Published Date: 2019-07-23 | Views: 44 | Food & Beverages
QYR Consulting has published a new report titled, “Global Guar Gum Market Report, History and Forecast 2014-2025.” The global Guar Gum market is predicted to grow outstandingly in the years to come. It is anticipated to grow at a colossal CAGR of 30.2% during the forecast period of 2019-2025. It is used as an additive to increase shelf life in processed food, this is one of the reasons that Gaur Gum is used immensely in the food industry. Different projects in the oil and gas sector with growing production of shale gas are driving the demand for Guar Gum. In addition to this Guar Gum has wide application in the pharmaceutical and food and beverage industry, factors like changing eating habits and increasing chronic disorders are fuelling the market growth. According to this report, the global Guar Gum market is prognosticated to be valued US$ 24.4 Bn by the end of 2025 from US$ 2.95 Bn in the year 2018.
Increasing Usage of Guar Gum in Oil and Gas Sector is expected to drive the Global Guar Gum Market
Guar Gum is used as a natural thickener in functional food and this is likely to have a pragmatic impact on the market. Apart from this, it has universal applications as a binding agent, thickener, gelling agent, sizing agent, emulsifier, and wet-end strength additives.
The wide range of Guar Gum applications in the oil and gas sector is predicted to have a significant growth rate in the future. The rise in the production of shale gas is fuelling the demand for industrial-grade Guar Gum. The pharmaceutical industry is growing at a faster pace across the globe boosting the demand for pharmaceutical grade Guar Gum in the upcoming years. Due to an increasing use of guar gum in various applications, the worldwide Guar Gum market is foreseen to expand remarkably in the years to come.
Lucrative Growth of Guar Gum Market in Asia Pacific Region Owing to its Wide Application
North America is likely to hold the largest share by volume. Increasing demand for frozen foods along with growing oil and gas industry in the region are the two important factors for the gigantic growth of the Guar Gum market in North America region.
Increasing demand for processed food is anticipated to expand market growth in Europe. Growing urbanization, increasing population, and rising disposable income are the factors boosting the demand for Guar Gum products in Asia Pacific region. Technological innovations and rapid growth in oil and gas exploration activities in India and China is foreseen to have a remarkable growth rate during the forecasted period.
Guar Gum Market: Segmental Analysis
The market is primarily segmented into four segments such as Nature, Application, Grade, and by Function. By Grade, the market segmented into Industrial Grade and Food Grade. Cosmetics and Pharmaceuticals, Food, Construction and Textiles, Beverages, and Others (Oil) are the sub-segments of application segment. Gaur Gum has wide applications in Food segments like Meat Products, Dairy Products, Noodles and Pastas, Pet Foods, and Dressing and Sauces. By nature, the global Guar Gum market is segmented into Conventional and Organic. Additionally, the Guar Gum market is segmented based on functions such as Gelling Agent, Thickening Agent, Friction Reducing, Binding Agent, and Others. Guar Gum is used as a gelling and thickening agent in the petrochemical industry.
Global Guar Gum Market: Key Players
The top players functioning in the market are Rama Industries, Vasundhara Gums & Chemicals, India Glycols Ltd., Hindustan Gum & Chemicals Ltd., Guangrao Liuhe Chemical Co., Ltd., Vikas WSP Ltd., Ingredion Incorporated, Agro Gums, Lotus Gums & Chemicals, The Lucid Group, Cargill Incorporated, and Pakistan Gum Industries Pvt. Ltd.