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Market InsightGlobal COVID-19 Impact on Xanthan Gum Market is projected to grow at a significant rate of 4.5% over the forecast period to reach a market value of USD 1.2 billion by the end of 2024.
Xanthan gum is a polysaccharide with multiple applications. Its use as a stabilizing and thickening agent in the food & beverage sector can warrant its need highly. The global Xanthan gum market report by Market Research Future (MRFR) contains valuable insights and unwitnessed trends for the period of 2020 to 2024 (forecast period). The effects of the COVID-19 virus and its effects on the production chain have been included as well.
The use of the gum in the food industry is likely to drive the market demand significantly. The items using it are baked goods, convenience foods, frozen desserts, confectionery items, and others. This can be attributed to the moisture retention capacity of the polysaccharide and its ability to prolong the shelf life of products. Rising healthcare costs and preference of nutrient-rich foods are likely to drive the global market growth. Regulation permitting the use of the gum as a food additive and as a food for infants will propel the market to new heights. But alternatives such as guar gum can hamper market growth.
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Key Players
Hebei Xinhe Biochemical Co Ltd, Fufeng Group Ltd., Cargill, Incorporated, The Zoranoc Oilfield Chemical, Fuerst Day Lawson, Kelco U.S., Inc., Meihua Holdings Group Co., Ltd., Vanderbilt Minerals, LLC., FMC Corporation, Jungbunzlauer Suisse AG, Archer Daniels Midland Company, Deosen Biochemical Ltd, Solvay, Ingredion Incorporated, and DuPont de Nemours, Inc. are key players of the Global Xanthan Gum Market. Joint ventures and partnerships are expected to be major strategies of players to sustain in the market.
Segmentation
Global COVID-19 Impact on Xanthan Gum Market has been segmented based on form, function, and application.
Global Xanthan Gum Market has been classified, based on form, as dry and liquid.
Global Xanthan Gum Market has been segregated, based on function, into thickeners, stabilizers, fat replacers, coating materials, and others.
Global Xanthan Gum Market has been divided, based on application, into food & beverages, pharmaceuticals & nutraceuticals, personal care, and others. The food & beverages segment is further bifurcated into bakery & confectionery, beverages, dairy & frozen desserts, sauces, dressings & dips, meat, poultry & seafood, and others.
Regional Analysis
Global COVID-19 Impact on Xanthan Gum Market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is expected to dominate the global market during the forecast period due to various applications and changing lifestyles of consumers. Adoption of healthy foods and avoidance of consumption of foods with synthetic and chemical additives can encourage the global Xanthan gum market in the region. The move by manufacturers in the skincare sector to move to natural or organic ingredients will bode well for the market.
APAC is touted to register the highest CAGR during the assessment period owing to the large number of consumers. Huge need for baked and confectionery items from Vietnam, China, Malaysia, and India can drive the regional Xanthan gum market growth. Massive demand for natural food additives and application in pharmaceuticals, oil & gas, and cosmetics industries can fuel the global Xanthan gum production in the region.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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