August 21, 2020
According to the research report titled ‘Gum Fiber Market Size By Product, By Application, Industry Analysis Report, Regional, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report LLC, global gum fiber market is projected to witness exponential growth during 2020-2026.
Gum fiber has various applications in industries such as food, offshore and onshore oil & gas, and mining & construction among others, which is driving the market growth. Consumer inclination towards organic & natural products due to improved environmental cognizance, alongside rapid industrialization are stimulating gum fiber market outlook.
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However, dearth of well-equipped R&D facilities in gaur sector as well as availability of gluten-free substitutes like chia seeds and psyllium fiber are hampering the market growth to some extent, cites the report.
Speaking of the product terrain, the others segment, including gum tragacanth, tara gum, konjac gum and gum karaya, presently contributes 1.5% market share. Tara gum is a natural food additive and is majorly used as a thickener and a stabilizer.
In terms of application, the food segment is further classified into beverages, dairy, frozen foods, confectionary, and others. The frozen foods segment is poised to witness a 9.5% CAGR over forecast period due to growing demand for ice creams and frozen yoghurt as a result of changing consumer preferences.
The report cites that confectionary segment is anticipated to grow with a CAGR of 9% over the coming years. While, beverages segment is likely to experience a growth rate of 9.5% through 2026. Gum fiber market share from dairy segment is estimated to expand at 10% CAGR over the forecast period.
As per the study, oil & gas application segment is expected to record a 10% CAGR over 2020-2026. The mining & construction segment currently holds a market share of 35% and is estimated to experience tremendous growth through 2026. Guar gum is extensively used as a flocculant in mining for solid liquid separation.
From a regional frame of reference, LATAM currently holds 9% share in global gum fiber market. Whereas, Middle East & Africa industry is estimated to record a y-o-y growth rate of 8.5% during 2020-2026, owing to growing offshore and onshore oil & gas drilling activities in the region.
Key players operating in global gum fiber market are Nexira, Inc., AEP Colloids, Nutriroma, Shree Ram Industries, Supreme Gums Private Limited, Ashland Global, BASF SE, Cargill, Inc., Neelkanth Polymers, Abdullabhai Abdul Kader, Ingredion Incorporate, Lucid Colloids Ltd., Vikas WSP Ltd., DuPont de Nemours, Inc., and Dabur India Ltd.