Rice Bran Wax Industry Projected to Surge Until 2034
According to a report by Future Market Insights, Inc., the volume sales of rice bran wax are predicted to grow between 2024 and 2034 due to its increasing use in the pharmaceutical sector for medical ointments and pill coatings. Moreover, the rising demand for clean-label beauty and personal care products is further boosting the adoption of this product.
The report stated that the global rice bran wax industry recorded a market value of USD 368.5 million in 2022, reaching a significant milestone. With a 6.2% year-on-year growth in 2023, the market is projected to reach USD 417.5 million by 2024. Over the forecast period of 2024 to 2034, the industry is expected to grow at a compound annual growth rate (CAGR) of 6.8%, ultimately culminating in a remarkable USD 807.4 million global sales by the end of 2034.
Consumers’ increasing preference for eco-friendly products has led to a robust demand in the rice bran wax sector. Rice bran wax, a plant-based wax, aligns with the global shift towards sustainability, offering an alternative to petroleum-based waxes. This is particularly prominent in the cosmetics and personal care industries with brands prioritizing natural sourcing to cater to environmentally-conscious consumers.
Rice bran wax is also highly versatile, with its application spanning multiple industries such as cosmetics, pharmaceuticals, food, and other commercial products. When used in food, it can enhance texture and stability, while in skincare, it is used as an emollient. The broad use of rice bran wax ensures a consistent demand across various markets.
Industry players such as Koster Keunen and Strahl & Pitsch have capitalized on the rice bran wax trend. Koster Keunen has reported an increased demand for its natural wax products. Similarly, Strahl & Pitsch has expanded its product line to include rice bran wax to meet the growing demand for sustainable lubricants in cosmetics and food applications.
According to Nandini Roy Choudhury, client partner at Future Market Insights, Inc., “The rice bran wax market is at the cusp of transformative growth, propelled by the convergence of sustainability and innovation. As industries increasingly prioritize eco-friendly alternatives, rice bran wax stands out for its versatility and alignment with environmental values. However, addressing cost-related challenges and fostering collaborations for innovation will be crucial to unlocking the market’s full potential. With key players driving advancements, the future of rice bran wax is undoubtedly promising.”
Despite the promising growth, the rice bran wax industry faces several challenges. The high cost of raw materials remains a barrier to widespread adoption. Furthermore, other plant-based waxes such as carnauba and candelilla also pose a competition. There are also regulatory hurdles related to food-grade and cosmetic-grade certifications which impact market dynamics, requiring stringent quality control measures.
In the U.S., demand for rice bran wax is rising due to its versatility in food preservation and its rising application in the production of eco-friendly candles. Consumers increasingly prefer candles made from natural sources, prompting companies to innovate with rice bran wax-based candles. The food industry is also using rice bran wax as a natural preservative to extend shelf life without chemicals. Leading producers are capitalizing on the trend by supplying food-grade rice bran wax that meets compliance standards.
In Germany, the focus on sustainability is fostering growth in the rice bran wax-derived market. Aside from the use of natural ingredients in cosmetics and personal care products, the automotive sector is also adopting rice bran wax for green car-care products such as polishes and coatings.
In China, the demand for rice bran wax is propelled by the rise of natural cosmetics and clean-label food products. Companies are incorporating it into skincare formulations for its moisturizing and stabilizing properties. Additionally, the food sector is utilizing rice bran wax as a natural additive to improve texture and shelf life in line with consumer preferences for non-additive, clean-label products.
