28-Nov-2022 | Zion Market Research
The global guar gum market size was worth around USD 830 million in 2021 and is predicted to grow to around USD 1377 million by 2028 with a compound annual growth rate (CAGR) of roughly 7.5% between 2022 and 2028.
Guar gum is a naturally occurring polymer made from guar beans that have various unique qualities, including thickening and binding. The legume is planted yearly and is mostly used to make guar gum in Pakistan and India. Guar gum is also manufactured in small quantities in the United States. The food business uses guar gum frequently.
Guar gum's primary market is the food business, followed by the pharmaceutical and cosmetic industries. It is utilized in many food products, including baked foods, where it improves texture, extends shelf life, and boosts dough production. It is employed in the dairy sector to stabilize and thicken kefir, yogurt, and several other liquid dairy products like cheese. It serves as a binder and is also utilized in meat. Additionally, it is employed in the culinary business to enhance the consistency and presentation of dressings, barbecue sauces, and other condiments. Due to its ability to thicken, which is approximately 8 times more than that of corn starch, it is particularly well-liked in the food industry.
The global guar gum market shows a significant growth in the near future owing to its widespread applications in various industries such as paper, food & beverage, oil & gas industry, pharmaceutical, mining, and textile. The oil & gas industry is the major consumer of guar gum, which positively enhances the market growth.
Changing lifestyle of consumers and rising consumption of convenience foods in developing economies which include Mexico, China, Brazil, and India is fueling the growth of the market. The rapidly growing pharmaceutical industry and the emergence of technological advancements further propel the market growth in the coming years. Conversely, the guar tree is a seasonal tree that does not match the rising demand thus restraining the global guar gum market growth.
The global guar gum market is segmented based on grade, function, application, and region.
The global market is divided into three categories based on grade: food grade, industrial grade, and pharmaceutical grade. Throughout the projected period, the food-grade segment is anticipated to rule the market. The expanding food processing sector is responsible for the rise of the food-grade category. Market expansion is also fueled by the increased demand for the product as a natural thickener in functional meals. On the other hand, the industrial grade segment is projected to develop at the highest CAGR. Due to the rising energy demand, there has been an increase in exploration and production activities in the oil and gas industry worldwide, which has contributed to this category's growth.
The market is divided into stabilizers & emulsifiers, thickening & gelling agents, binders, friction reducers, and others based on function. During the anticipated period, the stabilizer and emulsifier segment is expected to rule the market. Guar gum is a stabilizer that is used in ice cream to increase viscosity and shelf life by inhibiting the formation of ice crystals while being stored. Emulsifiers are used in personal care products to blend water and essential oils. Additionally, during the analysis period, the thickening & gelling agent experienced the largest CAGR growth. It is applied to a variety of meals, such as jellies, desserts, and sweets, to enhance the product's texture.
The global guar gum market is segmented based on application into oil & gas, food & beverage, pharmaceutical & cosmetics, and others. During the projection period, the food & beverage category is anticipated to occupy the majority of the market share. Its widespread use in the sector for the production of flavors, baked goods, cooked goods, hydrocolloids in beverage manufacturing, and emulsions in various liquid products, among other characteristics, is credited with the segment's rise. However, because of the shale gas boom in North America, it is anticipated that the oil and gas category will continue to have a sizable market share during the projected period.
North America leads the market due to the existence of a significant number of shale gas producers, which is projected to drive the global guar gum market. Europe contributed the second largest market for guar gum due to the presence of a large number of food additive manufacturers and favorable growth in the medical industry in nations such as the United Kingdom, Germany, and France. Due to increasing industrialization and the developing food and beverage industry in developing nations such as India and China, Asia Pacific is expected to be the fastest-growing area for guar gum, opening up new avenues for market expansion.
The global guar gum market is dominated by players like Beneo GmbH., Palsgaard, Taiyo Kagaku Co. Ltd., Royal DSM, Kerry Group Plc, FMC Corporation, ADM, Ashland Inc., Danisco, and GUM Technology Corporation among others.
This review is based on a report by Zion Market Research, titled “Guar Gum Market By Grade (Food Grade, Industrial Grade, and Pharmaceutical Grade), By Function (Stabilizer & Emulsifier, Thickening & Gelling Agent, Binder, Friction Reducer, and Others), By Application (Oil & Gas, Food & Beverage, Pharmaceutical & Cosmetics, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/guar-gum-market
The global guar gum market is segmented as follows:
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