ALBANY, New York, December 12, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Xanthan Gum Market for Food & Beverage (Bakery & Confectionery, Dairy & Ice cream, Meat & Fish, Beverages and Sauces & Dressings), Oil & Gas, Pharmaceutical, Personal Care and Other End-users - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global xanthan gum market was valued at US$ 651.5 Mn in 2015 and is projected to reach US$ 1,251.7 Mn by 2024 at a CAGR of 7.7% from 2016 to 2024.
The food & beverage industry has been expanding for the last few years owing to an upsurge in customer expenditure and change in consumption patterns. Xanthan gum is widely used as a thickening and emulsion stabilizing agent in various food applications such as sauces, dressings, bakery and dairy products. Product development in this field due to growing awareness for food safety and consumer preference for natural products has increased the consumption of xanthan gum in food & beverage segment. Therefore, growth in the food & beverage industry is likely to provide the essential momentum to the xanthan gum market during the next few years. However, quality concerns regarding the China based xanthan gum, since China is one of the major producer of xanthan gum, is expected to hamper the market during the forecast period. Growing preference for xanthan gum from pharmaceutical and personal care as a bio based stabilizer is anticipated to bring immense opportunities in the market.
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In terms of end-user, food & beverage was the largest segment of the global xanthan gum market, accounting for more than 50% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to product development of gluten-free products and sluggish growth in the global oil & gas industry. Xanthan gum is used in the hydraulic fracking process of oil & gas drilling. Substitute products like guar gum encountered price inflation in recent years and therefore is projected to provide an edge to the overall xanthan gum market.
Asia Pacific dominates the xanthan gum market, followed by North America. These regions are expected to provide lucrative opportunities for xanthan gum market during the forecast period. Significant expansion in the food & beverage industry, owing to the change in consumption patterns and rise in the customer expenditure, is anticipated to be a key factor driving the xanthan gum market in these regions. Europe, Middle East & Africa and Latin America are estimated to witness reasonable growth in xanthan gum market during the forecast period.
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The global xanthan gum market is consolidated. Key players include Fufeng Group Company Limited, CP Kelco, Archer Daniels Midland Company, Cargill, Inc., Jungbunzlauer Suisse AG, The Aurora Chemical, MeiHua Holdings Group Co., Ltd, Hebei Xinhe Biochemical Co., Ltd., DuPont-Danisco, Deosen, Solvay S.A., The Zoranoc Oilfield Chemical and FMC BioPolymer.
The global xanthan gum market has been segmented as follows:
Xanthan Gum Market: End-user Analysis
- Food & Beverages
- Bakery & Confectionery
- Dairy & Ice creams
- Meat & Fish
- Sauces & Dressings
- Oil & Gas
- Personal Care
- Others (agrochemicals, lab research, etc.)
Xanthan Gum Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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