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Locust Bean Gum Market to Record an Exponential CAGR by 2021

Press Release   •   Jan 29, 2018 03:41 EST

Locust bean gum is cost effective food additive that is used across different application of food in order to meet consumers demand. It is used as a gelling agent, thickener, stabilizers and fat replicators in food technology. Moreover it can be used as a chocolate substitute owing to its sweet flavor. The global locust bean gum market can be segmented on the basis of application, function and geography. The application segment is further bifurcated into food and beverages, pharmaceutical, textile, cosmetics and others. The function segment includes stabilizing function, texturing function, and coating function among others. In addition, the report provides a cross-sectional analysis of all the above segments with respect to different geographical regions including North America, Europe, Asia Pacific and Rest of the World (RoW).

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Locust bean gum is replacing the application of guar gum in food and beverage industries due to its low price. This is expected to be the key factor boosting the growth of locust bean gum market globally. Moreover, increasing demand for convenience food also fuelling the demand for locust bean gum. Busy lifestyle and changing eating patterns are driving the growth of convenience food products which in turn is escalating the demand of locust bean gum on account of its increasing application as a thickener and gelling agent. In addition, the global locust bean gum market is expected to show a robust growth owing to the increasing demand for low cholesterol food products by health conscious customers. Locust bean gum has the ability to suppress the fat content of food products by dispersing in the water and acts as a fat replacer.

However the low price of the locust bean gum fetches very less profit to the locust bean growers worldwide. This is predicted to hamper the future supply of locust bean. Imbalance between demand and supply due to shortage of resources is expected to hinder the growth of global locust bean gum market. Moreover, Carob tree which is the main source of locust bean are mainly grown in Mediterranean region. During winter, frost in this region mostly damages the fruits of Carob trees which results in fewer yields of locust beans. Owing to this, the prices of locust bean gum considerable fluctuate, thus limiting industries to switch to locust bean gum.

In 2014, among the different application segment the food and beverage segment held the largest share in terms of locust bean gum market. Increasing application of locust bean gum in food and beverage industry as a fat replicators and stabilizer is expected to trigger the growth of locust bean gum in food and beverage segment.

Food and beverage industry is followed by textile industry. Use of locust bean gum is rapidly increasing in textile industry as print paste thickener and sizing agent.

Geographically, Europe held the largest market for locust bean gum in 2014. Among Europe, UK followed by Germany is the largest importer of locust bean gum owing to the high demand of from different application segment. Europe is followed by Asia Pacific region. The locust bean gum market is Asia Pacific region is primarily driven by China followed by India. Huge customer base in Asia Pacific region owing to increasing population coupled with rising disposable income provides better scope for food and beverage industries. This in turn is driving the global locust bean gum market. On the other hand North America is losing its market share due to high price of locust bean gum.

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Some of the major key players in the global locust been gum market are Cargill, Kerry group, FMC Specialty Chemicals, Gum Technology Corporation and E.I. Dupont De Nemours & Company.

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