The Asia-Pacific Bean Gum Market was worth USD 1.02 billion in 2016 and estimated to be growing at a CAGR of 7.92%, to reach USD 1.49 billion by 2021.
This market is expected to have a significant growth in the forecast period owing to increased demand from end-users like food and beverages based industries, paper, textiles and others.
Bean Gum are food additives which are used in foods for different forms like fat replicators, thickening agents, texture modifiers, stabilizers and sizing agent so that customer’s demands can be met. A few alternatives like Locust Bean Gum can also be used as a replacement for chocolate since they have similar tastes.
They are sometimes used in cigarettes so that their taste can be enhanced.
They also have the ability to displace fat in food into water and hence can be used as a fat replacer.
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The Asia-Pacific market for Bean Gum is primarily driven by factors like their changing eating trends, low price, busy lifestyle, convenience in using them, rising demand for cholesterol free items by health conscious customers and other factors. The market is however facing a few restraints like very low profits which will affect its future supplies and disproportion between demand and supply due to resources shortage.
These factors are going to hinder the growth of the market in future.
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The Asia-Pacific 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.
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The Asia-Pacific market for Bean Gum is geographically segmented into India, China, Japan and Australia. This market is fastest growing in the world owing to consumer awareness and preference to nutritional foods.
China holds the largest market in the region followed by India. In Japan, this market is on rise since the demand for convenience foods is increasing.
Australian market is growing as a result of rising demand for natural foods.
Some of the major companies dominating the Asia-Pacific 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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