The global tragacanth market size reached US$ 112.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 144.9 Million by 2028, exhibiting a growth rate (CAGR) of 4.1 % during 2023-2028. The increasing demand for tragacanth from the F&B sector, the expanding consumer awareness about its various health benefits, and the growing product utilization across the pharmaceutical and cosmetic industries represent some of the key factors driving the market.
|Market Size in 2022
||US$ 112.4 Million
|Market Forecast in 2028
||US$ 144.9 Million
|Market Growth Rate (2023-2028)
Tragacanth is a reddish or white, tasteless, and odorless natural gum derived from the dried sap of several species of leguminous plants, such as Astragalus Gummifer and Milkvetch. It is obtained by tapping the plant stem and allowing the sap to dry, forming flakes or ribbons that are then ground into a fine powder. Tragacanth is an excellent thickening, stabilizing, emulsifying, and binding agent. As a result, it is used across the food, pharmaceutical, personal care, and cosmetics industries for manufacturing a wide range of products such as ice cream, salad dressings, sauces, toothpaste, denture adhesives, tablets, ointments, lotions, and creams. In addition to this, tragacanth is used as a stiffener in textiles and as a burnishing and edge-slicking compound in vegetable-tanned leatherworking.
Tragacanth Market Trends:
The increasing use of tragacanth in the food and beverage (F&B) industry to provide acid stability, longer shelf life, and salt compatibility in various products, such as pourable dressings and sauces, represents one of the primary factors driving the global market growth. Besides this, tragacanth provides enhanced flavorants with much less oil content and high composition of hydrocolloids, which is fueling its adoption across the F&B sector. Moreover, the rising consumer awareness about various health benefits of tragacanth gum, such as regulating blood sugar levels, improving digestion, and reducing cholesterol levels, is acting as another significant growth-inducing factor. In addition to this, the large-scale product utilization in the pharmaceutical sector for manufacturing ointments and creams due to their anticoagulant and anti-inflammatory properties and for binding ingredients in solid dosage formulations, such as tablets and capsules, is aiding in market expansion. In line with this, the escalating employment of tragacanth in the cosmetic and personal care industry due to its film-forming and high-viscosity properties is contributing to the market growth. Furthermore, the surging demand for tragacanth as a sizing agent and to provide better bonding characteristics in the textile industry is presenting remunerative growth opportunities for the market. Concurrent with this, the growing product adoption as a binder and coating agent in the paper and pulp industry to improve the strength and durability of the paper is creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global tragacanth market report, along with forecasts at the global, regional and country levels for 2023-2028. Our report has categorized the market based on product type, application, and distribution channel.
Product Type Insights:
The report has provided a detailed breakup and analysis of the tragacanth market based on the product type. This includes ribbons and flakes. According to the report, ribbons represented the largest segment.
- Pharmaceuticals and Medical
- Personal Care and Cosmetics
A detailed breakup and analysis of the tragacanth market based on the application has also been provided in the report. This includes pharmaceuticals and medical, foods, personal care and cosmetics, and others. According to the report, foods accounted for the largest market share.
Distribution Channel Type Insights:
- Internet Retailing
- Mass retailers
- Direct Selling
The report has provided a detailed breakup and analysis of the tragacanth market based on the distribution channel. This includes internet retailing, mass retailers, and direct selling.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for tragacanth. Some of the factors driving the North America tragacanth market included the rising demand from the F&B sector, the escalating product adoption as a binding agent across the pharmaceutical industry, and the expanding applications across the textile and paper industry.
The report has also provided a comprehensive analysis of the competitive landscape in the global tragacanth market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include A.F. Suter & Co. Ltd., AEP Colloids, Hawkins Watts Limited, Kachabo Gums, Kantilal Brothers, Polygal AG, Scents of Earth Limited Liability Company, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Tragacanth Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product Type
- Distribution Channel Type
|Product Types Covered
||Pharmaceuticals and Medical, Foods, Personal Care and Cosmetics, Others
|Distribution Channel Types Covered
||Internet Retailing, Mass Retailers, Direct Selling
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||A.F. Suter & Co. Ltd., AEP Colloids, Hawkins Watts Limited, Kachabo Gums, Kantilal Brothers, Polygal AG, Scents of Earth Limited Liability Company, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
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Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global tragacanth market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global tragacanth market?
- What is the impact of each driver, restraint, and opportunity on the global tragacanth market?
- What are the key regional markets?
- Which countries represent the most attractive tragacanth market?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the tragacanth market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the tragacanth market?
- What is the breakup of the market based on the distribution channel?
- Which is the most attractive distribution channel in the tragacanth market?
- What is the competitive structure of the global tragacanth market?
- Who are the key players/companies in the global tragacanth market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the tragacanth market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global tragacanth market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the tragacanth industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.