Latin America Carob Bean Gum Market

Latin America Carob Bean Gum Market Growth Overview:

Latin America Carob Bean Gum Market was worth USD XX million in 2020 and estimated to be growing at a CAGR of XX%, to reach USD XX million by 2026. Carob Bean Gum is a food additive which is used as a thickening and a gelling agent.

Carob bean gum, which is commonly referred as Locust Bean Gum (LBG) is a vegetable gum that is extracted from seeds of carob tree. After drying the seeds of carob tree, they are heated to release their natural oils and are ground up into a precipitate known as carob gum. Its powdered form is sweet with a flavour similar to chocolate, and used as a substitute to chocolate and also used in cosmetics, cigarettes, and others.

The Growth of market is driven by factors like the taste enhancing and thickening properties of Carob Bean Gum, shifting manufacturer and consumer focus towards natural and customized enhances and additives over artificial enhancers. However factors like seasonal availability of carob beans and supply demand disparities due to shortage of resources may hamper the growth of market.

REPORT COVERAGE:

Latin America market for Carob Bean Gum is segmented based on Form and Application. Based on Form it is divided into Powdered and Gel. Based on Application it is divided into Food and Non-Food Applications. Food application is further segmented as Breakfast cereals, Salad Dressings, Meat Products, Breads, Dairy Products and Others. Non Food Applications is further segmented as Cosmetics, Paper products, Shoe polish, Textiles and Others. Based on geographical analysis, the market is divided into regions of Brazil, Argentina, Mexico and Rest of Latin America. Brazil holds the major share in the market due to presence of market leaders as well as extensive use of Carob Bean Gum in the food products and food processing. Argentina is the fastest growing region due to increasing adoption rate and increasing demand for natural additives and enhancers. Based on Form, Gel form is the most widely used due to extensive use in food processing and textile industry. Based on Application, Food applications occupy the major share in the market due to its use as a thickening agent as well as a sweetener and a chocolate substitute. In the Non food applications textile industry is leading the market while cosmetic segment is expected to grow the fastest.

Some of the key players dominating this market include Scalzo Food Industries, LBG Sicilia ingredients, G Araouzos and Son, Gum Technology Corporation, Ceamsa, TIC Gums Incorporation, CP Kelco, FMC Specialty Chemicals, Fiberstar Inc., Kerry Group and Cargill.