The global tragacanth market is expected to witness strong growth over the forecast period on account of increasing demand from cosmetics and pharmaceutical industries. Rising demand for the product as a thickening agent in pharmaceuticals and cosmetics is one of the key factors that is expected to drive its market over the forecast period. Increasing application scope of tragacanth in textile industry as sizing agent to enhance bonding characteristics between resin systems and handling ability is expected to drive the market over the projected period. In addition, the market demand has been growing as a stabilizing agent in pourable dressings owing to its acid stability, long shelf life, and salt compatibility. Furthermore, improved pourable dressing flavors with low oil content and high composition of hydrocolloids is anticipated to trigger tragacanth demand over the projected period. Rising food products demand has been creating a gap between demand and supply of natural gums, which is anticipated to open several growth opportunities for tragacanth market over the next seven years. However, substitute products such as xanthan gum are anticipated to hinder market growth over the next seven years owing to less microbial contamination levels.
Based on product types, tragacanth market can be segmented into ribbons and flakes. Ribbons forms emerged as the largest market over the past few years owing to its superior quality compared to flakes. The wide spread application base of ribbon form tragacanth in foods, pharmaceuticals, and cosmetics is likely to boost the market over the projected period.
Based on end-use industries, tragacanth market is segmented into pharmaceuticals & medical, foods, personal care & cosmetics, and other industrial uses including manufacturing of crayons & ceramics, leather curing, textile & paper processing, and wood match manufacturing. Food manufacturing industry was the largest end-use segment for the market and is anticipated to witness strong growth over the next seven years on account of increasing demand for tragacanth gum as stabilizing, thickening, suspending and emulsifying agent in pourable dressing, low calorie milk shakes, mayonnaise products, sauces and other beverages. Pharmaceutical industry was the second largest market for tragacanth during the same years on account of increasing tragacanth application scope in oral ingestion, toothpastes, mineral & fish oil emulsion, and other external lotions such as body lotions and hand lotions. Growing demand from cosmetics and personal care products is further expected to complement market growth over the forecast period. However, paper and textile manufacturing industries are expected to lose their market share in near future owing to increasing demand for other hydrocolloids systems due to relative economic pricing.
Iran is the major producer of tragacanth over the past few decades followed by Turkey. The major importing countries include European countries, the U.S., Japan and the Soviet Union. Demand from these regions has been increasing over the past few years on account of increasing demand-supply gap of natural gums extensively used in growing end-use industries including foods, pharmaceutical, cosmetics and personal care industries. Key players in tragacanth market include Hawkins Watts Limited, Kachabo Gums, Lakrena International, Scents of Earth, Alfa Chemical Corp. and Wizard’s Cauldron, Inc.
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FDA, in particular, has relaxed the nutrition labeling of products which is expected to aid in increasing the distribution of packaged foods by restaurant operators leading to the optimum supply chain of products to consumers. Furthermore, food safety testing and processing industries are expected to function at full capacity owing to consumers stock-piling goods during the COVID-19 lockdown. The report will account for Covid19 as a key market contributor.