Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2.5 Million | USD 4.8 Million | 8.5% | 2022 |
FrequentlyAsked Questions
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.
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. More and more vegan customers are switching to organic dairy alternatives as health consciousness grows.
According to the report, the 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.
The Latin America Candelilla Wax market is expected to grow at a CAGR of 8.5% during the forecast period.
Latin America Candelilla Wax market growth is expected to be driven by Brazil. It is currently the world’s highest revenue-generating market due to the growing end-use industry including pharmaceutical and cosmetics and personal care industry.
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 and Aadra International among others.
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