July 14, 2024

Projected Consumer Demand To Boost The Growth Of Cassia Gum Market

The global Cassia Gum Market is estimated to be valued at US$ 16.2 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cassia gum is a food additive obtained from the pods of species of Senna. It is used as a thickening and stabilizing agent in various food products. Cassia gum helps improve the texture and mouthfeel of products. It has excellent water holding capacity which increases the viscosity and improves stability. The gum also acts as an emulsifying agent and prevents separation of ingredients. Cassia gum finds wide application in the food industry as a binder in bakery products, stabilizer in sauces and dressings, and as a thickening agent in soups, gravies and meat products. Its ability to form films makes it useful as a coating for pills and tablets to control release.

Market key trends:

Increasing consumption of packaged and convenience foods globally is driving the demand for cassia gum. Changing lifestyle and busy schedules have prompted consumers to rely more on ready-to-eat meals and packaged snacks which use various emulsifiers, binders and stabilizers like cassia gum. The booming online food delivery sector is also augmenting the sales of packaged food products. Moreover, rising health-consciousness is spurring the demand for natural food ingredients which is benefiting the cassia gum market. Manufacturers are exploiting cassia gum’s thickening, stabilizing and binding properties to replace artificial additives in food products. The organic and clean label trends prevailing in the food industry present immense opportunities for cassia gum producers. Stringent international quality standards and regulations regarding food additives are encouraging companies to use natural ingredients like cassia gum.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the cassia gum market is moderate. The market players require compliance with stringent food safety regulations which has increased the overall cost of production. Bargaining power of buyers: The bargaining power of buyers in the cassia gum market is low due to the existence of niche applications of cassia gum in the food industry and limited availability from major suppliers. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to limited availability and supply of casia gum from limited sourcing countries. Threat of new substitutes: The threat of new substitutes in the cassia gum market is low as there are no suitable substitutes that can replace the adhesion, suspension and emulsification properties of cassia gum. Competitive rivalry: Moderate owing to the presence of both global and regional players.

Key Takeaways

The global Cassia Gum market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing demand from food and pharmaceutical industries for its functional properties such as thickening, binding, stabilizing.

The Asia Pacific dominates the global cassia gum market. India is the largest supplier of cassia gum globally, accounting for more than 60% of the global production. The APAC region is also estimated to be the fastest growing market for cassia gum owing to the robust growth of food processing industry in India and China.

Key players operating in the cassia gum market are Agro Gums, Avlast Hydrocolloids, Altrafine Gums, H. B. Gum Industries Private Ltd, Premcem Gums Pvt. Ltd., Agro Herb Gums, JD Gums And Chemicals, Dwarkesh Industries, Fooding Group Limited, Amba Gums & Feeds Products, and The Lubrizol Corporation. Key players are focusing on product innovation and expansion of production facilities to cater to the growing demand for cassia gum.