Xanthan Gum Market Overview:

The xanthan gum market is estimated to be worth USD 0.6 billion in 2022. The xanthan gum market industry is projected to grow from USD 0.62 billion in 2023 to USD 0.82 billion by 2030 at a compound annual growth rate (CAGR) of 4.73% during the forecast period. period (2023-2030). Thickeners, stabilizers, fat substitutes, coatings, gelling agents, fertilizers, detergents, adhesives, sealants and other ingredients used in food, beverages, pharmaceuticals, and hygiene products are just a few of the many uses in industry. The low availability of oil and shale gas has also expanded due to hydraulic fracturing and other technological breakthroughs, which are driving factors for market growth.  The adoption of vegan products in the food industry has accelerated due to the rapidly growing vegan population.

Vegans make up 1.1% of the world’s population. So in 2023 there will be approximately 88 million vegans on earth. This factor directly affects the value growth of the Xanthan Gum Market, the increase in the number of vegans and other macro factors, including the increasing demand for convenience and consumer goods. continued growth of food and GDP per capita. Consequently, the growing trend of veganism has accelerated the xanthan gum market CAGR in recent years.  The rapid growth of the oil industry is probably good news for the xanthan gum business. In addition, wellbore wall stabilization and reservoir damage reduction increase drilling efficiency. In addition, xanthan gum is chosen over CMC, polyacrylamide, modified starch, and other polysaccharides such as guar gum in oil field development due to its excellent rheological properties. Thus, the rapid growth of the petroleum industry is another factor driving the revenue of the xanthan gum market.

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Key Players:

Key Companies in the xanthan gum market include. Cargill,Solvay S.A.,Deosen,Fufeng Group,Ingredion,Hebei Xinhe Biochemical Co. Ltd.,CP Kelco,Meihua Holdings Group Co. Ltd.,Unionchem,Archer Daniels Midland Company

Segmentations:

 Xanthan gum market segmentation based on fusion type includes dry and liquid. In 2020, the dry market category had a higher market share of the xanthangum market revenue. Xanthan gum market information is segmented by function into thickeners, stabilizers, fat substitutes, coatings and others. In 2021, thickeners sold in this category had the largest market share. On the basis of application, the xanthan gum market segmentation is divided into food and beverages, pharmaceuticals and nutraceuticals, personal care and others. The food and beverage sector is expected to grow at the highest CAGR.  By region, the study provides a market overview of North America, Europe, Asia Pacific and rest of the world. The North American xanthan gum market was valued at USD 0.27 billion in 2022 and is expected to grow significantly during the study period. In North America, drilling activity has increased due to the growing demand for oil and oil-based products, which is likely to strengthen the oil and gas sector and in turn boost market growth. The EIA projected that oil production will rise to 12.34 million barrels in 2023. For comparison, a record 12.29 million barrels per day was reached in 2019. The consumption of oil and other liquid fuels should increase from the previously estimated 20.48 million barrels to 20.51 million.

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Regional Insights:

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Xanthan Gum market accounted for USD 0.27 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Drilling operations grew in North America as a result of the rising demand for petroleum and petroleum-based goods, which is likely to strengthen the oil & gas sector and, in turn, drive the market’s expansion. The EIA predicted an increase in petroleum production to 12.34 million bpd in 2023. In comparison, a record 12.29 million bpd was achieved in 2019. The anticipated consumption of petroleum and other liquid fuels will increase from the prior estimate of 20.48 million bpd to 20.51 million bpd.

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