The global guar gum market reached ~USD 790 million in the year 2018 and it is expected to grow at a healthy CAGR of 7.4% during 2019 – 2025. Guar gum powder has more thickening capability as compared to corn starch; hence, it is widely used as a thickener, stabilizer, and binder. It is easily soluble in water and has the ability to bind with water molecules. The increase in usage of guar gum powder in various industries such as pharmaceutical, food & beverages, oil & gas, textile and cosmetics will contribute to the guar gum market growth.
Global Guar Gum Market Segmentation
The global guar gum market is mainly segmented based on application, grade, and function. Based on the application, the global guar gum market is classified into oil & gas, food & beverages, pharmaceuticals, paper manufacturing, mining & explosives, and others. Oil & gas industry has the highest share because of the increase in oil well drilling projects and exploration activities. With respect to grade, the market is segmented into food grade, industrial grade, pharmacy grade, and other industrial grades. Industrial grade has a major market share because of its application in various industries. Based on functions, the guar gum market is classified into thickening, binding, gelling, friction, and others, including coagulating, flocculating & setting, strengthening and hardening. Because of its utilization in the oil & gas industry, Gelling has a larger market share.
Global Guar Gum Market Growth Drivers
Guar gum powder is widely used in the preparation of various food items such as gluten-free pastries, jams, noodles and ice cream. In addition, guar gum powder is also used in salad dressings, sauces, and soups for controlling the thickness and providing smooth texture. Because of its usage in a wide variety of food items, the food industry is one of the major factors for the growth of the global guar gum market.
Apart from its usage in food products, guar gum is used in a variety of applications in the petroleum industry as well. They are widely used in different formulations like corrosion inhibition, fracturing fluids, enhanced oil recovery, and viscosity improvers. Because of its high viscosity, guar gum powder is one of the most suitable solutions for oil and gas recovery. As a result, the petroleum industry and the oil & gas industry are major contributors to the growth of the global guar gum market.
Global Guar Gum Market Opportunities
The demand for guar gum powder is expected to increase in the future because of its increasing usage in baked food products, frozen food products, beverages, confections, and pet food. In addition, its usage in the pharmaceutical industry is also increasing, especially for making tablets as a binder and disintegrating agent. Guar gum powder has also become quite popular in the cosmetic industry and it is widely used as a thickener in creams, lotions and other skincare products. All these factors are expected to drive the growth of the guar gum market globally.