The Global Food Grade Paraffin Market Growth, COVID-19 impact and Forecast (2021-2026)
Global food grade paraffin market is segmented based on wax type as fully refined wax and semi refined wax; based on applications as food and beverages, dietary supplements, biomedicines and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Food grade paraffin wax, composed of vegetable oils, palm oil derivatives, and synthetic resins plus other materials, passes through the body undigested and contains no nutritional value.
Paraffin appears as an additive in some brands of candy bars to keep them from melting in hand and as a main ingredient in chocolate coatings such as those found on ice cream or chocolate-dipped cookies. Recipes for treats popular during the holiday season might call for paraffin wax, such as chocolate and candy cane-covered pretzels or bite-sized chocolate balls.
Paraffin wax sprayed on fruits and vegetables adds shine to make them more appealing and helps extend the shelf life by retaining moisture.
Some fruits such as apples produce a natural wax, which can easily be washed away with water and gentle rubbing. Additional synthetic wax sometimes augments the natural coating, and it can be more difficult to remove. Generally, a quick soak in vinegar or lemon juice-enhanced water makes it easier to wipe the wax away
Table of Contents
Market Overview
The Global pet food packaging market is expected to grow to $2.71 billion by 2026 at CAGR of 6.3%
Post COVID-19, the market is expected to recover from 2021 onwards with industrial and transportation activities getting back on track and functioning with full capacities
The food grade paraffin market with its demand and diversified approach in the global market is anticipated to gain development over the forecast period and moisture.
Key Trends
Increasing demand of aromatherapy will act as a factor for the food grade paraffin wax market
With the approval of World Health Organization and Food and Drug Administration for food grade paraffin to be used in food processing, the demand for food grade paraffin in emerging regions is anticipated to be driven.
FDA and WHO approvals for the use of food grade paraffin in the food processing industry are expected to further increase the demand for food grade paraffin.
Key Market Players
The market is dominated by global vendors like BASF Corporation, The DOW Chemical Company, RADCO Industries, Solutia and Huntsman Corporation.
The R&D activities of the manufacturers in the food grade paraffin market are aimed at improving the consistency of the paraffin and making it cost-effective. Such innovations open up significant growth opportunities for the food grade paraffin market.
Attractive advertisement campaigns are being introduced by players in the food grade paraffin industry in order to boost their sales. Eventually, this factor would significantly support the food grade paraffin market.
Growth Drivers and Challenges
The demand from dairy food product manufacturers fueling the growth of global food grade paraffin market
The growing demand for the update of food products due to rising disposable incomes and evolving lifestyles of the majority of the world's population is expected to benefit the food grade paraffin market.
Increasing health effects such as lung cancer and asthma due to the toxic fumes comes from the paraffin wax along with rising crude oil prices will hamper the growth of food grade paraffin wax market
The development of bio-based products is hindering the market's growth.
Several countries were forced to go in lockdown owing to the pandemic scenario, which led people to minimize the usage of personal vehicles, thus creating a negative impact on the lubricant and fuel demand and in-turn decreasing the demand for paraffin.
However, the use of paper packaging based on paraffin has increased for food and e-commerce uses, which has positively impacted the market demand for paraffin.