SELBYVILLE, Del., July 30, 2020 /PRNewswire/ -- According to a Global Market Insights Inc., report, the xanthan gum market was estimated at $960 million in 2019 and is slated to exceed $1.4 billion by 2026, registering a CAGR of 6% from 2020 to 2026. The report provides a thorough analysis of the industry drivers and opportunities, key winning strategies, market estimations as well as size, major investment avenues, competitive scenarios, and wavering industry trends.
The xanthan gum demand is projected to grow tremendously over the coming years owing to increasing acceptance of the product within a number of food & beverage application. Today, consumers are increasingly altering their diets to consume more gluten free and easily digestible ingredients, which is expected to augment the product demand further.
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Strict regulations that govern the pharmaceutical sector and increasing inclination towards the consumption of quick acting, easily digestible, and economical products is expected to further augment the xanthan gum market share over the coming years. The product is also used to manufacture a plethora of topical solutions because of its compatibility with a number of synthetic and natural solutions.
Key reasons for xanthan gum market growth:
- Increasing demand in oil & gas applications
- Growing usage of xanthan gum in the food & beverages industry.
- Surging demand for economical solutions in the cosmetic industry.
2026 forecasts anticipate the 'oil & gas' segment to record remunerative growth
The xanthan gum market growth from oil and gas applications is expected to exceed the $600 million mark by the end of the analysis timeframe due to the rising demand for sustainable solutions in the industry. The product is extensively used to effectively extract oil from oil wells and reduce the overall costs associated with upstream operations.
Moreover, several oil & gas industry players are rapidly making investments towards efforts that focus on boosting sustainability measures and reducing contingency costs, which is expected to further foster the market share.
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Asia Pacific and Europe to witness a highly lucrative revenue growth spurt
The Asia Pacific is forecast to register an impressive CAGR of more than 6.5% through the projected time period due to the increasing adoption of xanthan gum in the regional food & beverage industry. The product is used extensively to produce a plethora of nutritious as well as economical rapidly moving food & beverage preparations in the region. Moreover, rising demand for higher quality ingredients, growing competition within the industry sphere, and shifting perceptions regarding nutrition should further boost the xanthan gum market share.
The Europe is anticipated to grow with a remunerative CAGR of more than 5.5% over the forecast timeframe because of the growing geriatric population and rising preference for economical as well as quick acting solutions.
Leading market players
Prominent players analyzed in the overall xanthan gum industry are DuPont Danisco, Cargill, ADM, Solvay, Fufeng Group Company Ltd, and Unionchem. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
SOURCE Global Market Insights, Inc.