The global rice bran wax industry reached USD 368.5 million in 2022. Demand for rice bran wax registered a 6.2% year-on-year growth in 2023, indicating that the global market would reach USD 417.5 million by 2024. Over the projection period (2024 to 2034), international sales are expected to exhibit a 6.8% CAGR, ultimately totalling a sales value of USD 807.4 million by the end of 2034.
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The rice bran wax sector is experiencing tremendous sales growth due to the permeation of eco-friendly products among consumers. As such wax is regarded to be plant-based, it forms a part of eco-friendly waxes which are readily replacing petroleum waxes, as more consciousness regarding the environment increases among the consumers. The shift is most importantly seen in the cosmetics and personal care business where brands seek natural sourcing to meet the needs of customers who are mindful of their environment.
