Gum Fiber Market Size By Product (Gum Arabic, Guar Gum, Locust Bean Gum), By Application (Food [Frozen Foods, Confectionary, Beverages, Dairy], Oil & Gas, Mining & Construction, Textile, Pharmaceutical, Personal Care & Cosmetics), Industry Analysis Report, Regional, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
The gum fiber market is set to witness promising growth over the forthcoming time period owing to a rising product demand from a plethora of application avenues including offshore and onshore oil & gas industry, food industry, and mining & construction industry among others.
The overall gum fiber market is bifurcated into different segments in terms of product, application, and regional landscape.
Based on product, the gum fiber market is categorized into locust bean gum, guar gum, gum Arabic, and others. The others segment includes products such as gum karaya, Tara gum, gum tragacanth, and konjac gum and currently holds a share of over 1.5%. Tara gum is a natural food additive and has been approved by the Food Chemicals Codex. It functions majorly as a thickener and a stabilizer.
Tara Gum offers food processing with numerous advantages across a wide assortment of low-fatty and fat-free applications within food applications, which includes baked goods, condiments, salad dressings, desserts, and dairy products.
In terms of application, the overall gum fiber market is segmented into food, personal care & cosmetics, pharmaceutical, textile, mining & construction, oil & gas, and others.
The food application segment is further classified into dairy, beverages, confectionary, frozen foods, and others. The frozen foods segment will witness growth owing to the rising demand for ice creams and frozen yoghurt globally because of shifting consumer taste preferences. This segment will witness over 9.5% CAGR over the forecast timeframe.
Confectionary food segment will witness more than 9% CAGR over the forthcoming timeline. Beverages food segment will witness more than 9.5% CAGR through the forecast timeframe. Dairy segment will witness more than 10% CAGR over the projected time period. The others segment includes sauces, dips & dressings, meat, and pet food and is likely to witness over 8.5% CAGR over the forecast timeframe.
The oil & gas application segment will witness more than 10% CAGR over the forecast time period. The mining & construction segment presently holds a market share of over 35% and is likely to witness tremendous growth. Guar gum is generally used in mining, it is extensively used as a flocculant so as to produce solid liquid separation. It is further used in flotation and acts as a depressant for talc gangue which is mined along with other valuable minerals.
Personal care & cosmetics applications are anticipated to have significant growth potential owing to adoption of natural ingredients by the manufacturers. This segment will witness over 8.5% CAGR over the forthcoming time period. The others application segment includes paper and grass growing and presently holds a share of over 4%.}
From a regional frame of reference, the LATAM region currently represents a share of over 9% in the overall market. Increasing offshore and onshore oil & gas drilling activities in the Middle East & Africa region will foster product demand over the coming years. The region is likely to witness more than 8.5% CAGR over the projected timeframe.
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