Food and Beverages Segment to dominate Europe Xanthan Gum Market during 2020–2028
According to The Insight Partners market research study on “Europe Xanthan Gum Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Form and Application,” is expected to reach US$ 116.69 million by 2028 from US$ 85.82 million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides opportunity prevailing in the Europe xanthan gum market along with the drivers, trend and restraints pertaining to the market growth. Multi-purpose use of xanthan gum, surge in demand for gluten-free food products, and growing product innovations in xanthan gum market are the major factor driving the growth of the Europe xanthan gum market. However, existence of Substitutes hinder the growth of Europe xanthan gum market.
In Europe, the UK and Russia recorded the highest number of COVID-19 cases as of June 2021. Moreover, France, Spain, Italy, and Germany are amongst the worst hit countries and are expected to suffer an economic hit due to the lack of revenue from various industries. European countries have implemented drastic measures and travel restrictions, including partially closing their borders. Extended lockdowns created trade barriers and restricted the operations of various industries in the region. These factors potentially restricted the growth of xanthan gum market. However, with the European countries getting vaccinated, this impact is expected to ease out in the coming years leading to positive growth of xanthan gum market across the region.
The Europe xanthan gum market is segmented on the bases of form, application, and country. Based on form, the market is segmented into dry and liquid. In 2020, dry segment held the largest share in the market and liquid is expected to be the fastest growing segment during the forecast period. Based on application, the xanthan gum market is segmented into food and beverages, oil and gas, pharmaceuticals and nutraceuticals, personal care, and others. In 2020, food and beverages segment held the largest share in the market and same segment is also expected to be the fastest growing segment during the forecast period. Based on country, the market is segmented into the Germany, France, Italy, the UK, Russia, and Rest of Europe. In 2020, Rest of Europe held the largest share in the market and Germany is expected to be the fastest growing country during the forecast period.
ADM; Cargill, Incorporated; CP Kelco; Deosen; FUFENG GROUP; HEBEI XINHE BIOCHEMICAL CO. LTD; Ingredion Incorporated; and Solvay are among the leading companies in the Europe xanthan gum market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.