Latin America Bean Gum Market was worth USD 480 million in 2016 and estimated to be growing at a CAGR of 6.2%, to reach USD 650 million by 2021.
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This market is expected to have a large growth in the forecast period as demand is increasing from end-users like food and beverages based industries, textiles, paper and others.
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Bean Gum are additives for food used in various forms like thickening agents, texture modifiers, stabilizers, fat replicators and sizing agents so that demand of customers can be met. A few varieties like Locust Bean Gum are also used as chocolate substitutes since they taste very similar.
They can be used as fat replacers since they displace the fat present in foods into water.
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They are added to cigarettes in order to enhance their taste.
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The Latin America market for Bean Gum is primarily driven by factors like their busy lifestyle, low price, changing eating trends, convenience in using them, rising demand for cholesterol free items by health conscious customers among other factor. The constraints that this market is facing are very low profits which is going to affect its future supplies and supply-demand imbalance due to resource shortages.
These factors are going to hinder the growth of this market in the future.
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The Latin America Bean Gum market is segmented by type into Guar Gum, Locust Bean Gum, Gum Arabic, Tara Gum, Gellan Gum and other gum. By application this market is divided into fruit juices, soft drinks, bread and pastry, baby foods, confectionaries, ice creams and other foods.
By end users, the market is divided into food and beverages, pharmaceuticals, paper, textiles, cosmetics and oil drilling fluids. By function they are segmented into stabilisation, texturing, coating, gelling and fat replacer.
By end users food and beverages segment has the largest market share owing to their wide spread application in foods. It is followed by paper industry.
However, the paper industry is losing its share as Bean Gum are being replaced by other materials. Textile industry is picking up its growth as they are using Bean Gum as sizing agents.
The Latin America market for Bean Gum is geographically segmented into Brazil, Argentina and others. Brazil holds the largest market share in this region.
Changing preferences of consumers combined with consumers becoming conscious about healthy foods is driving the market in this region. In the Gelatin segment, Argentina holds the largest market share.
Some of the major companies dominating the Latin America Bean Gum market are Cargill, Kerry group, Scalzo Food Industries, LBG Sicilia ingredients, G Araouzos & Son, Ceamsa, TIC Gum Incorporation, CP Kelco, Fiberstar Inc., FMC Specialty Chemicals, Gum Technology Corporation and E.I. DuPont De Nemours & Company.
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