Latin America Candelilla Wax Market – Industry Trends and Forecast to 2030

Latin America Candelilla Wax Market Analysis and Size

Recently, consumer interest in food safety, health, nutrition, and environmental concerns has converted into an augmented acceptance of natural ingredients, such as naturally derived waxes, mainly candelilla wax. Candelilla wax is a generally recognized food additive approved by the food and drug administration (FDA), used mainly as a binder and glazing agent for chewing gums. It is also used to manufacture lotion bars, lip balms, and in the paint industry, varnishes.

Data Bridge Market Research analyses that the candelilla wax market is expected to reach USD 5,280.02 thousand by 2030, which was USD 2,810.72 thousand in 2022, registering a CAGR of 8.20% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.     

Latin America Candelilla Wax Market Scope and Segmentation

Market Definition

Candelilla is a flowering plant that is shrubby in appearance with erect stems. Candelilla wax is a vegetable wax mainly derived from candelilla bush's leaves or shrubs. Candelilla wax is a yellowish-brown, aromatic, brittle substance that may be translucent or opaque. Candelilla wax is a wax obtained from the leaves of a small shrub native to northern Mexico. It is used for strengthening purposes by mixing it with another wax. It is a barrier agent that avoids moisture loss in cosmetics and personal care products.

Latin America Candelilla Wax Market Dynamics

Drivers

• The rising vegan population widens the market scope

The increasing vegan population, especially in the developed countries of Latin America, is expected to drive the demand for plant-based products such as candelilla wax. As health-consciousness spreads, more and more vegan consumers are shifting towards organic substitutions for dairy products. This is attributed to the improved health characteristics associated with organic-sourced products. Thus, the increasing vegan population will widen the market scope during the forecast period.

• Growing usage of candelilla wax in cosmetic products

Candelilla wax is widely used in cosmetic products such as lip balms, lipsticks, and mascaras. It is an excellent humectant because it works wonders for moisturizing and nourishing dry skin and is incredibly soothing. Candelilla wax gives the skin a glossy finish, making it the best ingredient in body lotions, moisturizers, and other cosmetic products. Therefore, the growing usage of candelilla in cosmetic products is expected to propel market growth.

Opportunities

• Increasing demand for natural ingredients in the food industry

Consumers opt for food products with natural ingredients such as candelilla wax. Thus, the demand for candelilla wax is increasing in various food applications, wherein this wax is used as an emulsifying and coating ingredient. Furthermore, with the increasing demand for plant-based ingredients in the food industries, the demand for natural waxes, such as candelilla wax, will also likely grow in the upcoming years.

• High usage of candelilla wax in the agriculture industry

Candelilla wax is mainly used for the microencapsulation of fertilizers and during the solidification stage because candelilla wax has fast cooling melted particles that stabilize the arrangements during the storage of fertilizers. Consequently, it results in the expulsion from the encapsulating matrix of the fertilizer. Thus, this can be an opportunity for the agriculture industry to produce slow-release fertilizers using candelilla wax.

Restraints/ Challenges

• Availability of alternative products

The rising availability of alternative products includes candelilla wax such as natural waxes such as sunflower wax, carnauba wax, bees wax, or some synthetic waxes such as oxidized polyethylene wax and microcrystalline wax. Hence, the availability of an alternative to candelilla wax is likely to hamper the market growth.

• Increasing applications of synthetic wax

Compared to candelilla wax, growing applications of synthetic wax will likely challenge the market growth in the forecast mentioned above. The increasing usage of synthetic wax in various applications, such as manufacturing hot melt adhesives, hot glues, polymers, and countless other products will likely hamper the market growth.

This candelilla wax market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the candelilla wax market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2019, Brenntag AG acquired Chemgrit Cosmetics (Pty) Ltd. Chemgrit Cosmetics (Pty) Ltd. is a part of the Chemgrit chemicals group, which mainly focuses on the personal care and cleaning products market. This development has aided the company in increasing its footprints in South Africa, which has augmented its customer base in the market.

Latin America Candelilla Wax Market Scope

The candelilla wax market is segmented on the basis of form, type, grade,  functional properties  and applications. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form

• Lump
• Powder
• Spray Powder
• Ground Powder
• Flakes
• Granules
• Emulsion
• Pellet
• Others

Type

• Refined
• Crude

 Grade

• Food
• Industrial

Functional Properties

• Additive

• Glazing Agent
• Binder
• Emulsifier
• Others

 Applications

• Food & Beverages
• Pharmaceutical
• Cosmetic
• Technical Applications
• Others

 Candelilla Wax Market Regional Analysis/Insights

The candelilla wax market is analyzed and market size insights and trends are provided by country, form, type, grade, functional properties and applications as referenced above.

The countries covered in the candelilla wax market report are Brazil, Mexico, Argentina, Chile, Paraguay, Uruguay, Peru, and Rest of Latin America

Brazil dominates the candelilla wax market owing to the many applications of candelilla wax in various industries. Furthermore, increasing demand for candelilla wax because this wax has no side effects, which will further boost the market growth in this region.

Mexico has covered the highest market share during the forecast period of 2023-2030 owing to the presence large number of producer of candelilla wax producers in this region. Moreover, increasing demand for candelilla wax as an ingredient in cosmetics products will further boost the market growth in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Candelilla Wax Market Share Analysis

The candelilla wax market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to candelilla wax market.

Some of the major players operating in the candelilla wax market are:

• Koster Keunen (U.S.)
• Strahl & Pitsch (U.S.)
• Carmel Industries (Canada)
• KahlWax (Germany)
• CALWAX (U.S.)
• Arjun Beeswax (India)
• Reed Wax (U.S.)
• Spectrum Chemical (U.S.)
• Parchem fine & specialty chemicals. (U.S.)
• Merck KGaA (Germany)
• Aadra International (India)

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