In its natural environment, candelilla wax is the candelilla plant’s way of protecting itself from various environmental factors such as high temperatures and dry conditions. It has protective, texture enhancing, nourishing, and stabilizing properties which can be used in various products. The wax is obtained by boiling the plant in a mixture of water and sulfuric acid which is added to prevent the wax from emulsifying. The wax has been used since ages for making inks, paints & coatings, crayons, polish & varnish, confectionery, and various other products. It can also be combined with other waxes like carnauba and paraffin or be used to replace them altogether.
Candelilla Wax Market Outlook
- The consumption of candelilla wax has been witnessing a surge in the recent years. This is in line with the growing demand for the key end products like personal care and cosmetics, thus covering a wide range including most consumer goods. This is indicative of the diversity of the product and is a key factor driving its growth.
- Further, the recovery in the global economy forecast for the coming years would increase the value of candelilla wax used in other applications like pharmaceutical.
- Growing consumer interest in products with natural ingredients as well as awareness about its health benefits would drive growth in the market. Likewise, a growing body of evidence suggests the harmful effects of chemicals widely present in a large number of regular use products has on the body. This has driven consumers to opt for products with natural alternatives like candelilla Wax.
Candelilla Wax Market Regional Highlights
- Growing disposable income in the emerging regions of Asia Pacific and Latin America on the back of an economic recovery would bring hitherto unaffordable products within reach. These include a range of premium personal care items which use candelilla wax. This would lead to the region witnessing the fastest growth over the forecast period from 2020 to 2026 among its global peers with regard to the value of candelilla wax consumed.
- Further, North America followed by Europe dominate the market currently in 2019 owing to the favorable economic and demographic conditions. The consumers in the region have a wider know-how about the latest products on the market and are generally more open to try out newer products which has resulted in the region dominating the market in 2019.
Candelilla Wax Market Segmental Overview
- The lump, slab, and powder forms among others are used in the manufacture of various end use products. The suited form as per each manufacturer’s requirement is supplied.
- Personal care and cosmetics are one of the largest users candelilla wax owing to the high demand for natural and clean label ingredients in all products. Candelilla wax is also vegan in nature hence catering to an emerging consumer segment which prefers vegan ingredients.
Candelilla Wax Market Key Players
The major companies operating in the candelilla wax market include Arjun Beeswax, Hase Petroleum Wax Co, KahlWax, Koster Keunen, NOREVO, Paramold Manufacturing LLC, Poth Hille, Roger A. Reed, Inc, Spectrum Chemical Manufacturing Corp, and Strahl & Pitsch, Inc among others. The key players in the candelilla wax market are keeping their ears to the ground so as to not miss out on any upcoming market developments. Keeping a pulse of the rapidly changing consumer behavior would benefit the makers and would enable them to stay ahead of the curve to obtain a competitive edge in a dynamic market. In this regard, new product development and adopting sustainable manufacturing practices is a leading strategy being adopted by the manufacturers given its nature. Product innovation through constant research and development into the applications of candelilla wax would be another factor driving business decisions of the key players over the forecast period.