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Global Carob Bean Gum Market to Grow at a Healthy Pace During 2021-2026, Aided by its Rising Applications in the Food Industry

According to a new report by EMR titled, ‘Global Carob Bean Gum Market Report and Forecast 2021-2026’, the global market for carob bean gum is being driven by the growing food additives market, which is projected to grow at a CAGR of 5.8% between 2021 and 2026 to reach USD 68 billion by 2026.

The global market for carob bean gum is rapidly growing due to its rising applications in the growing food and beverage industry. It is widely used as a food binder, and it helps stabilise the freezing and melting properties of food. Apart from this, the product also helps in improving the taste of the food products. Carob bean gum is gluten-free and, thus, it is extremely useful for gluten-allergic consumers, and it is often used to provide chocolate flavour to food. While carob beans do not provide a lot of nutrients, they include a significant amount of dietary fibre that promotes health. With the rising health awareness, consumers are shifting towards healthier lifestyles and diets, which is boosting the demand for healthy food products, including carob bean gum.

In November 2017, DuPont de Nemours Inc (NYSE: DD), one of the leading key players in the global market, increased their carob bean gum price to adapt to dynamic market conditions. This hike in price would allow DuPont to continue offering high-quality carob bean gum services to its customers. It will also allow a continued emphasis on quality, safety, and efficiency to deliver the most sustainable solutions to the global food industry. This step helped the company grow in the historical period and is likely to continue supporting the growth of the company in the global market by gaining the trust of the consumers.

Market Analysis by Form, Application, and Region:

The forms of the product can be divided into powder and gel.
Carob bean gum finds applications in both food and non-food products. Food products include breakfast cereals, salad dressing, meat products, breads, and dairy products, among others. Non-food products can be divided into cosmetic, paper products, shoe polish, and others.
The regional markets for carob bean gum include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Due to its natural properties as food additives, the carob bean gum is widely demanded in the food industry.
  • The product is widely demanded due to its cost-effectiveness, thus, aiding the market growth.
  • Since it is gluten-free, it finds demand among the people allergic to gluten, further aiding the market.
  • The commercial quality of food products in which flavours and enhancers are increasingly required is projected to aid the growth of the demand for carob bean gum.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for carob bean gum for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the forms, applications, and major regions of carob bean gum.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global carob bean gum market are Cargill, Incorporated, DuPont de Nemours, Inc., TIC Gums, Inc., Contined B.V., and Carob S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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