Market Dynamics
Demand for convenience food is predicted to increase significantly as a result of shifting eating habits. Guar gum as an additive extends and stabilizes the shelf life of processed foods, which is expected to drive market expansion. The pharmaceutical industry's increasing product penetration is projected to be a major factor driving the overall market's growth. The aging population and rising frequency of non-communicable diseases and chronic disorders are expected to stimulate pharmaceutical sector expansion, resulting in increased product consumption. The price of a product is determined primarily by the cost of raw materials, demand, and supply. Supply and demand are controlled by a variety of underlying factors, including the availability of replacements, current market trends, and consumer industry growth. Future trading habits and existing trading also have an effect on the short-term price movement of products.
However, the market confronts difficulties in terms of unpredictable output and supply due to crops' need on adequate rainfall. Uncertainty in the availability of raw materials is a key cause of product price volatility, which may prompt businesses such as food processing and textiles to seek out more economically feasible substitutes.
What is the expected growth rate of the global guar gum industry?
Guar Gum Market Size is anticipated to reach USD 1.24 Billion by 2030, registering a CAGR of 7.8% during 2022-2030
Segmental Analysis
The guar gum market is categorized on the basis of type, function, application, and geography.
The Global Market is divided into three categories: food grade, industrial grade, and others.
Additionally, the Global Guar Gum Industry has been classified by function into thickening, gelling, binding, and others.
The Global Guar Gum Industry is segmented by application into food & drinks, pharmaceuticals, personal care, and oil & gas.
Competitive Dynamics
The notable players of the market are Hindustan Gums & Chemicals Ltd. (India), DuPont (US), Dabur India Ltd (India), Lucid Colloids Ltd. (India) Supreme Gums Pvt. Ltd. (India), India Glycols Limited (India), Vikas WSP (India), Rama Gum Industries Limited (India), Altrafine Gums (India), Cargill, Incorporated (US), Jai Bharat Gum & Chemicals LTD (India), Global Gums & Chemicals (Pakistan), Ashland (US), Ingredion Inc. (US), Guangrao Liuhe Chemical Co., Ltd. (China).
Region Overview
North America is expected to dominate the Guar Gum Market over the projected period, owing to the region's growing consumption of canned food products. The increasing oil and gas industry in North America is also driving the growth of the guar gum industry. The United States, in particular, is anticipated to be the largest market for guar gum, owing to the oil and gas industry's rapid adoption of hydraulic fracking and oil well drilling. This trend is likely to continue throughout the forecast period, owing to the abundance of technically recoverable oil and gas. The increase in the number of oil rigs in the United States is one of the primary drivers of market growth in the region. This has resulted in greater demand for the commodity, which has resulted in an increase in guar gum price. Additionally, the US government's attempts to increase exploration operations are projected to benefit market growth.
Europe is also predicted to capture a sizable portion of the market, owing to the increasing demand for functional foods and natural products. Demand for the product is projected to increase as more people become aware of its weight-loss benefits. Despite unsatisfactory exploration findings and a lack of investment in the oil and gas sector, Europe's exploration drilling is predicted to rebound in 2018, resulting in increased product consumption.
Asia-Pacific is expected to develop at the fastest rate during the forecast period, owing to growing demand for guar gum in the food and feed industries. Consumption of processed foods has increased in Asia Pacific as a result of growing population, rising disposable income, and rapid urbanization. This has resulted in an increase in product demand in this region. China and India are likely to be significant consumers, owing to the rapid expansion of oil and gas exploration and the presence of huge technically recoverable resources.
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