The global Guar Gum market worth 1.48 by 2029, growing at a CAGR of 7.4%
The gaur gum market trend is on high due to the buyers growing purchasing power with rising per capita income, growing urban population and their preference for processed food as it’s time-saving is expected to escalate the gaur gum market. Fluctuating prices of raw materials coupled with cheaper substitutes such as locust bean gum, xanthan gum and other synthetic alternatives will hamper the market growth heavily.
The data filed in 2017, North America registered the largest share in terms of volume. U.S. market share is recorded as one of the largest owing to the increased adoption of oil well drilling and hydraulic fracking in the oil and gas industry. This trend will continue to get bolster with the abundant availability of technically recoverable oil and gas resources. Growth in oil rig count in U.S. has favored the market growth. For that reason there is insisted product demand, thus pushing prices at a high. Moreover, the U.S. government efforts for improved exploration activities is foretell to affect market growth positively.
Europe is flagged as major consumer of food processing sector. However, product’s weight-loss benefits has boosted the market. Despite lack of investments and poor exploration results in the oil and gas sector, Europe’s exploration drilling is anticipated to bounce up in near future and result in evoked product consumption.
Asia-Pacific’s spurred consumption of processed food owing to the rising disposable income, growing population and rapid urbanization. This, in turn, boosted product demand. India and China are largest consumers due to higher oil and gas exploration activities along with vast technically recoverable resources.
On the basis of grade, the global gaur gum market is segmented into pharmaceutical, industrial and food. Food sector has significant share with multi-functional properties and used in frozen food and confectionary products. Frozen food industry is expected to exhibit strong growth and propel its demand. Industrial grade share has also increased with its vast application in mining, textile, explosives, tobacco, oil & gas, photography and paper manufacturing industries.
Further segmentation based on function, guar gum is classified into gelling, friction, binding, thickening and others including coagulating, flocculating & setting, strengthening and hardening. Gelling is highly utilized in oil & gas industry for exploration. Additionally, gelling property is useful in production of personal care and pharmaceutical products such as liquid soaps, creams & gels and dental impression materials.
Based on the gaur gum applications, the market is segmented into oil & gas, pharmaceuticals & explosives, paper manufacturing and mining & explosives. Oil & gas industry has established major share with increasing oil well drilling projects and exploration activities.
The key players of global gaur gum market which have outshined other players include Rama Industries, Bharat Gum, Shree Ram Gum, Supreme Gums Pvt. Ltd, Dabur India, Hindustan Gums and Chemicals, TIC, Nutriroma, India Glycols, Vikas WSP, AEP Colloids, Cargill Inc, Lucid Group, Shree India Sino, Ashland Inc., and Lamberti. Companies are putting efforts toward expansion of production facilities for better penetration. Vikas WSP has encouraged farmers to cultivate higher guar bushes.
Guar Gum Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Based on function, Based on Grade, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Rama Industries, Bharat Gum, Shree Ram Gum, Supreme Gums Pvt. Ltd, Dabur India, Hindustan Gums and Chemicals, TIC, Nutriroma, India Glycols, Vikas WSP, AEP Colloids, Cargill Inc, Lucid Group, Shree India Sino, Ashland Inc., and Lamberti.|
Key segments of ‘Global Guar Gum Market’
Based on function, the market has been segmented into,
- Stabilizer & Emulsifier
- Thickening & Gelling Agent
- Friction Reducer
Based on Grade, the market has been segmented into,
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
Based on region, the market has been segmented into,
- North America
- Asia Pacific
- Republic of Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa