The xanthan gum market is driven by its versatile properties and wide number applications in various industries
PORTLAND, Ore., Oct. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Xanthan gum Market By Form (Powder and Liquid), By Grade (Food Grade, Industrial Grade, Pharmaceutical Grade, and Others), By End-use Industry (Food and Beverage, Oil & Gas, Pharmaceutical, Personal Care & Cosmetics, and Others), By Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, The global xanthan gum Market was valued for $0.8 billion in 2018 and is estimated to reach $1.6 billion by 2032, exhibiting a CAGR of 5.9% from 2023 to 2032.
Xanthan gum is widely used in the food & beverage industry as a thickening, stabilizing, and emulsifying agent. It helps bind ingredients together, providing a better crumb and texture in gluten-free bread, cakes, and other baked goods.
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Prime determinants of growth
The xanthan gum market is driven by its versatile properties and wide number applications in various industries. High cost of xanthan gum and availability of relatively cheap substitutes hamper the market growth. On the other hand, increase in demand for oil and gas drilling is creating lucrative opportunities for the market growth.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $0.8 billion |
Market Size in 2032 | $1.6 billion |
CAGR | 5.9 % |
No. of Pages in Report | 398 |
Segments covered | Form, Grade, End-use Industry, and Region. |
Drivers | Increase in demand for xanthan gum in food and beverage industry Increase in demand for gluten-free food products Change in consumer preference coupled with increase in consumption of convenience food products |
Opportunities | Increase in demand for oil and gas drilling |
Restraints | High cost of xanthan gum and availability of relatively cheap substitutes |
The powder segment maintained its lead position during the forecast period
Based on form, the powder xanthan gum segment accounted for the largest share in 2022, contributing to more than four-fifths of the global xanthan gum market revenue due to xanthan gum is a key ingredient in gluten-free and allergen-free food formulations. It helps replicate the texture and structure that gluten provides in traditional products, making it essential for creating gluten-free alternatives that closely match their conventional counterparts. However, the liquid segment is anticipated to grow at the highest CAGR of 6.2% during the forecast period.
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The food grade segment maintained its lead position during the forecast period
Based on grade, the food grade segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global xanthan gum market revenue, and is anticipated to grow at the highest CAGR of 6.1% during the forecast period, due to food safety regulations and standards have become increasingly stringent in many parts of the world. The use of food-grade ingredients and materials is often mandated to ensure that food products are safe for consumption. Businesses are adopting food-grade materials and ingredients to comply with these regulations and to enhance their brand reputation.
The food and beverages segment maintained its lead position during the forecast period
On the basis of the end-use industry, the construction segment dominated the largest market share in 2022 contributing to around half of the global xanthan gum market revenue and held the major CAGR of 6.04% in 2032, due to the construction industry experiencing growth and increased activity globally. With construction projects taking place around the clock, there is a growing demand for reliable and efficient lighting solutions, including Xanthan gums.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global xanthan gum market and is anticipated to grow at the highest CAGR of 6.1% during the forecast period due to the Asia Pacific region having experienced rapid urbanization and rising disposable incomes, leading to increased demand for processed and convenience food. Applications of xanthan gum in enhancing texture, stability, and quality of these products have driven its demand.
Leading Market Players: -
- Cargill Incorporated
- DuPont De Nemours, Inc.
- The Archer-Daniels-Midland Company
- Foodchem International Corporation
- Deosen Biochemical Ltd.
- Tate and Lyle PLC
- Ingredion Incorporated
- CP Kelco ApS
- Solvay S.A.
- C.E. Roeper GmbH.
The report provides a detailed analysis of these key players in the global xanthan gum market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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