Sugarcane Wax Market Expected to Reach $48.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sugarcane Wax Market," The sugarcane wax market was valued at $34.5 billion in 2021, and is estimated to reach $48.6 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.

Sugarcane wax is extracted from sugarcane (Saccharum officinarum) or bagasse with solvents. It is a lubricant for plastics and a component of the wax used to make carbon paper. Octacosanol, which is present in sugar cane in amounts of about 60%, lowers triglyceride and cholesterol levels.  

Emerging Asia-Pacific economies like China, India, and other Asia-Pacific countries have seen significant spending on dietary supplements as a result of rise in per capita disposable income, changes in lifestyles, and increase in consumer health awareness. The increased demand for sugarcane wax is expected to drive the market growth during the forecast period. Presence of established pharmaceutical business, growth of the senior population, and increase in the number of cardiovascular disease sufferers are projected to be the main drivers of industry expansion in North America and Europe.  

Furthermore, sugarcane wax is widely used in food industry as preservatives in fruits and vegetables and it is also used in other food products such as chocolates. The chocolate was also covered with cane wax. The durability of the gloss has improved, the melting has been reduced, and the filler has also been lightened. To keep vegetables and fruits fresh or to give them a fresh appearance, emulsions of sugar cane wax mixed with other natural waxes have been produced. The increased demand for sugarcane wax as a preservative in the processing of fruits and vegetables and increased research and development spending in the pharmaceutical and cosmetics industry are the primary drives propelling the growth of the global sugarcane wax market.

Furthermore, sugarcane wax is ideal for use in the food industry in addition to technical applications. Thus, sugar cane wax can be employed as a cleaning product (shoe, floor and car care), in the leather and plastics industry, as well as for applications in the additive and chemical industry and cosmetic goods. In addition, it is applicable in the painting and printing ink industry and for candle production.   

The sugarcane wax market is segmented on the basis of end-use industry and region. On the basis of end-use industry, the sugarcane wax market is segmented into pharmaceutical, food, cosmetics, taper, Textile and leather, and others. The regional market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.   

On the basis of the end-use industry, in 2021, the cosmetics industry is anticipated to register the highest CAGR of 4.3% during the forecast period. The growing demand for sugarcane wax to in cosmetics products such as lipsticks, lip balms, and others. 

Region-wise, the sugarcane wax market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific sugarcane wax market size is projected to grow at the highest CAGR of 4.0% during the forecast period owing to the growing demand for sugarcane wax in the pharmaceutical, textile and food industries in the region. 

The major players operating in the industry include Huzhou Shengtao Biotech LLC, Cerax, Urikas, Deurex AG, Origen Chemicals, Pharma Base S.A., Azelis, Technochem ProjectsS, Godavari Biorefieneries LTD., Sinova Development CO., LTD. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

KEY FINDINGS OF THE STUDY

• On the basis of the end-use industry, the others segment accounted for 34.5% of the global sugarcane wax market share in FY2021, however, the cosmetics industry is anticipated to grow at the highest CAGR during the forecast period.
• On the basis of region, Asia-Pacific is the major consumer of sugarcane wax among other regions. It accounted for around 32.4% of the global market share in 2021 and is anticipated to continue this trend during the forecast period.

IMPACT OF COVID-19 ON THE GLOBAL MINERAL TURPENTINE MARKET

Asia-Pacific is a key supplier of sugarcane wax, thus restrictions put on Asian countries to contain and minimize the spread of the virus reduced demand for cosmetics, textile and other sugarcane wax products during the COVID-19 pandemic. From 2021, the operations of various end-use industries have started normally which helped to increase demand for Mineral turpentine from end-use industries such as cosmetics, food and others.