Transparency Market Research has published a new research report titled “Xanthan Gum Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024” to their report store.
Albany, NY -- (SBWIRE) -- 05/04/2017 -- The highly consolidated nature and a limited number of established players in the global xanthan gum market are keeping the level of competition controlled. Expansion of existing production capacities and geographical outreach are the primary areas of focus for established players to stay ahead in the market, says Transparency Market Research (TMR) in a new study. The top three players in the global xanthan gum market, namely CP Kelco, Fufeng Group, and Deosen, accounted for over 58.0% of its value in 2015.
"The high capital requirement for establishment of manufacturing facilities is creating a high entry barrier for new players. However, lucrative growth prospects in North America are attracting a large number of new players to venture into the market," says TMR's lead analyst.
The global xanthan gum market stood at a value of US$693.6 mn in 2016 and is estimated to rise to US$1,251.7 mn by 2024, expanding at a CAGR of 7.7% therein.
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Asia Pacific to Emerge Most Promising Regional Market
On the basis of end user, the food and beverage segment will continue to dominate the market until 2024, representing 70.1% of its value. The growing demand for beverages, sauces, dressings, and dairy products is triggering the adoption of xanthan gum in the sector. The oil and gas segment, on the other hand, will register a CAGR higher than any other segment during the forecast period.
Geographically, North America will continue to command the lion's share in the market until 2024. The development of new technologies in order to enhance the quality of xanthan gum and the presence of favorable regulatory policies are escalating the growth of the region. Asia Pacific is poised to progress at a CAGR of 8.8% during the same period, owing to the robust growth of end-user industries such as food and beverages and oil and gas.
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Rapid Growth of Food and Beverage Industry Stirs up Demand for Xanthan Gum
The food and beverage sector worldwide is expanding at a brisk pace, owing to the rising per capita expenditure on food products and the changing consumption patterns. Xanthan gum is used in bakery and dairy products and therefore, the robust growth of the industry is supplementing the growth of the global market. "Xanthan gum offers advantages such as better acid stability, water binding capacity, salt tolerance, and viscosity control over other hydrocolloids, which drive its adoption across various applications such as oil drilling, personal care, and food and beverages," says a TMR analyst. Moreover, the price inflation of substitutes such as guar gum is working in favor of the global xanthan gum market.
Anti-dumping Duty on Asian Xanthan Gum Negatively Impacts Overall Market Revenue
Xanthan gum produced in Austria and China are of inferior quality and are sold at cheaper prices than in the international market. This paved way for an anti-dumping duty on its imports to the U.S., which subsequently led to a decline in the prices of Asian xanthan gum due to oversupply in the rest of the international market. The declining prices are adversely affecting the overall revenue generation of the global market. In addition, the quality concerns over Asian xanthan gum are limiting their widespread adoption. However, the growing preference for gluten-free bakery products is likely to act as a light at the end of the tunnel for xanthan gum manufacturers over the coming years.
The global xanthan gum market has been segmented as follows:
Xanthan Gum Market, by End User
-Food & beverage
-Bakery & Confectionery
-Dairy & Ice creams
-Meat & Fish
-Sauces & Dressings
-Oil & gas
-Others (agrochemicals, lab research, paints, printing inks, etc.)
The information in this preview comes from a TMR report, titled "Xanthan Gum Market (End Users - Food & Beverage (Bakery and Confectionery, Dairy and Ice Cream, Meat and Fish, Beverages, and Sauces and Dressings), Oil & Gas, Pharmaceutical, Personal Care, and Agrochemicals, Lab Research, Paints, and Printing Inks) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."