Tragacanth Market

Tragacanth Market Size, Share, Growth (2023-2028)

Tragacanth Market is expected to grow at a CAGR of 5.80 %, from USD 4.1 billion in 2023 to USD 5.44 billion in 2028.

Overview:

Tragacanth gum is also known as eluted Shiraz gum or rubber dragon. Iran is the largest producer of the best quality of this rubber. Tragacanth is widely used as a softener for colds and coughs and also to control diarrhea. In addition, it has also been used to lower blood sugar levels. In addition, in food, tragacanth is vital to thicken and stabilize food ingredients, salad dressings, and drinks. In contrast, it is used as a binding agent in pharmaceuticals.

Recent Developments in Tragacanth Industry:

• In March 2020 study, NiO nanoblades were manufactured using a co-precipitation approach that involved the use of nickel nitrate (Ni (NO3) 2.6H2O) as raw material and tragacanth in the role of a stabilizing agent. 

• Analytical reagent grade silver nitrate (AgNO3) (E. Merck, Mumbai, India) was used for the synthesis. "Tragacanth gum", 99% was acquired from Loba Chemie, Mumbai, India.

REPORT COVERAGE:

Tragacanth Market Drivers and Restraints:

The global Tragacanth Market is expected to experience strong growth during the forecast period due to the surge in demand from the cosmetic and pharmaceutical industries.

The increasing demand for the product as a thickening agent in pharmaceutical and cosmetic products is among the key factors that should stimulate its market during the outlook period. Increasing the reach of Tragacanth in the textile industry as a sizing agent to improve bonding characteristics between resin systems and handling ability should stimulate the market over the outlook period. In addition, the call for this business has risen due to its acid stability, shelf life, and salt compatibility. Besides, the improvement in low oil, high hydrocolloid pourable flavorings is anticipated to lead to a demand for Tragacanth during the calculated period. The rising call for food has created a gap between the demand and the supply of natural gums, which should open several growth opportunities for the Tragacanth market in the next seven years.

The food manufacturing industry was the largest segment on the market and is expected to experience strong growth in the next seven years due to the increasing need for rubber Tragacanth as a stabilizer, thickener and suspension, and emulsifier in pourable dressings, low-calorie smoothies, mayonnaise products, sauces, and other beverages. The growing demand for cosmetics and personal care products is also expected to complement the growth of the market during the calculated period. However, substitute products like xanthan gum are expected to hamper market growth in the next seven years due to lower levels of microbial contamination. Besides, it is beneficial in managing diseases like diarrhea and maintaining the blood sugar level of the body.

Tragacanth Market Growth Factors:

A significant factor in the growth of the global tragacanth market is projected to be rising demand for tragacanth from the food industry to provide acid stability, longer shelter life and quality of salt in pourable dressings.

Therefore, tragacanth offers better flavorings, less oil and hydrocolloids ingredients. Another factor expected to further accelerate growth in the target market over the projected time is the increased use of tragacanth in pharmaceuticals as a thickening agent globally. Also, the growing demand for tragacanth in cosmetics is anticipated to drive growth in the target market as a result of film formation and low viscosity.

Tragacanth Market Segmentation Analysis:

By Type:

• Ribbons

• Flakes

The tragacanth market can be divided into ribbons and flakes based on products. Because of its superior quality compared to flocks, Ribbons types have emerged as the largest market for tragacanth in recent years. The extensive application base in food, pharmaceuticals, and cosmetics of ribbon-type tragacanth is likely to increase the demand over the projected era.

By Application:

• Pharmaceuticals & Medical

• Foods

• Personal Care & Cosmetics

The tragacanth market is divided into pharmaceuticals & medical products, beverages, personal care & cosmetics and many other sectors dependent on end-use industries, including the manufacture of pencil and ceramics, the manufacturing of leather, textiles & paper and the production of wood fittings. In the next coming years, the food industry has been the largest end-use segment of disaster and is expectable as a result of the rising demand for tragacanth gum in pourable dressing, low-calorie milkshakes, mayonnaise products, sauces and other beverages, as a result of increasing stabilization, thickening, suspension and emulsifications.

The pharmaceutical industry was the second-largest market for tragacanth in the same years due to the growing scope of use of tragacanth in oral ingestion, toothpaste, mineral & fish oil emulsion and other external lotions such as body lotions and hand lotions. Growing demand for cosmetics and personal care products is also expected to balance market growth over the forecast period. Nevertheless, the paper and fabric manufacturing industries are expected to lose their market share in the near future due to increased demand for other hydrocolloid systems due to relative economic pricing.

By End-Use industries:

• Internet Retailing

• Mass Retailers

• Direct Selling

Regional Analysis:

• North America - the United States and Canada

• Europe - United Kingdom, Spain, Germany, Italy, and France

• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia

• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM

• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Asia Pacific represents a significantly high market share and grows at a relatively high annual compound rate during the forecast period. North America is likely to record a substantial rise in Tragacanth production capacity because of the gap between supply and demand for natural gums widely used in growing end-use industries, especially food. , cosmetics, pharmaceuticals and personal care. The Tragacanth market is expected to experience healthy growth due to the increase in end-user applications worldwide.

The market for Asia-Pacific is also expected to experience rapid growth during the forecast period, mainly due to growth in the chewing gum market, particularly in China and India. In addition, population growth and health problems, primarily in the emerging economies of China and India, are expected to spur growth in the APEJ Tragacanth market. The main importing countries are European countries, the United States, Japan and the Soviet Union. Demand for these regions has increased in recent years due to the widening gap between supply and demand for natural gums widely used in growing end-use industries, including the food, pharmaceutical, and cosmetic industries and personal care. Iran is considered the prominent maker of Tragacanth over the last few years trailed by Turkey. The other significant nations in this business include European countries, the US, Japan and the Soviet Union.

Impact of COVID-19 on global Tragacanth Market:

The COVID-19 (Coronavirus) pandemic has forced many companies in the global tragacanth market to suspend their business activities to comply with new government decisions. This operational disruption has a direct impact on the revenue stream of the specialty sweetener market. Therefore, companies in the specialty sweetener market can purchase our reports, which present a new analysis of COVID-19 and its impact on the market landscape. Growing consumer demand for sugar-free products is expected to spur growth in the global specialty sweetener market. Consumers are turning to forgiving food to help them overcome disorders caused by COVID-19.

Tragacanth Market Key Players

1. Hawkins Watts Limited

2. Kachabo Gums

3. Lakrena International

4. Scents of the Earth

5. Alfa and Wizard's Cauldron Inc