Press release
Xanthan gum market to hit US$1.184 bn by 2023 | Key players like Cargill, Jungbunzlauer, CP Kelco, Pfizer, DuPont, Solvay, Unionchem, Kantilal Brothers
Xanthan Gum Market
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The FDA has approved the use of xanthan gum for direct consumption under the Code of Federal Regulations (CFR 21). However, the enforcement of anti-dumping policies by the U.S. Department of Commerce might hamper the business growth up to a certain degree.
In terms of applications, food & beverage sector is likely to dominate global xanthan gum market share and will witness growth at a CAGR of 5.5% through 2023. Xanthan gum is used to stabilize frozen food products via freeze and thaw cycles by regulating the growth of ice crystals. The product helps retain moisture while preventing staling, significantly extending the shelf-life of food and beverage products.
Meanwhile, oil & gas application segment will experience a healthy CAGR of over 6.2% during the analysis timeline. This growth can be largely attributed to positive oil & gas exploration and production (E&P) outlook in China. The pharmaceutical industry is also proliferating on account of growing R&D investments.
Pharmaceutical application segment for xanthan gum will reach US$10.2 million by 2023.
Changing climatic conditions in China, India, and Australia along with a rising aging population have resulted in increased demand for skin care products. Asia Pacific holds a dominant share in global xanthan gum industry and is projected to exceed US$495 million by 2023.
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Moreover, rapid expansion of the automotive sector in China, India, Malaysia, Thailand, and Indonesia is expected to fuel the demand for automotive paints and coatings. Factors such as rapidly growing urbanization, industrialization, rising per capita income levels, expansion of stores, favorable economic factors, and the availability of easy finance will certainly complement the regional outlook over the forthcoming years.
Meanwhile, North America xanthan gum industry, driven by U.S., is slated to witness a CAGR of 5.3% through 2023. Ongoing investments in technological development in the regional oil & gas sector for implementing advanced enhanced oil recovery (EOR) techniques to boost the production output for natural gas and crude oil will foster the regional growth.
Surging demand for petroleum and petroleum products in oil & gas applications has led to increased drilling activities in North America. Additionally, heavy investments in the pharmaceutical industry will offer lucrative opportunities to regional manufacturers. On the other hand, Europe xanthan gum market size will be worth more than US$235 million by the end of the forecast period.
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