On the other hand, some of the major end-user applications such as fruit processing industries, chocolate manufacturing industries, polishing industries, and significant others are propelling the overall growth of the Sugarcane wax industry. Moreover, the increasing investments in the R&D development in the primary end-user industries such as pharmaceutical industries are boosting the overall growth of the Sugarcane wax industry during the forecast period.
Sugarcane Wax Market Revenue, by Application (USD Thousand)
Sources: MRFR Analysis
Segment overview:
Based on End-user applications:
Based on ingredients:
Based on processing techniques:
Based on by-products:
Global Sugarcane Wax Market Share, by Region, 2018 (%)
Sources: MRFR Analysis
Regional analysis:
Currently, European countries are holding the highest market share concerning the Sugarcane wax industry and holding a market value of about USD 15.2 million in recent years. The sugarcane market share is increasing owing to the increasing demand for the pharmaceutical industry and the increasing geriatric population. The renowned pharmaceutical industries across the region and the increasing incidence of cardiovascular diseases and geriatric population are considered as the major drivers of the sugarcane wax market growth across the region.
Asia-pacific region is also expected to have the highest CAGR of 5.18% during the forecast period, increasing economic declination of the region and the changing preferences of the population in the Asia-pacific region is expected to boost the Sugarcane wax market growth during the forecast period.
Competitive landscape:
Report overview:
This report has covered:
Segmentation Table:
Based on End-user applications:
Based on ingredients:
Based on processing techniques:
Based on by-products:
Recent DevelopmentNovember 2021- ane has launched Revive recovery slip-on shoes are suitable for men that are fitness-conscious and frequent the gym quite often. These are developed using renewable sugarcane-based foam in collaboration with a renowned sports podiatrist, giving rise to a pair of recovery shoes. Nodes present on the soles of the shoes help stimulate the feet of the wearer while 31mm of the overall cushioning underneath the feet give a comfortable feel.January 2022 - Each & Every Natural introduces its aluminum-free deodorant, a recently addition to the men’s grooming market. The brand derives its deo and other products’ packaging from sugarcane wax, which is an Earth-positive, carbon-negative, renewable and sustainable resource. During the manufacturing process, no toxic chemicals or other harmful substances were used, with Each & Every deodorant verified by the EWG as superior. It does not contain synthetic fragrances, aluminum, parabens, alcohol, phthalates, and baking soda, making it the perfect product for those looking for something organic.
Market Segmentation
Global Sugarcane Wax Market, by Application
Global Sugarcane Wax Market, by Region
Intended Audience
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 3.87% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | DEUREX AG (Germany), CERAX (South Africa), Origen chemicals (South Africa), Huzhou Shengtao Biotech LLC (China), and Godavari Biorefineries (India) |
| Key Market Opportunities | |
| Key Market Drivers | The rising demand for sugarcane wax as a preservative in the processing of fruits and vegetables and increasing investments in R&D in the pharmaceutical industry. |
Sugarcane Wax Market Highlights:
Frequently Asked Questions (FAQ) :
Global SUGARCANE WAX market is touted to record a substantial market valuation of USD 55.7 million by 2025.
Global sugarcane wax market is projected to register a moderate 3.87% CAGR in the forecast period.
The massive demand for sugarcane wax for its use as a preservative in the processing of fruits and vegetables are the primary growth inducer of the market.
The APAC is poised to secure the highest CAGR.
• Bagasse • Molasses • Press mud
• Crushing • Juice clarification • Crystallization • Centrifuge • Depolarization and conditioning • Packing and bagging
• Pharmaceuticals • Food • Cosmetics • Textile and leather • Others
• DUREX AG (Germany) • CERAX (South Africa) • Origen chemicals (South Africa) • Huzhou Shengtao Biotech LLC (China) • Godavari Biorefineries (India).
Sugarcane Wax Market is projected to be worth USD 1.73 Billion by 2030, registering a CAGR of 4.90% during the forecast period (2021 - 2030)
$1.73 Billion
4.90%
European
2021 - 2030
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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