Guar Gum Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Grade (Food, Pharmaceutical, Industrial), By Industry Vertical (Oil And Gas, Food And Beverage, Pharmaceutical, Cosmetics, Mining, Others), By Function (Thickening Agent, Stabilizing Agent, Binder, Fiction Reducer, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Aug 2022
- Report Code : KSI061613924
- Pages : 142
The global guar gum market is evaluated at US$830.708 million for the year 2020, growing at a CAGR of 9.71% reaching a market size of US$1,589.27 million by the year 2027. Guar gum is a galactomannan polysaccharide that is extracted from guar beans and is also known by another name, guaran. It is a type of additive that has applications across several industry verticals as a binder, thickening agent, and stabilizer. Thus, significant growth of these industries will directly impact the guar gum market growth during the course of the next five years. The market for guar gum is expected to witness considerable growth during the coming five years owing to the fact that the changing lifestyles and eating habits of people across both developed and developing economies have propelled the demand for convenience foods in many parts of the world. Guar gum is considered a natural gum that has led to significant growth in its applications in the food and beverage industry, such as dressings, milk products, and other processed foods, due to its excellent stabilizing properties and its ability to enhance the shelf life of food products. There are wide applications of guar gum in several industries such as oil and gas, pharmaceuticals, cosmetics, and others, which is a major factor bolstering the market growth over the course of the next five years.
The advent of COVID-19 is projected to slow down the demand for guar gum as during the short run there was a halt in the production activities across several industrial sectors. However, the continuous operations in the pharmaceutical and food and beverage industries are anticipated to offset the impact caused by the slow demand from other industries. Thus, the advent of COVID is expected to have a moderate impact on the market growth too for a short period of the next six to eight months. Additionally, the availability of substitutes will further hamper the market growth to some extent during the forecast period.
The guar gum market has been segmented on the basis of grade, application, and function. On the basis of grade, the classification of the market has been done as food grade and industrial grade. On the basis of industry vertical, the segmentation of the market has been done into oil and gas, food and beverage, pharmaceuticals, and others. On the basis of function, the market has been segmented on the basis of thickening agents, stabilizing agents, binders, and others. Geographically, the global guar gum market has been distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Industrial grade to hold a significant market share
By grade, the industrial-grade guar gum segment is projected to hold a substantial share of the market throughout the course of the next five years. The variety of applications of guar gum across several industries such as oil and gas, pharmaceuticals, cosmetics, and others is the key factor supplementing the demand for industrial-grade guar gum during the forecast period. Industrial grade gum is used in quite large quantities in industries such as oil and for the hydraulic fracking process for the extraction of shale oil and gas. Thus, a significant increase in the production of shale oil and gas is further projected to amplify the market growth of industrial-grade guar gum during the next five years. Guar gum is widely used in cosmetic products such as lotions, creams, and other skincare products as a thickener. The cosmetics industry is growing at a significant pace, which is primarily attributed to the increasing interest in cosmetics among many young women worldwide. This is because of the fact that these women love to explore a variety of beauty care products available in the market further leading to high market demand for these products, which in turn is propelling the market growth as well. Moreover, the presence of a number of manufacturers in cosmetics also plays a significant role in driving the demand for industrial-grade guar gum in the cosmetics industry, thus positively driving the market growth during the course of the next five years.
Furthermore, the demand for food-grade guar gum is projected to witness promising growth during the course of the next five years. The growth of this segment is majorly attributed to the growing consumer demand for convenience foods and processed foods. Rapid urbanization and the changing lifestyles of people, especially in the developing economies, have further created a positive demand for convenience food. There are vast functions of guar gum for which it is used in the food and beverage industry. Thus, a significant increase in the demand for convenience food products will further augment the business growth opportunities for the market players over the next five years.
Food and beverage are expected to grow rapidly. According to the industry vertical, the food and beverage industry is projected to show robust growth over the next five years, primarily due to the growing applications of guar gum in processed food and beverages. The growing disposable income, and improvement in the standards of living of people, coupled with the changing hectic lifestyles of the people have further propelled the demand for convenience food in many parts of the world, thus, augmenting the growth of this segment during the forecast period. Moreover, the increasing consumer preferences towards organic food and beverages have further created ample opportunities for market players as it is extracted from seeds and is considered a natural food additive. Thus, a significant increase in the demand for organic food in both developed and developing economies of the globe will further drive the demand for guar gum for its application in the food and beverage industry during the next five years.
The oil and gas industry is expected to hold a significant share of the market over the next five years. There are a vast number of applications of guar gum across the oil and gas industry. Some of the major applications include oil well fracturing, oil well stimulation, and mud drilling among others. It is widely used as a surfactant. The use of high viscosity guar gum for oil drilling, geological drilling, and water drilling will further supplement the significant share of this segment during the course of the next five years.
The pharmaceutical industry is expected to show significant growth until the end of the forecast period. The primary factors driving the demand for guar gum in the pharmaceutical industry include its applications as a binder, thickener, and emulsifier. It is widely used as a binder in tablets and as a dietary fiber in capsules.
Stabilising function in order to maintain a significant share By function, the stabilizing agent segment is projected to hold a significant share until the end of the forecast period. There are vast applications of guar gum as a stabilizer for the improvement of the shelf life of food and beverages. It is also widely used as a thickening agent in cosmetics, foods and beverages, which is also a key factor supplementing the growth of this segment during the next five years.
