The global olibanum gum market has been witnessing strong growth over the past few years on account of increasing demand from the flavor & fragrance industry and this trend is expected to continue over the forecast period. Rising demand for natural gums is one of the key factors to drive the market over the projected period. Increasing the application scope of olibanum gum in a wide range of industrial uses such as beverages, candies, pharmaceuticals, chewing gums, confectionery, dairy products, canned vegetables, and gelatin is anticipated to trigger the market growth. Demand for olibanum gum is also anticipated to increase owing to its unique aroma. In addition, it is used as a burning incense in religious festivals, which is anticipated to impact the market growth positively over the forecast period. In addition, increasing demand for thickeners, stabilizers, emulsifiers, and fixatives in the food industry is anticipated to complement the market growth over the next seven years.
Based on product type, the olibanum gum market can be segmented into tigraye, garden, and borena. Based on regional source, the market can be segmented into eritrean, maidi, beyo, and Indian. Eritrean is produced in Ethiopia and Sudan, maidi, and beyo in Somalia whereas Indian type is produced in India. Eritrean type olibanum gum emerged as the widely used product segment in 2013 followed by maidi. Eritrean type is widely used as incense by Roman Catholic and Orthodox churches, which is the key factor to drive the boost demand for this product segment.
Olibanum Gum applications include adhesive thickeners, release agent, formulation, stabilizers, emulsifiers, additive, fixative, and clarification agent. Application of olibanum gum as stabilizer, emulsifier, additive, and thickeners has been witnessing strong growth over the past few years on account of increasing demand from the food industry and the trend is expected to continue over the forecast period. Rising application of olibanum gum as a thickener in adhesives is also expected to witness significant growth over the foreseeable period. Other applications of olibanum gum as formulation agent in cosmetics, releasing agent in rubber products and other beverage applications is anticipated to augment the market growth in the near future. Increasing applications in soaps, incense sticks, liquid soaps, and air fresheners is further expected to complement the market growth over the forecast period.
The food and beverage industry is the largest market owing to its strong application base in this industry as a thickening, stabilizing, emulsifying, and fixative agents. Perfumery was the second major end-use segment for the market owing to its increased use in perfumes, which are used as burning incense in religious festivals. Moreover, the medical industry has been witnessing strong growth for the olibanum gum market owing to its increased application scope in manufacturing traditional medicines in China.
North America was the largest market for olibanum gum over the past few years followed by Asia Pacific. Increased use of olibanum gum as burning incense in Orthodox diocese, churches, and other religious rituals is the key factor to drive the market in this region.
Major players in the olibanum gum market include Alfarid Corporation, Arid Lands Resources Ltd, Gum Arabic Company, Sacif Eritrea, Vetochem Ltd, Sukhetha Exims Pvt.Ltd. and Kachabo Gums.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.