Soybeans are known as biotech food crops as they are genetically modified and have wide applications in the number of products including the famous and most preferred fat-free soybean oil. The soya wax is the hydrogenated form of this soybean oil which makes it widely accepted and trusted among the consumers. Soya wax should be used as an alternative for paraffin wax, as the soya wax produces less soot and it softer when compared to typical paraffin wax. Soya wax is the most preferred choice as well as an option for making candles and cosmetics products owing to its long duration, soft texture and skin beneficial properties. Soya wax is in its growing phase and many consumers to date have no idea about this product.so, manufacturers are spending their huge chunks firstly, for the advertisement for the product to make people aware of its uses and its wide applications, benefits and its eco-friendly nature. And secondly, on its Research & Development to find out soya wax’s more applications and benefits and to serve mankind. And, as the greenhouse issue is highlighted these days the market of soya wax is expected to rise due to its eco-friendly, less soot producing and less- heating properties.
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Increasing Demand for Soya Wax Owing to its Number of Applications
Soya wax is expected to have a huge market in the U.S., Brazil, Argentina, China, and India nations as these regions are the leading exporter and manufacturers of soybeans. So, these should be the most preferred regions by the manufacturers to invest as here the cost of soybeans which are the raw materials would be comparatively less when compared to other regions.
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Global Soya Wax: Market Segmentation
The global Soya Wax market can be segmented based on nature:
The global Soya Wax market can be segmented based on End-Use industry:
- Wax Industry
- Cosmetics Industry
- Lip Balm
- Night Cream
- Hand Cream
The global Soya Wax market can be segmented based on Form industry:
The global Soya Wax market can be segmented based on Sales Channels:
- Modern Trade
- Specialty Stores
- Online Channels
The global Soya Wax market can be segmented based on Packaging:
- Paper bags
- Flexible Packaging
- Paper based
- Film based
- Aluminum based
The global Soya Wax market can be segmented based on Claims:
Global Soya Wax: Key Players
The global Soya Wax market is increasing because of budding applications in the Cosmetics and wax Industry. Some of the global key manufacturers and suppliers of Soya Wax are- Hobbycraft Trading Ltd, Aromantic Ltd., LS Apothecary, Marisole Aromatherapy Limited., Supplies for Candles, Paramelt, British Wax Ltd, Kerax Limited, Cargill, Incorporated., Crystal, Inc., and LiveMoor. Except them, more industrialists and manufacturers are showing a keen interest in the Soya Wax market as an alternative for paraffin waxes are increasing at a very wide pace, owing to the side effects and less durability of traditional paraffin waxes.
Opportunities for Market Participants:
As the disposable income is increasing people’s spending over luxurious products is also increasing and, soya wax is considered as a luxurious product owing to its soft texture, longer durability, and applications in cosmetics and skincare. The soya wax is considered as a premium product due to the products easy mixing with natural fragrances like olive oil, lavender, hay grass which gives the consumers the pleasant smell of the added ingredients with a lesser amount of soot and makes the consumer feel relaxed and luxurious at the time of bath, aromatherapy or at parties. Soya wax’s wide application in the cosmetics industry due to its creamy and soft texture has helped it gain opportunity in the market. But its high price can be a restraining factor as well.
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