The most important factor determining the overall market will be the level of demand for guar gum. Considering the current trend, the overall market size is forecast to increase at a CAGR of 5% from 2014 through 2023. Change in eating habits of people is expected to affect the global guar gum market trends.
India to Rule Globally for Guar Production
Guar gum is a product derived from the seeds of guar, a plant found in the deserts of India. It has a number of applications, including oil and gas, confectionery, pharmaceuticals, and textiles.
In recent years, the oil and gas industry has dominated the global guar gum powder market. The growth of the shale gas boom has been a driving force behind this development. This segment is expected to experience substantial growth in the forecast period.
India is the largest producer of the total guar gum production globally with owing 80% of the market share. The production of guar gum in India is increasing day by day due to its high demand also USA is the largest importer of guar gum from India.
Increasing health awareness is expected to drive the demand for guar gum. This is driven by the prevalence of chronic diseases and an aging population. Also, an increase in the consumer demand for organic foods is expected to contribute to the guar gum market.
However, the emergence of efficient substitutes is expected to pose challenges to the guar gum market. Moreover, the uncertainty in the availability of raw materials may also limit the overall market growth.
Increased Demand in Food Industry
Guar gum is a water-soluble polymer derived from the seeds of the guar plant. It is used as an emulsifier in various products, such as cosmetics, pharmaceuticals, and food and beverage industries. It is also widely used as a thickener in various food products and beverages.
The growing demand for convenience foods and processed foods is expected to drive the guar gum market in the near future. Moreover, increasing awareness about health and nutrition is fuelling the growth of the guar gum industry. Food and beverage industry are the second largest market for guar gum powder.
The rising disposable income of consumers in the Asia Pacific region is also contributing to the growth of the guar gum market. Furthermore, the emergence of organic foods is expected to further strengthen the market.
USA-Largest Market for Guar Gum
The global Guar Gum (Guaran) market is projected to increase at a healthy rate of CAGR in upcoming years. The market is expected to grow to US$ 1.48 Bn by 2029. Moreover, the demand for guar gum is projected to increase in the pharmaceutical industry, which is a major application segment. Moreover, increasing investments in research and development will also benefit the market.
The report provides a comprehensive overview of the guar gum industry, which includes a detailed analysis of the competitive landscape, market size, and key trends. It also provides an in-depth analysis of the regional markets. These include, North America, Europe, and Asia-Pacific. In addition, the report analyzes the key players in the market.
The United States is the largest market for guar gum as it imports guar gum from India. This is primarily attributed to the increased number of shale oil reserves. Increasing use of hydraulic fracturing for oil and gas extraction is also expected to drive growth in the market.
In addition, the increasing use of hydraulic fracking in the United States is projected to propel the demand for guar gum.
The guar gum powder market is expected to expand at a rapid rate in the coming years. In fact, the market is projected to grow at an average CAGR of 7.8% during the period from the year 2022 to 2027.
Moreover, the market is predicted to witness growth in the future due to favorable factors such as the rising demand for processed foods in Asia-Pacific. Additionally, the emergence of organic foods is also expected to boost the demand for guar gum powder.