Food segment to play a crucial role in changing the climate of the global gellan gum market
Sales of gellan gum is projected to cross US$ 60 Mn by 2026. Sales revenue is likely to record a CAGR of 4.3% over the forecast period. Among the various applications, the food segment dominated the global gellan gum market with more than 50% market share in 2016. Owing to increasing use of gellan gum in food and beverages products globally, the market for food and beverages products is witnessing significant growth. Presently, gellan gum is widely used as an alternative for various hydrocolloids such as carrageenan gum in various dairy products, protein enriched drinks and other beverages. Gellan gum enables uniform dispersion and suspension of insoluble particulates in protein-fortified beverages and nut milks. Manufacturers of gellan gum are expanding their production capacity to meet the increasing market demand. Various international events are organised to promote the usage of gellan gum and to increase its customer base around the globe.
In 2015, the food segment was valued at more than US$ 23 Mn and is likely to project good growth throughout the forecast period. This segment is anticipated to cross US$ 40 Mn by the end of 2026 and record a CAGR of 4.7% over the assessment period. Personal care and cosmetics segment is expected to increase 1.3X in terms of value over the forecast period, registering a CAGR of 3.2% and this segment is likely to be valued at around US$ 6 Mn by the end of the assessment period. Industrial and household segment will perform well in 2017 by creating a standard absolute dollar opportunity of more than US$ 0.1 Mn. In 2015 the pharmaceuticals segment was valued at more than US$ 3 Mn and this segment is likely to rise above US$ 7 Mn by expanding at a CAGR of 3.9% till the end of 2026.
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Region wise performance analysis of the application category
In terms of value, the food segment is expected to hold a significant market share of the North America market during the forecast period. In North America, the food segment is anticipated to increase 1.4X in terms of volume. In Latin America, the food segment is anticipated to register significant revenue share during the forecast period. Amongst the various sub-segments of the food application segment, the food and beverages sub-segment is anticipated to record a high CAGR during the forecast period in the Latin America region. The food segment will dominate a considerable share of the Western Europe market throughout the assessed period. Amongst the sub-segments, the dairy products sub-segment will showcase better results and will record a good CAGR by the end of the assessment period. In Western Europe, the volume of the food segment will spike 1.4X during the forecast period. In Eastern Europe, the dairy products sub-segment is anticipated to register a high CAGR during the forecast period. The food segment will expand 1.2X till the end of 2026 in Eastern Europe.
In terms of value, China will spearhead the APEJ gellan gum market till the end of the forecast period. APEJ is anticipated to be the fastest growing market for gellan gum in terms of volume, registering a CAGR of 4.6% over the forecast period. In the APEJ region, the food segment will expand at a CAGR of 5.7% till the end of the projected period. Amongst the food sub-segments, the beverages sub-segment will record a CAGR of 6.4% by the end of 2026. In Japan, the food application segment is anticipated to register a significant market share during the forecast period.
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