Global Bean Gum Market was worth USD 6 billion in 2016 and estimated to be growing at a CAGR of 5.9%, to reach USD 8 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 various forms such as thickening agents, fat replicators, stabilizers, texture modifiers and sizing agents in order to meet the demand of customers.
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A few variants like Locust Bean Gum can also be used as a substitute for chocolate since it tastes very similar. They also have the ability to displace fat in food into water and hence can be used as a fat replacer.
They are sometimes used in cigarettes also in order to enhance their taste.
The Global market for Bean Gum is primarily driven by factors like their low price, convenience in using them, changing eating trends, busy lifestyle, rising demand for cholesterol free items by health conscious customers among other factors. However, this market is constrained by factors like very low profits which also will affect its future supplies and imbalance between demand and supply due to shortage in resources.
These factors are going to hinder the growth of this market in the future.
The Global 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 Global market for Bean Gum is geographically segmented into North America, Latin America, Middle East and Africa, Asia-Pacific, Middle East and Europe. North America has the largest share in this market.
However, due to ongoing high prices of Bean Gum in North America, this market is losing its share in the region. Europe takes the second position globally in this market.
In Europe, the United Kingdom has the largest share in this market followed by Germany. Europe is followed by Asia-Pacific due to increased food demand from developing economies like China, India and Japan.
Asia-Pacific is the fastest growing region in this sector.
Some of the major companies dominating the global 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.
Scope of the Report
- Regional and country-level analysisand forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysisin terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC)in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysisfor analysing the level of competition and business strategy development
- A comprehensive list of key market playersalong with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysislisting out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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