Global 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.
Sugarcane wax occurs as a thin layer on the outside of the stem of the sugarcane and is obtained as a by-product obtained while manufacturing sugarcane products. It is available in several colors, including hard green, brown, and tan solid. It is widely used in pharmaceuticals, vegetable & fruit processing, chocolate products, cosmetics, and polishing materials.
The prominent factors driving the growth of the global sugarcane wax market include 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. Furthermore, the growing demand for specialty and premium chocolate products along with increased consumption of gum confectionaries and chocolate products in the developing economies of Asia-Pacific is also expected to fuel the demand for sugarcane wax during the forecast period. The socio-economic factors such as rapid urbanization; expanding populace; changing taste and preferences; and rising per capita disposable income are propelling the market growth in developing economies of the region.
Sugarcane wax is used as a pharmaceutical excipient. Moreover, it contains about 60% octacosanol, which helps in decreasing cholesterol and triglyceride levels. The increasing per capita disposable income, changing lifestyle, and the rising health awareness among consumers have resulted in substantial spending on dietary supplements in emerging economies of Asia-Pacific, such as China, India, and the ASEAN countries. The market growth in North America and Europe is expected to be driven by the presence of the established pharmaceutical industry, rising geriatric population, and an increase in the number of people with cardiovascular diseases.
Global Sugarcane Wax Market Revenue, by Application (USD Thousand)
Sources: MRFR Analysis
Based on application, the global sugarcane wax 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, with a market value of USD 15.7 million; it is expected to register a CAGR of 3.7% during the forecast period. However, the cosmetics segment is expected to be the fastest-growing application segment, primarily due to the increasing R&D activities by manufacturers.
Global Sugarcane Wax Market Share, by Region, 2018 (%)
Sources: MRFR Analysis
Geographically, the global sugarcane wax market has been divided into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, the European market held the largest share of over 35%, with a value of USD 15.2 million. The regional market is projected to register a CAGR of 2.8% during the forecast period. Germany and the UK accounted for more than half of the sugarcane wax market in Europe. The market growth in Europe is expected to be driven by the presence of the established pharmaceutical industry, rising geriatric population, and an increase in the number of people with cardiovascular diseases. The sugarcane wax market in Asia-Pacific is expected to register the highest CAGR of 5.18% during the forecast period. The growth in the region is attributed to increasing disposable income, changing lifestyle, the increasing use of dietary supplements, and the growing popularity of organic and natural cosmetic & personal care products.
The Prominent Players in the Global Sugarcane Wax Market are DEUREX AG (Germany), CERAX (South Africa), Origen chemicals (South Africa), Huzhou Shengtao Biotech LLC (China), and Godavari Biorefineries (India).
The Global Sugarcane Wax Market is characterized by the presence of a limited number of players. The market is highly consolidated, with all the players competing to gain larger market shares. The key manufacturers of sugarcane wax compete based on cost, brand identity, product quality, and availability of raw materials. The key players engaged in the manufacturing of sugarcane wax are expanding their production capacities and investing in research & development activities to gain an advantage over their competitors.
Global Sugarcane Wax Market, by Application
Global Sugarcane Wax Market, by Region
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.
The food and beverage segment is slated to mature as the fastest-growing segment.
A few eminent market players functioning in the global sugarcane wax market are CERAX (South Africa), DEUREX AG (Germany), Origen chemicals (South Africa), among others.