The Xanthan Gum Market is set to grow from its current market value of more than $740 million to over $1.18 billion by 2023; as reported in the latest study by Global Market Insights, Inc.Rising demand for naturally sourced emulsifiers in confectioner & bakery products may drive global xanthan gum market. Change in lifestyle of consumers in Brazil, India, China and Russia has increased demand for convenience food along with usage as an alternative to salvation for dry mouth should drive market growth. Stringent regulations from various regulatory bodies such as FDA and USDA for usage of xanthan gum in medicines and bakery products should drive product demand.
Increase in end-user industries such as food & beverages, oil & gas, pharmaceutical and cosmetics, should stimulate xanthan gum market growth. It is utilized in enhanced oil recovery process in oil & gas industries for reducing water mobility by decreasing permeability and increasing viscosity. Oil & gas industries are in favor of enhanced oil recovery method as it increases production of crude oil & natural gas output from reserves. Growing usage of EOR process has resulted into high demand for xanthan gum.
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Increase in usage of xanthan gum in cosmetics industry as it helps keeps various ingredients from separating, has the capability to hold water, enhances freeze-thaw stability, improves shelf life, inhibits starch retro-gradation and helps with stabilization of product. Increased usage of moisturizers, denture, cleaners, shampoos and other beautifying agents will stimulate market growth.
Potential threat of substitutes such as guar gum along with imposition of antidumping duties by the U.S. Department of Commerce may affect price trend and pose challenge to market growth.
Oil & gas applications from xanthan gum market may surpass USD 480 million by 2023. It helps in accelerating drilling rates and maximizes drill bit penetration in high shear or low thickness conditions and reduces pumping friction in saltwater muds. Its usage in oil & gas industries results into minimal maintenance of machinery and reduced cost of operation. Positive refinery output indicators may strongly influence industry demand.
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Xanthan gum market from cosmetics may register growth of over 4.5% by the end of forecast timeframe. It is widely used in production of various beautifying agents. It is also used as thickening and settling specialist in restorative products such as shampoos, moisturizers and cleaners. Threats pertaining to synthetic care products along with increasing significance for natural beautifying products should boost product demand.
Europe, led by UK and Germany xanthan gum market may surpass USD 230 million by 2023. Increase in personal care and cosmetic products in major European markets including UK, Italy and Germany may enhance market growth. Additionally, growing R&D activities in pharmaceutical industry may propel demand in region.
Global xanthan gum market share is concentrated with key market players include ADM, Cargill, Pfizer, Solvay, Gum Technology, Unionchem, Dupont, and Fufeng Group Company.
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