SEATTLE, Oct. 26, 2017 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global xanthan gum market was valued at US$ 383.0 million in 2016 and is projected to witness a CAGR of 3.38% over the forecast period (2017-2025). The increasing cases of the celiac disease and gluten intolerance worldwide are fueling demand for gluten free xanthan gum food products. Increasing application of xanthan gum across various end-use industries such as food & beverages, pharmaceuticals, oil & gas, agrochemicals, and paints & coatings is a major factor fueling market growth.
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Key Trends and Analysis of the Xanthan Gum Market:
Among end-use industries, food and beverages segment accounted for the largest market share in 2016, due to rising awareness regarding the health benefits, such as laxative effects and stabilization of blood sugar levels, associated with consumption of xanthan gum. Xanthan is also gaining traction as a substitute for gluten in various food products such as gluten-free cookies, muffins, pizza dough, and other baked products. It is used as a thickener in drilling mud and as a binder in pharmaceuticals. Thus, rampant growth of the pharmaceuticals and oil & gas sectors is aiding growth of the market.
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Key Market Takeaways:
- North America accounts for the largest market share, in terms of revenue, in the global xanthan gum market. According to the National Center for Biotechnology Information (NCBI), there is a notable increase in incidence rate of celiac disease over the last few decades, with 249 individuals diagnosed with celiac disease between 2000 and 2010.
- Asia Pacific market is expected to witness a CAGR of 4.09% during the forecast period. According to the NCBI, prevalence of celiac disease is high among children in Northern India, with the region referred to as celiac belt, owing to greater than average cases of celiac disease in this region. The prevalence of celiac disease is higher in Asian demographics as compared to white population. In 2012, the recorded celiac rate among Asian population was 1:193, whereas, in white population the celiac rate was 1:356.
- Leading players in the xanthan gum market focus on inorganic growth strategies for market expansion, innovation and new product development to sustain high competitive front of this market. In 2005, CP Kelco acquired Gold Millet, second largest xanthan gum producer in China.
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