Apr 13, 2022, 09:20 ET
Growing veganism, rise in trend of flexitarian diet, dynamic changes in the consumption pattern, rise in demand for plant based food products drive the growth of the global gellan gum market
PORTLAND, Ore., April 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gellan Gum Market by Type (High Acyl Content, Low Acyl Content), by Application (Food and Beverage, Pharmaceuticals, Cosmetic and personal care, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global Gellan Gum industry generated $238.4 million in 2020, and is anticipated to generate $420.9 million by 2030, witnessing a CAGR of 6% from 2021 to 2030.
Prime determinants of growth
Growing veganism, rise in trend of flexitarian diet, dynamic changes in the consumption pattern, rise in demand for plant based food products drive the growth of the global gellan gum market. However, lack of awareness regarding health benefits of the gellan gum consumption and high cost of these products impede the market. At the same time, the availability of diverse product options and low price on online shopping sites is likely to present new opportunities for the market growth in the coming years.
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· The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global gellan gum market, owing to rise in health consciousness and increase in demand for gellan gum.
· The trend is going to continue post pandemic as well.
The high acyl content segment to maintain its leadership status throughout the forecast period
Based on type, the high acyl content segment held the highest market share in 2020, accounting for nearly three-fifths of the global gellan gum market, and is estimated to maintain its leadership status throughout the forecast period. This is because high acyl gallen gum is majorly utilized in the beverages of peanut, walnut, corn juice, coca milk, and green bean juice. Moreover, the low acyl content segment is projected to manifest the highest CAGR of 6.7% from 2021 to 2030, owing to its wide usage in various food preparations, such as frostings, aspics, gelatins & puddings, brownies & bakery fillings, dairy drinks & soy milks, non-standardized jams & jellies, nutritional products, beverages, yogurt, sour cream, and cheese.
The food & beverage segment to maintain its lead position during the forecast period
Based on application, the food & beverage segment accounted for the largest share in 2020, contributing to more than two-fifths of the global gellan gum market, and is projected to maintain its lead position during the forecast period. Consumers are shifting toward vegan diet, which leads them to avoid any animal-based products and adopt plant-based diet in regular consumption, which propels the market for gellan gum globally. However, the pharmaceuticals segment is expected to portray the largest CAGR of 7.2% from 2021 to 2030. This is attributed to evolving lifestyle and changing trends in the living pattern, which causes several types of problems and diseases.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global gellan gum market. Moreover, the same region is expected to witness the fastest CAGR of 7.0% during the forecast period, owing to rise in potential markets in India and China.
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Leading Market Players
- DSM Corporation
- CP Kelco
- H & A Canada Inc.
- Nanjing Joyfulchem Co. Ltd.
- Dancheng Caixin Sugar Industry Co. Ltd.
- OPAL Biotech
- Hebei Xinhe Biochemical Co. Ltd
- Zhengzhou Cinogel Biotech Co. Ltd.
- Sinofi Food Ingredients
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