In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The Europe tamarind gum market is estimated to garner a revenue of USD 15.8 million by 2028 from USD 11.4 million in 2019, by growing at a CAGR of 7.7% over the forecast period, i.e., 2020 – 2028. The growth of the market can be attributed to the growing demand for natural food supplements in the region. As per a study of the Forschungsinstitut für biologischen Landbau (FiBL), the leading research institute for organic farming, the organic market in Europe grew by almost 8% in 2018, reaching a value of around USD 46 billion. In addition, increasing number of applications of tamarind gum in several industries such as cosmetics, pharmaceuticals, textiles, and others, is also expected to drive market growth. Furthermore, tamarind gum is emerging as a cost-effective alternative to guar gum, which in turn is anticipated to boost its demand in the forthcoming years.
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The consumption of nutritional and functional foods has increased among the elderly people in the last years owing to their abundant health benefits. One of the most crucial factors which is projected to raise the demand for tamarind gum and related products in Europe is the rapid increase in the geriatric population of the region. According to the World Bank, 23% and 22% of the total population in Italy and Germany respectively, were aged 65 years and above in 2019.
Tamarind gum is a polymer extracted from the seeds of Tamarindus indica tree. Since the last few years, tamarind gum has found plenty of applications in the pharmaceutical sector, including drug development and treatment of diseases as a result of the cost-effectiveness of the gum for the production of medical products. Along with this, Europe has witnessed a surge in the number of incidences of several health disorders, namely cancer, arthritis, high blood pressure and cardiovascular diseases, which in turn is fueling the utilization of tamarind seed gum in the region for the development of organic medications. According to the World Health Organization (WHO), cancer is the second most important cause of death in Europe, accounting for 3.7 million cases and 1.9 million deaths every year. Moreover, European pharmaceutical companies are extensively involved in the development of innovative natural health products by substituting synthetic constituents with natural ones.
Personal care & cosmetics industry in Europe is also a huge consumer of tamarind gum. There is a hike in demand for natural ingredients to manufacture creams, balms, lotions, and other skin care products. The remarkable thickening and gelling properties of the gum are suitable to provide the required moisturization to skin. In addition to this, the cosmetics industry in the region recently got approval to utilize tamarind seeds powder in their products, expanding the market further in the future.
The overall market in Europe is estimated to witness noteworthy growth over the forecast period owing to the high demand for tamarind gum from a plethora of industry verticals. However, the major consumers of the product in the region, such as France, Germany, Netherlands, Italy, and the United Kingdom, depend on Asia Pacific, Africa and South America to fulfil the requirements as they don’t have any tamarind production of its own.
The market in the United Kingdom is significant and is assessed to observe notable growth during the forecast period, which can be credited to the increasing need for the usage of naturally sourced products in consumer-packaged goods and growing investments by market players in the region. In addition, France, Italy and Germany are also major markets in the region. The market in Germany is anticipated to grow, owing to the growing demand for tamarind gum as an emulsifying agent and for the production of canned pet foods. As per the European Pet Food Industry (fediaf), the turnover of pet food products in Europe in the year 2020 was around USD 27 billion. The average annual growth rate of this industry recorded over the past three years was 2.6%. Additionally, the product is extensively used for sizing and thickening clothes in the textile industry in Italy, which is a crucial factor driving market growth in the country. Moreover, owing to the presence of large cosmetics manufacturers, the market in France offers lucrative opportunities to the tamarind gum market over the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Europe tamarind gum market that are included in our report are The Mysore Starch Manufacturing Company, Adachi Natural Polymer Limited, Premcem Gums Private Limited, Qingdao Libangda Marine Technology Co., Ltd, DSP Gokyo Food & Chemical Co., Ltd., Mahesh Agro Food Industries, Hindustan Gum & Chemicals Ltd, Chhaya Industries, JD Gums & Chemicals, and others.
Ans: The major growth drivers for the market are the rising demand for nutritional foods and increasing usage of tamarind gum in several end user applications in the region.
Ans: The market is anticipated to attain a CAGR of 7.7% over the forecast period, i.e., 2020-2028.
Ans: Inconsistent production of tamarind and strict government regulations for testing of organic supplements are estimated to hamper the market growth.
Ans: The major players in the market are The Mysore Starch Manufacturing Company, Adachi Natural Polymer Limited, Premcem Gums Private Limited, Qingdao Libangda Marine Technology Co., Ltd, DSP Gokyo Food & Chemical Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.