The global tara gum market is expected to witness growth owing to growing consumption of low fat and low-calorie food products. Tara gums are used in the fat replacement systems which are an area of interest for food manufacturers. In addition, these natural additives are also used in cosmetic applications owing to the increasing use of natural ingredients in cosmetic products. The increasing prices of guar gum is the key factor responsible for the growth of the market as the latter has been accepted as a viable substitute to guar gum. However, lower availability of this product is anticipated to create a gap between demand and supply which is likely to hamper the growth of the market. Moreover, easy availability and preparation of synthetic gums is also expected to hinder the growth of the tara gum market in the next seven years owing to the superior quality of synthetic gums.
The food industry has been dominating demand for tara gum over the past few years owing to its numerous applications in the manufacturing of low fat and low-calorie foods. It is also anticipated to be the fastest-growing sector over the forecast period, giving rise to demand for tara gum. It is used in many food and beverage applications including water-based flavored drinks, liquid milk, frozen dairy desserts, bread and bakery, mixed foods, prepared dishes, sauces, and condiments. In the cosmetics industry, tara gums are used for their functional characteristics owing to lack of availability of synthetic substitutes.
The major share of the tara gum market was accounted for by Peru in 2012 owing to high availability of raw material as well as high demand in the medicinal industry. It had been introduced to parts of Asia, the Middle East and Africa. Asia Pacific is expected to be the fastest-growing market over the next few years. Rapid economic development in these countries, increase in demand for medicines derived from natural ingredients, growing demand for low-fat food products, and augmented disposable income of consumers in these countries is expected to further escalate the demand for tara gum over the forecast period. Major players of the tara gum market operating in the cosmetic industry are primarily focus on developing countries in order to gain market share in these untapped markets. Other regions including Middle East and Africa are likely to witness substantial growth over the projected period on account of increasing awareness among consumers for naturally derived food and cosmetic products.
The key players that manufacture tara gum include Molinos Asociados S.A.C, TIG Corporation, Argos Peru SA, Gomas y Taninos S.A.C, AgriExport SRL, Priya Multinational, Innova Export and KALYS.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.