Global Guar Gum market trends 2024, Forecast To 2033
4 Mar, 2024
The guar gum market has seen significant growth, set to increase from $1.2 billion in 2023 to$1.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. This growth is attributed to production innovation, agricultural uses, and applications in various industries. Forecasts indicate continued strong growth, with the market expected to reach $1.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The forecasted expansion is fueled by demand in gluten-free products, pharmaceuticals, nutraceuticals, natural emulsifiers, and oil and gas exploration. Major trends include production innovation, sustainable agriculture, pharmaceutical applications, and strategic collaborations.
Global Guar Gum Market Key Driver
The rising demand for convenience foods is expected to propel the guar gum market growth going forward. Convenience foods refer to processed foods that are prepared for ease of consumption and minimum preparation. Guar gum is one of the crucial food additives used to enhance the quality of convenience foods such as soups, cakes, pastries, bread, gravies, and snacks. The guar gum market is expected to expand further as customer interest in processed food products grows, thus demand for convenience foods drives guar gum market expansion. For instance, in September 2022, according to the United States Department of Agriculture, a federal agency in the US responsible for overseeing aspects of food quality and safety as well as nutrition labeling, the total value of US processed food products exported from the country accounted for $38 billion, an increase of 10.96% from $34.24 billion in 2021. In addition, Canada exported processed food products valued at $11.43 billion, while Mexico exported processed food products valued at $5.65 billion in 2022. Similarly, in July 2021, according to Innovations in Food Technology, an international B2B quarterly magazine, the convenience food sector is growing and was estimated at £12,648 million in the year 2021. Therefore, the rising demand for convenience foods is driving the growth of the guar gum market. In 2023, the market size for guar gum is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Guar Gum Market ReportGlobal Guar Gum Market Segments
The global guar gum market covered in this report is segmented –
1) By Type: Food Grade, Industrial Grade, Pharmaceutical Grade
2) By Function: Stabilizer, Emulsifier, Thickening, Gelling Agent, Binder, Friction Reducer
3) By End Use Industry: Food and Beverages, Fracking, Textiles, Pharmaceuticals, Other End Use Industries
By Geography: The regions covered in the guar gum market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the guar gum market share in 2023. The regions covered in the guar gum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Guar Gum Industry Players
Jai Bharat Gum & Chemicals Ltd., Vikas WSP Ltd., Hindustan Gum & Chemicals Ltd., Lucid Group, Supreme Gums Pvt. Ltd., India Glycols Ltd., Rama Gum Industries Ltd., Nutriroma, AEP Colloids Inc., Shree India Sino Gums Pvt Ltd., Cargill Incorporated, Ashland Inc., Neelkants Polymers Pvt. Ltd., Altrafine Gums, Lamberti S.p.A, Dabur India Ltd., Ingredion Inc., TIC Gums Inc., DuPont de Nemours Inc., Penford Corporation, Shree Ram India Gums Limited, Guar Resources LLC, Global Gums & Chemicals Pvt. Ltd., Ruchi Soya Industries Ltd., Vikas Granaries Ltd., Raj Gum Industries Pvt. Ltd., Sarda Bio Polymers Pvt. Ltd., Shree Ram Industries, Shree Gajanan Industries, Shree Laxminarayan Industries
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Guar Gum Market Overview
Guar gum refers to a gel-forming fiber made from legumes called guar beans. It is mainly used as a sizing material and thickening agent for various industries.
Guar Gum Global Market Report 2023 provides data on the global guar gum market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The guar gum market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.