Future Market Insights
Tragacanth is widely used as a stabilizing, viscosity enhancing agent in food emulsions. According to the EC food Regulation 231/2012, tragacanth is defined as a dry exudation derived from the branches and stems of strains of Astragalus gummifer Labillardiere and other Asiatic species of Astragalus. It is mainly produced in the Middle East region. Owing to the high viscosity of tragacanth, it is used as a stabilizer for acidic emulsions such as salad dressing. With increasing demand for tragacanth as a thickening agent in the pharmaceutical and cosmetics industry, it is expected that global tragacanth market will grow at a rapid pace during the forecast period.
Market Dynamics of Tragacanth:
Tragacanth market is expected to be driven by its increasing application in various industries such as food, pharmaceuticals, and cosmetics. Tragacanth has found application in the food industry as a food additive while it is used as an excipient in pharmaceutical industry. It is used as a stabilizer in pourable dressings due to its acid stability, long shelf life, and salt compatibility. In confectionery, it is used as a binder and emulsifier to bring cohesion and to enhance its flavor. In cosmetics, owing to the high viscosity and film forming properties, tragacanth is widely used for hair fixator cream in association with other natural gums. Pharmaceutical segment of tragacanth includes the application scope in oral ingestion, toothpastes, mineral & fish oil emulsion and other external lotions such as body lotions and hand lotions. Tragacanth has also found use in the pharmaceutical industry to perform applications such as oral ingestion, mineral & fishoil emulsion, and other external lotions such as body lotions and hand lotions. In textile industry, it is used as a sizing agent to enhance bonding characteristics among the resin systems. These application presents a positive outlook of tragacanth market during the forecast period. However, growth of global tragacanth market is expected to be challenged by the presence of substitutes such as xanthan gum.
Market Segmentation of Tragacanth:
Tragacanth market is segmented on the basis of product form, application, and geography. Based upon form, tragacanth market is segmented into flakes and ribbons. Ribbon form of tragacanth is expected to hold relatively high share in the global tragacanth market over the forecast period. Ribbon form of tragacanth has found wide application in the food, confectionery, pharmaceutical, and cosmetics application. On the basis of application, global tragacanth market is segmented into food, pharmaceuticals, cosmetics and personal care, and others. Others include applications such as leather curing, wood match manufacturing, crayons and ceramics manufacturing etc. Among applications, food segment is expected to witness relatively higher consumption of tragacanth owing to its ability to act as a stabilizing, thickening, emulsifying and suspending agent in the low calorie milk shakes, mayonnaise products, sauces and other beverages.
Regional Outlook of Tragacanth:
Based on geography, tragacanth market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Tragacanth is majorly produced in Iran followed by Turkey. Some of the major importing countries of tragacanth includes the European countries, the U.S., and Japan. It is expected that the demand for tragacanth from these regions will increase on the account of rise in demand-supply gap of natural gums. North America is projected to hold relatively higher value share in the global tragacanth market. High demand from the North America region can be attributed to the high investments made by manufacturers owing to increasing tragacanth demand. Asia Pacific is expected to witness rapid growth in the tragacanth market during the reviewed period. Emerging economies such as China, India provides growth opportunities for the players in tragacanth market to expand their revenue base.
Key Market Players in Tragacanth:
Some of the key players in the tragacanth market include Hawkins Watts Limited, Lakrena International, Scents of Earth, Kachabo Gums, Triarco Industries Inc., Alfa Chemical Corp. and Wizard’s Cauldron, Inc., Polygal AG among others.
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Regional analysis for Tragacanth includes:
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.