Asia-Pacific is to witness significant growth. By geography, the North American region is projected to hold a noteworthy share of the market throughout the forecast period. The presence of a booming oil and gas industry in the region coupled with the presence of vast cosmetics as well as pharmaceutical manufacturing companies in the region, further supplements the significant share of the region in the global guar gum market during the course of the next five years. Furthermore, the growing consumption of organic food in many countries such as the United States and Canada, among others, due to the presence of a greater proportion of the health-savvy population in these countries further supplements the market growth in the North American region during the next five years. On the other hand, the Asia Pacific region is projected to show robust growth during the forecast period. The growing oil and gas industry coupled with rapid urbanization are some of the factors that have led to an increased guar gum demand for oil and gas production as well as for its applications in processed food and beverages.
Prominent/major key market players in the global guar gum market include Cargill, Incorporated, VIKAS WSP, and DuPont among others. The players in the global guar gum market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive positions and strategies. The e-report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global guar gum market.
COVID-19 impact on Guar Gum Market:
The unique coronavirus outbreak impacted supply chains all around the world, resulting in decreasing packaged food and beverage consumption. Although demand for product delivery to the home increased, the market for outside food consumption fell more, affecting manufacturer profits. Guar gum demand could be harmed if food and beverage production is cut inadvertently.
The pharmaceutical sector has seen a significant shift in demand, research and development priorities, and approval timelines. In addition to consumption from other uses such as mining, paper manufacture, and the textile sector, persistent growth in chronic illnesses and an incessant demand for medicines will support the need for guar gum in the coming years.
- In the year 2020, Agro gums, a prominent producer of Guar gums, will open a new manufacturing plant with a capacity of 30MT per day. The company's overall production capacity has increased to 45MT per day as a result of daily output.
Guar Gum Market Scope:
|Market size value in 2020||US$830.708 million|
|Market size value in 2027||US$1,589.27 million|
|Growth Rate||CAGR of 9.71% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Grade, Industry Vertical, Function, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Cargill, Incorporated, VIKAS WSP LTD, DuPont, TIC Gums, Inc., Shree Ram Industries, Ashland, Agro Gums, DABUR INDIA LIMITED, Rama Gum Industries (India) Ltd, Lucid Colloids Ltd., Nutriroma, Amba Gums & Feeds Products, AEP Colloids, Global Gums & Chemicals|
|Customization scope||Free report customization with purchase|
- By Grade
- By Industry Vertical
- Oil and Gas
- Food and Beverage
- By Function
- Thickening Agent
- Stabilizing Agent
- Fiction reducer
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the guar gum market size by 2027?
A1. The global guar gum market is projected to reach a total market size of US$1,589.27 million by 2027.
Q2. What is the size of the global guar gum market?
A2. Guar Gum Market is evaluated at US$830.708 million for the year 2020.
Q3. What are the growth prospects for the guar gum market?
A3. The guar gum market is projected to grow at a CAGR of 9.71% during the forecast period.
Q4. Which region holds the largest market share in the guar gum market?
A4. By Geography, the North American region is projected to hold a noteworthy share in the guar gum market throughout the forecast period.
Q5. What factors are anticipated to drive the guar gum market growth?
A5. The guar gum market is expected to witness considerable growth owing to the fact that the changing lifestyle and eating habits of the people across both developed and developing economies has propelled the demand for convenience foods in many parts of the world.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. GLOBAL GUAR GUM MARKET ANALYSIS, BY GRADE
6. GLOBAL GUAR GUM MARKET ANALYSIS, BY INDUSTRY VERTICAL
6.2. Oil and Gas
6.3. Food and Beverage
7. GLOBAL GUAR GUM MARKET ANALYSIS, BY FUNCTION
7.2. Thickening Agent
7.3. Stabilizing Agent
7.5. Fiction reducer
8. GLOBAL GUAR GUM MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.2.1. North America Guar Gum Market, By Form, 2019 to 2027
8.2.2. North America Guar Gum Market, By Application, 2020 to 2027
8.2.3. North America Guar Gum Market, By Function, 2020 to 2027
8.2.4. By Country
8.3. South America
8.3.1. South America Guar Gum Market, By Form, 2020 to 2027
8.3.2. South America Guar Gum Market, By Application, 2020 to 2027
8.3.3. South America Guar Gum Market, By Function, 2020 to 2027
8.3.4. By Country
8.4.1. Europe Guar Gum Market, By Form, 2020 to 2027
8.4.2. Europe Guar Gum Market, By Application, 2020 to 2027
8.4.3. Europe Guar Gum Market, By Function, 2020 to 2027
8.4.4. By Country
8.5. Middle East and Africa
8.5.1. Middle East and Africa Guar Gum Market, By Form, 2020 to 2027
8.5.2. Middle East and Africa Guar Gum Market, By Application, 2020 to 2027
8.5.3. Middle East and Africa Guar Gum Market, By Function, 2020 to 2027
8.5.4. By Country
126.96.36.199. Saudi Arabia
8.6. Asia Pacific
8.6.1. Asia Pacific Guar Gum Market, By Form, 2020 to 2027
8.6.2. Asia Pacific Guar Gum Market, By Application, 2020 to 2027
8.6.3. Asia Pacific Guar Gum Market, By Function, 2020 to 2027
8.6.4. By Country
188.8.131.52. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Cargill, Incorporated
10.2. VIKAS WSP LTD
10.4. TIC Gums, Inc.
10.5. Shree Ram Industries
10.7. Agro Gums
10.8. DABUR INDIA LIMITED
10.9. Rama Gum Industries (India) Ltd
10.10. Lucid Colloids Ltd.
10.12. Amba Gums & Feeds Products
10.13. AEP Colloids
10.14. Global Gums & Chemicals
VIKAS WSP LTD
TIC Gums, Inc.
Shree Ram Industries
DABUR INDIA LIMITED
Rama Gum Industries (India) Ltd
Lucid Colloids Ltd.
Amba Gums & Feeds Products
Global Gums & Chemicals
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