Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The guar gum market size was valued at USD 1.17 billion in 2022 and is projected to grow from USD 1.25 billion in 2023 to USD 2.01 billion by 2030, exhibiting a CAGR of 7.05% during 2023-2030.
Guar gum, known as cluster bean gum, guaran gum, and goma guar, is a natural galactomannan polysaccharide extracted from the guar plant's endosperm. These guar crops or plants are native to South Asian nations, including Pakistan and India, and have been cultivated for centuries in these countries. The anticipated rise in the adoption of guaran gum in the food and pharmaceutical industries is expected to drive market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Guar Gum Market, 2023-2030.”
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Leading Players Featured in the Guar Gum Market Research Report:
- Cargill Corporation (U.S.)
- Ingredion Incorporated (U.S.)
- ALTRAFINE GUMS (India)
- VIKAS WSP LTD. (India)
- NEELKANTH POLYMERS (India)
- ASHAPURA PROTEINS LTD. (India)
- Hindustan Gum & Chemicals Ltd. (India)
- Shree Ram India Gums (India)
- India Glycols Ltd., (India)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.05 % |
| 2030 Value Projection | USD 2.01 Billion |
| Guar Gum Market Size in 2023 | USD 1.25 Billion |
| Historical Data | 2017-2021 |
| No. of Pages | 180 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Guar Gum Market Drivers | Growing Expansion of the Oil & Gas Industry Accelerates Guaran Gum Usage |
| Soaring Health & Nutritional Benefits Increases the Guar Gum’s Intake |
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Segments:
Growing Use of Industrial Grade Gums in Different Applications Drives Industrial Segment Growth
By grade, the market is segmented into food grade, industrial grade, and pharmaceutical grade. The industrial-grade segment leads the market, driven by the growing use of industrial-grade gums as stabilizers, thickeners, emulsifiers, and gelling agents in applications like water drilling, hydraulic fracturing, and geological drilling.
High Efficiency of Guar Gums in Oil Drilling Processes to Drive Oil & Gas Segment Growth
Based on application, the market is classified into food & beverage, oil & gas, pharmaceuticals, textiles, and others. The market is also classified by application into food & beverage, oil & gas, and pharmaceuticals. The oil & gas segment dominates during the forecast period, propelled by the remarkable properties and efficiency of guar gum in oil drilling processes.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Drivers & Restraints
Increasing Expansion of the Oil and gas Industry Boosts Market Growth
The expanding oil & gas industry significantly boosts market growth. Guar gum plays a crucial role in the complex processes of producing oil and natural gas, leveraging state-of-the-art technology. Its benefits as a viscousness stabilizer and fragmenting fluid minerals enhance its acceptability.
However, increasing prices of guar-based products may pose challenges to consumer adoption during the forecast period.
Regional Insights
Rising Expansion of Oil & Gas Industry to Aid Market Growth in North America
North America holds the majority of the guar gum market share and is the leading region in terms of market revenue. This growth is attributed to the expanding oil and gas industry and the rising demand for processed foods in the region.
Europe, the second fastest-growing region, experiences strong growth in energy industries such as natural gas and oil, along with key food producers.
COVID-19 Impact
Increased Demand for Natural Products During Pandemic Propelled Market Growth
The guar gum market growth was positive during the COVID-19 pandemic. The increased demand for natural products, driven by rising health and wellness concerns, contributed to this growth. Notably, the food sector experienced high demand for guar during the pandemic. Post-pandemic, the market is projected to continue growing due to increasing global exports of guaran gums.
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Competitive Landscape
Rising Key Players Focus on Expanding Production Capacity to Aid Market Growth
Key players in the guar gum market, such as Rama Gum Industries, DuPont de Nemours and Company, and Cargill Corporation, focus on expanding their production capacity, thereby further propelling market growth during the forecast period.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Supply Chain Analysis
- Regulatory Analysis
- Recent Industry Developments – Mergers & Acquisitions, Partnerships, & New Product Launches
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Guar Gum Market Analysis, Insights and Forecast, 2017-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Grade
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
- By Application
- Food & Beverage
- Bakery & Confectionery
- Dairy & Frozen Food
- Beverages
- Others
- Oil & Gas
- Pharmaceuticals
- Textiles
- Others
- Food & Beverage
- By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- By Grade
- North America Guar Gum Market Analysis, Insights and Forecast, 2017-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Grade
- Food Grade
- Industrial Grade
- Pharmaceutical Grade
- By Application
- Food & Beverage
- Bakery & Confectionery
- Dairy & Frozen Food
- Beverages
- Others
- Food & Beverage
- By Grade
TOC Continued...!
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Key Industry Development
- March 2022 – The Indian NGO, S M Sehgal Foundation, partnered with Ashland LLC on the ‘Sustainable Cluster Beans Project.’ This initiative, covering 250 farms across 10 villages in Sriganganagar, aimed to educate farmers on optimal cultivation techniques and sugar production methods for cluster beans.
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