Latin America Candelilla Wax Market Size, Share, Growth, Forecast 2030

Latin America Candelilla Wax Industry Prospective:

Latin America Candelilla Wax market size was worth around USD 2.5 million in 2022 and is predicted to grow to around USD 4.8 million by 2030 with a compound annual growth rate (CAGR) of roughly 8.5% between 2023 and 2030.

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The report analyzes the Latin America Candelilla Wax market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Latin America candelilla wax industry. 

Latin America Candelilla Wax Market: Overview

Candelilla wax (CW) is a wax made from the leaves of Euphorbia cerifera and Euphorbia antisyphilitica, two tiny shrubs that are endemic to northern Mexico and the southwestern United States. CW is a widely used, FDA-approved food ingredient that is primarily employed as a glazing agent and binder for chewing gums. Additionally, it is employed in the production of lotion bars, lip balms, and varnishes in the paint business. Additionally, CW can be utilized in certain food systems in place of beeswax and carnauba wax. Hentriacontane is the primary ingredient in a typical composition of a micronized high-purity CW used as an addition by the food industry. It is possible to use CW to generate edible organogels utilizing vegetable oils as the liquid apolar phase since it contains hentriacontane as its main component and other n-alkanes with odd numbers of carbons as minor components.

Key Insights

• As per the analysis shared by our research analyst, Latin America Candelilla Wax market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2023-2030).
• In terms of revenue, the Latin America Candelilla Wax market size was valued at around USD 2.5 million in 2022 and is projected to reach USD 4.8 million, by 2030.
• The Latin America Candelilla Wax market is being driven by the growing trend of veganism particularly in the country like Brazil.
• Based on the form, the powder form segment is expected to dominate the market over the forecast period.
• Based on the grade, the food grade segment is expected to hold a significant market share over the forecast period.
• Based on the functional properties, the binder segment is expected to dominate the market over the forecast period.
• Based on the application, the pharmaceutical segment is expected to grow at the fastest rate over the forecast period.
• Based on the country, Brazil is expected to dominate the market over the forecast period.

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Latin America Candelilla Wax Market: Growth Drivers

The increasing vegan population drives the market growth

It is anticipated that the growing vegan population, particularly in Latin America's affluent nations, would increase demand for plant-based goods like candelilla wax. In the region, Brazil holds a significant share of veganism, despite being a big meat consumer worldwide, the nation is embracing plant-based alternatives more and more due to worries about the deforestation and greenhouse gas emissions caused by conventional animal agricultural methods. For instance, according to secondary analysis, the present population of vegan population in Brazil is more than 217 million. Thus, these facts support the Latin America candelilla wax market growth over the forecast period.

Latin America Candelilla Wax Market: Restraints

The availability of substitutes might be hampering the market expansion

The availability of substitutes such as carnauba wax, bees wax, sunflower wax, and others is expected to act as a major restraining factor to the market growth during the forecast period. For instance, the Brazilian palm tree's leaves are the source of carnauba wax, which is widely used as a coating and glazing ingredient to give products a distinctive gloss. Depending on demand, wax is mostly produced in Brazil and sent to the rest of the globe. It is anticipated that rising usage in application sectors including food, cosmetics, and automotive would increase demand for the product. Thus, the availability of substitutes in the nation might be limiting the growth of the Latin American candelilla wax market over the analysis period.

Latin America Candelilla Wax Market: Opportunities

The increasing skincare industry offers a lucrative opportunity for the market growth

The growing skincare industry particularly Brazil is expected to drive the market growth during the forecast period. The growth of the skincare industry can be attributed to its distinct position within several trends, including the rise in self-care and health-promoting product demand, the interest in regimens & routines, the ability of social media to quickly educate and empower consumers, and, most importantly, the unique capacity of new technology to make the unusually complex options that consumers have when interacting with skincare brands more understandable. Imports into the country have increased as a result of the soaring demand for skincare and cosmetic products. According to Associaço Brasileira da Industria de Hygiene Pessoal, Perfumaria and Cosméticos (ABIHPEC), Brazil imported 132.7 million USD worth of skin care products in 2021, with nourishing creams and tonic lotions accounting for about 56.9 million USD and other beauty and makeup items accounting for 75.9 million USD. A similar number of French cosmetics and personal care goods will be imported by Brazil in 2021—over USD 133 million. Brazil, meanwhile, brought this kind of merchandise into the country from China for almost USD 102 million. In that year, Brazil received 87 thousand metric tons worth of imports of cosmetics and personal care items. Thus, the aforementioned facts offer a lucrative opportunity for Latin America candelilla wax industry growth.

