The gum fibre market growth graph is slated to gain substantial momentum over the coming years owing to the increasing oil and gas drilling as well as extraction activities. Additionally, growing demand for convenience foods across the globe is also projected to foster industry expansion.
As per market analysis, rising penetration of gum fibres in food and beverage for adding in texture, smoothness, and also keeping the dietary need intact in foodstuff will boost the market growth.
Significant health benefits, which include reduced risk of obesity, strokes, diabetes, and cancers will further increase the market share.
Increasingresearch and development investments towards the development of potential usages of gum fibres across numerous industries will also drive business growth. Furthermore,mounting applications towards the preparation of food products with low glycemic–index, owing to its application as essential dietary fibre, will stimulate the industry size.
As per a research report by Global Market Insights, Inc., gum fibre market is estimated to surpass $1.8 billion by 2026.
In addition, several industry players are actively employing strategies such as acquisitions, joint ventures, partnerships, research and development, and new product launches to stay ahead of their competition, which is foster industry growth. For instance, in December 2019, Batory Foods, a leading food ingredients distributor in the US acquired the assets of Polypro International, a well-known supplier of Procol, which is a food grade guar gum that is used as a binding, suspending, stabilising, and thickening agent.
The acquisition allowed Batory to establish itself as the biggest clean label texturants distributor in the US.
In terms of product, locust bean gum segment is likely to hold a revenue share of around 19 per cent by the end of the forecast timeframe. Prominent functional properties such as stabilising, thickening,as well as water-binding features have improved their use across food preparations like confectionery, dairy, bakery items, and ice creams for providing a fine texture along witha good mouthfeel.
The product is also utilised in the pharmaceutical sector, usually to manufacture gel formulations and injectable systems. In the textile sector, these bean gum delivers sharper outlines, consistency of shades, and deeper penetration of dyes along with high purity levels.
In terms of application, the pharmaceutical application segment is expected to witness gains of nearly 9 per cent by the end of the projected time period owing to the growing research and development investments and creationof pharmaceutical supplements.
It further has the capability to form gel or viscous dispersions inside aqueous media, which enables it to be utilised as agents and excipients in order to control the rate of drug release.
Furthermore, gum fibres are also utilised as disintegrate and binders in tablets and medicines owing to their exceptional adhesive properties. Rising consumer focus towards maintaining fitness and regulating body weight has improved the product penetration throughout the dietary supplement market.
Considering the product’s favourable characteristics, which give it a substantial scope of growth in the pharmaceutical and F&B sector, various industry players are using different strategies to leverage them for business growth. Citing an example, in April 2019, France based,Alland and Robert reportedly announced the signing of a JV with Sayaji Industries for the production of acacia gum in India.
On the geographical front, APAC gum fibre market is likely to witness growth of more than 10 per cent by the end of the forecast timeframe. Growing per capita incomes coupled with the rising penetration of numerous multinational food and beverage industry manufacturers have driven consumer inclination towards healthy food products.
Additionally, fast growth in oil and gas exploration activities coupled with the presence of vast technically recoverable resources across Australia, China and India will surge the market growth in the region.
Some of the key players operating in the gum fibre market are LBG Sicilia, DuPont, Cargill, Neelkanth Polymers, Nexira, Vikas WSP, and Lucid Group among others, are. Overall, the market is likely to be driven by new product launches, acquisitions, mergers among manufacturers and increasing product demand among consumers.
