Rice Bran Wax: Introduction
- Rice bran wax is produced from rice bran oil through two processes: hydrogenation of the crude wax oil and de-oiling of crude wax oil. Major constituents of rice bran wax are esters of higher fatty acids and alcohols along with small quantity of free fatty acid and hydrocarbons.
- Rice bran wax is used in a variety of applications, as it contributes to texture, hardness, and strength of products. Rice bran wax offers gelling properties and is used as binding and thickening agent. It is used in cosmetic preparations owing to its emollient property.
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Key Drivers of Global Rice Bran Wax Market
- Rise in usage of cosmetics products owing to changes in lifestyle is expected to fuel the demand for rice bran wax in near future. Rice bran wax is employed in various applications in cosmetic products. It is majorly used in several cosmetic products owing to its plant-based nature.
- Rice bran is used as a renewable alternative to various petroleum based products. The wax derived from rice bran is being used in confectionaries, fruits and vegetables preservation, etc.
- Rice bran wax can be used in surface coatings, lubricants, and hotmelts. Government support and supportive environmental factors for renewable products are expected to drive the market.
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Cosmetics Application Segment to Expand at Significant Pace
- The cosmetics application segment dominated the global market in 2019. Rise in demand for rice bran wax in various products such as conditioners, lotions, lip balm, and lipsticks is boosting the segment. Rice bran wax possesses good antioxidant properties and offers smoothing and softening effect when used in hair conditioners.
- Growth of the global pharmaceutical sector is projected to propel the demand for rice bran wax in medicines. Food grade rice bran wax can serve as a substitute for carnauba wax in most applications due to its relatively high melting point.
- It is used as food additive in preparation of candy, confectionery, and chewing gum. It is also used to preserve fruits and vegetables.
Covid-19 Impact on Rice Bran Wax Market
- The COVID-19 pandemic has led to reduced utilization rates of refineries across the globe, resulting in shortages of supply for various end-use sectors. Furthermore, the health crisis has led to a sudden spike in demand for olefins, which are used in the formulation of sanitizers and other cleaning products. Thus, the COVID-19 pandemic is expected to hamper the production of rice bran wax over the next year; however, demand for rice bran wax is rising in medicine and sanitizing applications.
- China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics.
Asia Pacific to Hold Significant Share of Global Rice Bran Wax Market
- In terms of region, the global rice bran wax market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a major consumer of rice bran wax across the globe. The region is likely to witness significant rise in demand for rice bran wax owing to expansion of production and manufacture of various cosmetics and personal care products, and various other chemicals products in the region.
- Growth in the pharmaceutical industry in countries of Asia Pacific is projected to further augment the demand for rice bran wax in the region during the forecast period
- North America and Europe followed Asia Pacific in terms of demand for rice bran wax. Implementation of stringent regulations by governments and associations in Europe and North America on the usage of renewable ingredients in different food and personal care products is expected to propel the demand for rice bran wax in these regions.
- Significant expansion of the cosmetics industry in Germany, France, Italy, South Korea, Japan, India, and China is projected to boost the demand for rice bran wax in these countries in the near future
Key Players Operating in Global Market
- Government support for adoption of plant-based rice bran wax in various products such as cosmetics and personal care products is estimated to opportunities for new players to enter the market
Key players operating in the global rice bran wax market include:
- Strahl & Pitsch
- Koster Keunen
- Frank B. Ross
- Starlight Products
- Poth Hille
- Modi Naturals
- Huzhou Shuanglin Shengtao Vegetable Fat Factory
- Likang Weiye
Global Rice Bran Wax Market: Research Scope
Global Rice Bran Wax Market, by Ingredient
- Food Grade
- Industrial Grade
Global Rice Bran Wax Market, by Application
Global Rice Bran Wax Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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