Global Gellan Gum Market to Reach US$ 416.1 Mn by 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Nov 18, 2019--
The global gellan gum market was valued at US$ 153.4 Mn in 2018, and is expected to exhibit a CAGR of 11.8% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Global Gellan Gum Market:
Global gellan gum market is expected to witness significant growth over the forecast period, owing to factors such as rapidly growing food and beverage industry, vegan alternatives for animal-based products, and increasing mergers and acquisitions by market players. For instance, according to a report titled ‘Sector Trend Analysis of Bakery Products’ published by the Agricultural and Agri-food department of Canada in December 2016, the global bakery market in terms of retail value reached US$ 338.7 billion in 2015 from US$ 321.8 billion in 2014, with a CAGR of 4.7% for the period 2010-2015.
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High acyl gellan gum is a type of gellan gum that is used to improve the taste of the product, and also used as a thickener and stabilizer. In fruit juices, high acyl gum is used to form elastic gels or can be mixed with other hydrocolloids to produce juices with different texture. High acyl gellan gum is used as a suspension agent in milk products, plant-based protein drinks, fruit juices, and other beverages.
Moreover, increasing disposable income is expected to boost growth of the for food & beverages industry, which will further fuel demand for gellan gum in North America. For instance, according to Trading Economics Statistics on United States Disposable Personal Income, the disposable personal income in the U.S. averaged US$ 5,200.2 billion in 1959, which increased to US$ 15,742.81 billion in November 2018.
However, various substitutes such as pectin, xanthan gum, guar gum, and locust bean gum among others are available in the market that can easily replace gellan gum. Increasing availability of substitutes is expected to hamper growth of the gellan gum market during the forecast period.
Key Market Takeaways:
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KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: RETAIL CHEMICALS/PLASTICS MANUFACTURING FOOD/BEVERAGE
SOURCE: Coherent Market Insights
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PUB: 11/18/2019 10:03 AM/DISC: 11/18/2019 10:03 AM