Rice Bran Wax Market: Global Industry Analysis, Size, Share, Growth, Trends

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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.

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.

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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

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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

• Food
• Medicines
• Chemicals
• Cosmetics
• Others

Global Rice Bran Wax Market, by Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia & CIS
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • ASEAN
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

Companies in the Rice Bran Wax market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.

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