Sugarcane Wax Market

The global sugarcane wax market is projected to witness healthy growth during the forecast period, 2019–2025. The market was valued at USD 42,800 thousand in 2018 and is expected to register a 3.87% CAGR and reach USD 55,731.5 thousand by the end of 2025. In terms of volume, the global market was sized at 13,036 tons in 2018 and is likely to exhibit a CAGR of 2.91% to reach 15,914 tons by the end of 2025.

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.

The growing popularity of organic and natural cosmetics products in Asia-Pacific on account of increasing awareness about the benefits of natural products is likely to create lucrative opportunities for market players during the review period. Additionally, the surge in demand for sugarcane wax is likely to create an opportunity for the players operating in the sugarcane processing market to commercialize the production of sugarcane wax from the byproducts of sugarcane, a majority of which is left on the field as waste and thus, generate more revenue.

The prominent trend noticed in the global market is the rising preference for sugarcane wax over other natural waxes, mainly carnauba wax, due to its applications in cosmetics & food.

However, the low production output and low profit margin due to the high processing cost of sugarcane wax is likely to hamper the growth of the sugarcane wax market.

According to Wantstats analysis, the global sugarcane wax market has been segmented based on application and region. Based on application, the global market has been divided into pharmaceuticals, food, cosmetics, other, and textile & leather. The pharmaceuticals segment accounted for the largest market share in 2018. The segment was valued at USD 15,664.8 thousand in 2018; it is expected to register a CAGR of 3.72% during the review period. The segment growth is attributed to the increase in consumption of dietary supplements as a result of rising health awareness among the consumers.

The sugarcane wax market is studied for five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, Europe accounted for the largest market share of 35.5% in 2018 and is expected to grow at 2.78% 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 and is expected to register a 5.18% CAGR during the review period. The regional market is expected to be driven by the rapid growth of the major end-use industries.