(MoneyNewsWire.Net, November 14, 2017 ) According to the report Guar Gum Market, published by Market Data Forecast, the Global market is projected to reach USD 1.11 billion by 2022, at a CAGR of 7.9% from 2017 to 2022.
Guar gum is extracted from guar plant which is also known as Cyamopsis Tetragonaloba. It is rich in legume, which is one of the essential nutrients to humans and animals. It also has properties like regeneration of nitrogen in the soil, also the endosperm of the seed of guar plant also has hydrocolloid properties and is widely used in many industries.
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Guar Gum Market: Drivers & Restraints
Factors like the developing oil and gas industry, mostly the shale gas industry has created an upsurge in the demand of guar gum. Also, increasing application of guar gum in various industries like, mining and explosives, food and beverage, paper and pulp industry, pharmaceuticals, oil and gas, etc boosts the demand for guar gum.
However, the seasonal production and availability of the guar plants as well as demand-supply discrepancies are the factors hindering the growth of market.
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Guar Gum Market: Segmentation
• Food Grade
• Industrial Grade
• Pharmaceutical Grade
• Friction Reducing
• Other Functions
• Oil and Gas
• Food and beverages
o Bakery and Confectionary
o Dairy and Frozen Products
o Sauces and Dressings
• Mining and explosives
• Paper Manufacturing
• Pharmaceuticals and Cosmetics
• North America
o United States
o South Korea
• Latin America
o Rest of Latin America
• Middle East & Africa
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Guar Gum Market: Overview
Currently, on the basis of grade, Industrial grade gum holds the major share in the market due to the multi functional properties of guar gum and its applications in various industries. Food grade gum is expected to grow the fastest due to its increasing demand in frozen food and confectionary sector. In 2017, the oil and gas industry is accounted for the major share in the market both in terms of market volume and value due to its uses as a gelling, thickening and friction reducing properties and increasing shale gas production.
Regionally, North America dominated the guar gum market due to growing oil and gas industry in this region and increasing demand for processed foods, frozen food and confectionary foods in United States. Also, North America is projected to grow the fastest due to high import volumes in the United States.
Guar Gum Market: Key Players
Jai Bharat Gums & Chemicals Ltd. (India), Neelkanth Polymers (India), Guangrao Liuhe Chemicals Co. Ltd. (China) , Lucid Group (India) ,Hindustan Gums & Chemicals Ltd. (India), Vikas WSP Limited (India), Ashland Specialty Ingredients (U.S.), Ingredion Inc. (U.S.), Altrafine Gums (India), Ruchi Soya Industries Ltd. (India), and Supreme Gums Pvt. Ltd. (India) are the leaders in the global Guar Gum market.
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