Carnauba Wax Market Size, Share, Growth Analysis, By Product(Type 1, Type 3, Type 4), By Application(Cosmetics, Food, Pharmaceutical, Automotive), By Form(Powder, Flakes, Pellet), By Source(Natural, Organic), By Region - Industry Forecast 2024-2031

Carnauba Wax Market size was valued at USD 271.22 million in 2019 and is poised to grow from USD 280 million in 2023 to USD 350 million by 2031, growing at a CAGR of 3.15% in the forecast period (2024-2031).

Rising consumption of chewy confectionery products like jellies and chewing gums by young population with the easy availability across various regions are the major factors expected to drive the growth of the global carnauba wax market during the forecast period. Moreover, wide utilization of carnauba wax in several types of applications as a type of hardening ingredient and gelling, are further estimated to propel the growth of the market at a significant growth rate over the coming years.

Furthermore, global carnauba wax market is highly dependent on the supply of its raw materials extracted from Brazilian palm trees owing to the low cost of raw material and sources of employment for laborers in the country. Additionally, global market players are focusing on improving technological advancements in their manufacturing and distribution process to cater the rising need across the globe. The carnauba wax market is also projected a rapid growth on account of the increasing demand for these wax in food glazing and various cosmetics market.

US Carnauba Wax Market  is poised to grow at a sustainable CAGR for the next forecast year.