Home / Press Release / Global Locust Bean Gum Market is Expected to Grow a CAGR of 5.6% During the Forecast Period

Global Locust Bean Gum Market is Expected to Grow a CAGR of 5.6% During the Forecast Period

The latest market report published by Credence Research “Global Locust Bean Gum Market: Growth, Future Prospects, and Competitive Analysis, 2015 - 2027”. The locust bean gum market generated revenue of around USD 17 million in 2020 and anticipated to grow at a CAGR of over 5.6% during the forecast period from 2021 to 2027 to reach around USD 40 million in 2027. 

Global Locust Bean Gum Market

Global Locust Bean Gum Market, 2020 – 2027 (USD Million)

Browse the full report at: https://www.credenceresearch.com/report/locust-bean-gum-market

Locust Bean Gum also named carob bean gum, is extracted from seeds of Ceratonia Siliqua. It has high molecular weight and high resemblance to guar gum. Unlike other hydrocolloids, it is partially soluble in water and with the addition of heat, dissolves fully in water above 80°C .

Key Trends in Global Locust Bean Gum Market

High Demand in Food & Beverage Industry

In the food and beverage industry, locust bean gum is commonly used as a thickening, stabilizing, and gelling agent, as well as an emulsifier. The emulsifier code E410 is used to identify locust bean gum all over the world. It is also a good water binder, which helps to avoid the issue of syneresis in food.

The gels produced with LBG are used in the manufacture of processed cheese, pet foods, cream cheese, and desserts. Locust Bean Gum prevents the development of ice crystals, making it useful in the production of ice cream as a stabilizing agent to keep the ice cream from melting too quickly.

Impact of COVID 19 on Locust Bean Gum Market

In 2020, harvest season which started from September remained on average level. However, it didn’t prevent seed and Carob pods prices. Further increase in rates can be seen for raw material LBG.

The key driving factor for high prices is pod and seed price. Additionally, these are considered as natural product and pose specific characteristics which have boosted its demand in the market.

Global Locust Bean Gum Market by Type Insights

Pale Gold Type, Copper Type, Rich Gold Type and Rich Pale Gold Type are some of the major types Locust Bean Gum. Rich Gold Type acquired highest share in 2020 and likely to remain in the forecast period.

Rich Gold Type Segment to Dominate the global Locust Bean Gum market

Global Locust Bean Gum Market by Type, 2020

Global Locust Bean Gum Market

 

Global Locust Bean Gum Market by Application Insights

Locust Bean Gum market is bifurcated based on application as Coating Industry, Printing Industry and Plastic Industry. Plastic Industry covered maximum share of the market in 2020.                

Global Locust Bean Gum Market Share by Application, 2020

Global Locust Bean Gum Market

Global Locust Bean Gum Market by Regional Insights

In 2020, the European market was the biggest. Due to high demand from various application segments, the United Kingdom, led by Germany, is biggest importer of locust bean gum across Europe.

The Asia Pacific area comes in second. China leads the locust bean gum market in the Asia Pacific region, followed by Japan, South Korea and India. Food and beverage industries in Asia Pacific have a larger consumer base as a result of growing disposable income and an increasing population. As a result, the global locust bean gum market is booming. North America, on the other hand, is losing market share due to high prices.         

Global Locust Bean Gum Market Competitive Landscape

Most prominent companies in the Locust Bean Gum market are CP Kelco, Ceamsa, TIC Gums Incorporation, FMC Specialty Chemicals, G Araouzos & Son, Scalzo Food Industries, Kerry Group, LBG Sicilia ingredients, Gum Technology Corporation, Fiberstar Inc., and Cargill. The report covers very detailed profiles of these key players.

Global Locust Bean Gum Market, Company Distribution Network, 2020

Global Locust Bean Gum Market

Market Segmentation

Global Locust Bean Gum Market by Type, 2015 - 2027

· Copper Type

· Pale Gold Type

· Rich Pale Gold Type

· Rich Gold Type

Global Locust Bean Gum Market by Application, 2015 - 2027

· Printing Industry

· Coating Industry

· Plastic Industry

Global Locust Bean Gum Market by Region, 2015 - 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Locust Bean Gum Market: Key Players

· Scalzo Food Industries

· TIC Gums Incorporation

· G Araouzos & Son

· LBG Sicilia ingredients

· Gum Technology Corporation

· Ceamsa

· CP Kelco, Fiberstar Inc.

· FMC Specialty Chemicals

· Kerry Group

· Cargill

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