Cassia Gum Market Spotlight: Harnessing Potential in Pet Food Formulations
Posted by Pearl Smith on November 28th, 2023
The 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 extracted from the bark, pods, and legumes of Cassia species native to India. It is used as a thickening and stabilizing agent in various food and cosmetic products. Cassia gum acts as an emulsifier and improves product texture. It provides excellent moisture retention properties and helps increase shelf life.
Market key trends: One of the key trends driving the Cassia Gum Market is the increasing demand from the food industry. Cassia gum is used as a texturizer, stabilizer, binding agent in various food products like bakery, confectionery, meat products etc. It helps improve consistency, viscosity and stability in food formulations. The COVID-19 pandemic has shifted consumer focus towards healthy food products with natural ingredients. This has prompted food manufacturers worldwide to increase usage of naturally derived additives like cassia gum. The gum’s moisture retention and shelf life extending benefits are fueling its adoption in packaged foods as well. Moreover, newer applications in pharmaceuticals and personal care products are expected to further support market growth over the forecast period.
Threat of new entrants: The threat of new entrances is moderate as cassia gum manufacturing requires significant investment to set up processing plants and technical expertise. However, lower entry barriers in the commodity cassia gum segment attract new firms.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as cassia gum is used as a substitute for expensive gums. Buyers can substitute cassia gum with other cheaper hydrocolloids like guar gum and xanthan gum.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as cassia gum is locally produced in Asian countries like India and China and there are multiple suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as cassia gum competes with other hydrocolloid gums but has its unique functional properties. However, new product innovation in the gum industry poses a threat.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous small and large cassia gum producers globally.
Strengths: Cassia gum is cost effective compared to other gums and yields good gelling, thickening and stabilization properties. It is naturally sourced and has good stability over a wide PH range and temperatures.
Weaknesses: Cassia gum production is seasonal and dependent on commodity prices. Its color and flavor profiles limits usage in certain applications.
Opportunities: Growth of food processing industry fueled by rising incomes creates demand. Expanding usage in personal care, pharmaceuticals and other industrial sectors presents new opportunities.
Threats: Stringent regulations around gum additives. Prices of substitutes like guar gum and xanthan gum fluctuate posing competitive threats.
The global cassia gum market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand from food and beverage industries for its thickening, stabilizing and gelling properties. Some of the key applications in food include bakery, confectionery, dairy and beverages.
The Asia Pacific region dominates the cassia gum market and is expected to maintain its lead over the forecast period as well. India is the largest producer of cassia gum globally. Other major producers include China, Vietnam and Indonesia. India and China account for over 80% of the global production.
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. The fragmented