India remains a global leader in the shellac market, with exports standing at US$ 106 million in FY23. The country's dominance is attributed to its substantial production of vegetable saps, extracts, and, notably, shellac and lac-based products. Over the past five years, India has seen steady growth in the export of these commodities, highlighting the country's role as a major supplier on the international stage. Major importers of Indian shellac and forest products include the US, China, and Germany, underscoring the global demand for high-quality, sustainable shellac products.
The government's strategic initiatives aim to maximize exports and promote the inclusive growth of the shellac and forest product sectors. These efforts are designed to enhance supply, support product and application research, and develop market strategies that emphasize the value of Brand India on the global stage.
The insights and data presented in the sections "Innovations in Shellac Applications," "Shellac: The Sustainability Champion," "Global Market Dynamics and Opportunities," and "The Road Ahead: Embracing Challenges and Seizing Opportunities" are based on comprehensive analyses and reports from reputable sources. For a deeper exploration of the topics discussed, we encourage our readers to consult the original publications:
"Global Shellac Market Intelligence: Analyzing Trends, Key Players, and Regional Opportunities for 2023-2030," available on GlobeNewswire. This report provides an extensive overview of the shellac market, including size projections, trend analyses, and strategic insights for businesses operating within this sector.
"Shellac and Forest Products Industry & Exports in India," featured by the India Brand Equity Foundation (IBEF). This resource offers valuable information on India's leadership in the shellac market, export statistics, and the strategic importance of shellac and forest products to the Indian economy.
These sources have been instrumental in shaping our understanding of the current landscape and future prospects of the shellac industry. Anning Decco Biotech acknowledges the contributions of these reports to our industry insights section.