Xanthan Gum Market size is expected to reach USD 1.184 billion by 2023; according to a new research report by Global Market Insights, Inc.
Asia Pacific xanthan gum market size was the largest among all regions and is expected to generate over USD 495 million by 2023. Increasing urbanization, rising disposable income, expansion of stores, supporting economic factors and availability of easy finance is driving regional demand. Automotive growth in India, China, Malaysia, Indonesia and Thailand is expected to fuel demand for paints and coatings manufacturers to boost regional production capacity.
Approvals from FDA and USDA for the use of product in medicines and bakery foods. FDA recognized the use of product for direct food human consumption under the Code of Federal Regulations (CFR 21) to fuel in food & beverage and pharmaceutical applications. Imposition of antidumping duties by the U.S. Department of Commerce may affect xanthan gum market price trend.
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Food & beverage dominated the market share and is expected to grow over 5.5% CAGR by 2023. Xanthan gum drives moisture retention, while inhibiting staling and prolonging shelf-life. It helps to stabilize frozen products through freeze and thaw cycles by controlling ice crystal growth.
Increased drilling activities in North America on account of growing demand for petroleum and petroleum based products in oil & gas industry to boost xanthan gum market share. Rising expenditure on technological development in oil & gas sector to increase the production output for crude oil and natural gas resulted in growing importance for enhanced oil recovery (EOR).
Cosmetic industry is expected to grow in revenue terms at USD 35.2 million by 2023. Growing demand for cosmetics in emerging economies owing to growing disposable income of consumers coupled with changing lifestyles mainly in India, China, Malaysia and Indonesia. Cosmetic products such as shampoos, lotions and denture cleaners are used as thickening and stabilizing agents.
Browse key industry insights spread across 94 pages with 62 market data tables and 17 figures & charts from the report, “Xanthan Gum Market Size By Application (Oil & gas, Food & Beverages, Pharmaceutical, Cosmetics), Industry Analysis Report, Regional Outlook (U.S., Russia, Germany, Netherlands, China, India, Brazil, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Oil & gas applications are set to grow at 6.2% CAGR in revenue terms. Strong Chinese O&G indictors, will drive xanthan demand.
- Asia Pacific, led by China xanthan gum market size, dominated regional consumption. Rising geriatric population and changing climate conditions in China, Australia and India have raised concerns for skin problems, which are expected to fuel personal care products demand and contribute to xanthan gum market growth.
- North America, driven by the U.S. xanthan gum market share, is poised to grow at 5.3% CAGR by 2023. Strong pharma spending cue will be a telling factor on demand.
- Europe xanthan gum market size is expected to exceed in terms of revenue at USD 235 million by 2023. Pharmaceutical applications are expected to exceed USD 10.2 million by 2023. Increasing R&D investments across the pharmaceutical industry will drive growth.
- MEA, led by Saudi Arabia may grow significantly, with rising health expenditure coupled with government support.
- Global xanthan gum market share is consolidated. Deosen Biochemical, Fufeng Group, CP Kelco, DuPont, ADM and Cargill are among notable industry players. Other participants include Pfizer, Sancho & Lee, Meihua Holdings, Solvay Group, Kantilal Brothers, Jungbunzlauer and Qingdao Unichem.
- Increasing R&D investments by major companies to explore untapped applications of xanthan gum, anticipated to open new avenues.
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