North America Bean Gum Market

North America Bean Gum Market Growth and Forecast (2023 - 2028):

North America Bean Gum Market was worth USD 2.56 billion in 2022 and estimated to be growing at a CAGR of 5.51%, to reach USD 3.34 billion by 2028. This market is expected to have a high growth in the forecast period due to substantial demand from end-users like textiles, food and beverages based industries, paper and others.

Market Overview:

Bean Gum are food additives which are generally used in foods as thickening agents, texture modifiers, fat replicators, stabilizers and sizing agents so that demand of customers can be addressed. A few varieties like Locust Bean Gum is sometimes used as chocolate replacement since their taste is also very similar. They are used as fat replacers as they can move the fat in foods into water. They are added to cigarettes in order to enhance their taste.

Drivers and Restraints:

The North America market for Bean Gum is primarily driven by factors like changing eating trends, busy lifestyle low price, convenience in using them, rising demand for cholesterol free items by health conscious customers among others. This market is constrained by factors like imbalance between demand and supply due to shortage in resources and very low profits which also will affect its future supplies. These factors are going to hinder the growth of this market in the future.

North America Bean Gum Market Segmentation Analysis:

The North America Bean Gum market is segmented by type into Guar Gum, Locust Bean Gum, Gum Arabic, Tara Gum, Gellan Gum and other gum. By application this market is divided into fruit juices, soft drinks, bread and pastry, baby foods, confectionaries, ice creams and other foods. By end users, the market is divided into food and beverages, pharmaceuticals, paper, textiles, cosmetics and oil drilling fluids. By function they are segmented into stabilisation, texturing, coating, gelling and fat replacer. By end users food and beverages segment has the largest market share owing to their wide spread application in foods. It is followed by paper industry. However, the paper industry is losing its share as Bean Gum are being replaced by other materials. Textile industry is picking up its growth as they are using Bean Gum as sizing agents.

Region Analysis:

Geographically the North America Bean Gum Market is segmented into US, Canada, Mexico and Rest of North America. United States holds the largest market share in this region accounting to over 80 percent. The market is facing challenges in this region since the prices of Beam Gums is on the rise. Canada and Mexico dominate the market in Gelatin and Pectin.

Key Players in the Market:

Major Key Players in the North America Bean Gum Market are

• CP Kelco
• Cargill Inc
• Ashland Inc
• Kerry Group
• Hawkins Watts
• DuPont
• Royal DSM