Latin America Candelilla Wax Market: Challenges

Change in climate act as a major challenge to the market

Candelilla wax is derived from the candelilla shrub, which grows in arid regions. Climate changes, including droughts or shifts in temperature and rainfall patterns, could impact the availability and growth of the candelilla plant, affecting the wax's production.

Latin America Candelilla Wax Market: Segmentation

Latin America Candelilla Wax industry is segmented based on form, type, grade, functional properties, application, and country.

Based on the form, the Latin America Candelilla Wax market is bifurcated into lump, powder, spray powder, ground powder, flakes, granules, emulsion, pellet, and others. The powder form segment is expected to dominate the market over the forecast period owing to the wide range of applications in various industries. The industries include cosmetics & personal care, the food industry, pharmaceuticals, and others. For instance, in cosmetics and personal care products including lip balms, lipsticks, lotions, and creams, candelilla wax is used. Its powder shape makes it simple to include texture, viscosity, and a barrier of protection into methods. One of the main industries generating demand for candelilla wax in powder form is probably the cosmetics sector. Thus, this is expected to drive the segment growth over the forecast period.

Based on the type, the Latin American Candelilla Wax industry is segmented into refined and crude.

Based on the grade, the market is divided into food and industrial. The food-grade segment is expected to hold a significant market share over the forecast period. The food-grade candelilla wax has numerous applications such as a coating, packaging, and others. Candelilla wax is applied as a coating on fruits and vegetables to enhance their appearance, retain moisture, and prolong shelf life. This is especially valuable for produce that might be susceptible to moisture loss and deterioration. Thereby, driving market growth.

Based on the functional properties, the Latin America Candelilla Wax industry is segmented into additives, glazing agents, binders, emulsifiers, and others. The binder segment is expected to dominate the market over the forecast period. Since candelilla wax possesses adhesive and cohesive qualities, it has been used as a binder in a variety of applications. Candelilla wax functions as a binder to keep things together, add structure, and enhance product stability. For instance, pharmaceutical formulations, particularly those used in the production of tablets and pills, have employed candelilla wax as a binder. It can serve as a bonding agent that holds the active chemicals together, maintaining the tablets' structural integrity and enabling a controlled release.

Based on the application, the Latin America Candelilla Wax market is segmented into food & beverages, pharmaceutical, cosmetics & personal care, textiles, and others. The pharmaceutical segment is expected to grow at the fastest rate over the forecast period. The segment growth is attributed to the growing pharmaceutical industry. In addition, the use of candelilla wax as a binder in the production of drugs (tablets or pills) is expected to drive the segment expansion over the projected period.

Latin America Candelilla Wax Market: Report Scope

Latin America Candelilla Wax Market: Country Analysis

Brazil is expected to dominate the market over the forecast period

Brazil is expected to dominate the Latin America candelilla wax market during the forecast period. The market growth in the nation is owing to the growing pharmaceutical sector, increasing cosmetics & personal care industry, and growing awareness regarding organic products. Candelilla wax has various applications in different end-use industry which include food, pharmaceutical, textiles, paints & coating, and others. This wax is added as a binding agent in food, pharmaceutical, and other industries to enhance the product's structural integrity and quality. For instance, according to secondary analysis, Brazilian generics sales in 2021 increased by 9.67% year over year to $5.2 billion, or around 29.4% of the overall pharmaceutical market sales. Therefore, the growing end-use industry in the nation is expected to rise the demand for candelilla wax.

Latin America Candelilla Wax Market: Competitive Analysis

Latin America Candelilla Wax market is dominated by players like:

• CALWAX
• Reed Wax
• Carmel Industries
• KahlWax
• Koster Keunen
• Arjun Beeswax
• Strahl & Pitsch
• Spectrum Chemical
• Parchem fine & specialty chemicals
• Merck KGaA
• Aadra International

The Latin America Candelilla Wax market is segmented as follows:

By Form

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

By Type

• Refined
• Crude

By Grade

• Food
• Industrial

By Functional Properties

• Additive
• Glazing Agent
• Binder
• Emulsifier
• Others

By Application

• Food & Beverages
• Pharmaceutical
• Cosmetics & Personal Care
• Textiles
• Others

By Country

• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America