Impact Assessment of COVID-19 Outbreak on Tragacanth Market - Global Industry Analysis, and Forecast 2024

Tragacanth Market: Overview

Tragacanth is a basically a natural gum which is derived from the dried fluid of various species of legumes of the Middle Eastern genus Astragalus, includes gummifer, adscendens, brachycalyx, and .tragacanthus. The Tragacanth gum is also known as shiraz gum elect, shiraz gum or gum dragon. Iran is the largest producer of the best quality of this gum. Tragacanth has widely used as a demulcent in cold and cough cases and also to manage diarrhea. Moreover, tragacanth is also has been applicable to low the blood sugar level. In addition, it is also used as an ingredient in hand lotions, toothpastes, denture adhesives, and jellies and vaginal creams. Also, in food, tragacanth is vital for thickening and stabilizing ingredients in foods, salad dressings, and beverages. On the other hand, in tragacanth is used as a binding agent in pharmaceutical products.

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Tragacanth Market: Drivers & Restraints

The major factors driving the growth of tragacanth market are growing demand of tragacanth in a wide range of applications ranging from food to pharmaceutical, rising demand for tragacanth gum, increasing urbanization, and rising disposable income. Moreover, rising demand for tragacanth as thickening agent in cosmetics and pharmaceuticals is also the major factors that is boosting the growth of the market over the forecast period. Increasing application opportunity of tragacanth in textile industry as sizing agent to boost the bonding characteristics between handling ability and resin systems is also fuelling the market demand. In addition, demand of tragacanth is growing, as a stabilizing agent in pourable dressings attributed to its long shelf life, acid stability, and salt compatibility. Moreover, enhanced pourable dressing flavorants with high composition of hydrocolloids and less oil content is expected to trigger tragacanth demand of tragacanth. Rising food products demand is creating a gap between supply and demand and thus increasing demand of tragacanth gum. On the other hand, substitute products includes xanthan gum is the major factor which is hindering the market growth over the forecasted period, owing to less microbial contamination levels.

Tragacanth Market: Market Segmentation

The tragacanth market is segmented into four parts based on the product type, application type, distribution channels, and geography.

Based on the product type the tragacanth market is segmented into:

Ribbons
Flakes

Based on the application type the tragacanth market is segmented into:

Pharmaceuticals & medical
Foods
Personal Care & Cosmetics
Others (industrial uses including manufacturing of crayons & ceramics, leather curing, textile & paper processing and wood match manufacturing)

Based on the type of distribution channels tragacanth market is segmented into:

Internet Retailing
Mass Retailers
Direct Selling
Others

Tragacanth Market: Regional Outlook

Regarding geography, tragacanth market has been categorized into five seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Tragacanth market is expected to register healthy CAGR during the forecast period. Asia-Pacific represents the significantly high market share and grow with comparatively high CAGR in forecast period. North America is experiencing the rapid increase in the production capacity of tragacanth owing to increasing demand-supply gap of natural gums extensively used in growing end-use industries including foods, cosmetics pharmaceutical, and personal care industries. Tragacanth market is projected to register healthy growth due increasing end-user application across globe. Tragacanth market for Asia Pacific is also expected to witness rapid growth during the forecast period primarily attributed to the growth of gum market, especially in China and India. Moreover, increasing population and rising health concerns mainly in emerging economies of China and India is expected to boost the growth the APEJ tragacanth market.

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Tragacanth Market: Key Players

Some of the prominent players identified in the tragacanth market are:-

Hawkins Watts Limited
Kachabo Gums
Lakrena International
Scents of Earth
Alfa Chemical Corp.
Wizard’s Cauldron, Inc.
Hawkins Watts
Colony Gums
Kachabo Gums
Polygal AG
Vasundhara
Arthur Branwell
Xiamen Hisunny
Neostar United
Shaanxi Top Pharm
Others

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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