(I-BusinessNews.Com, April 07, 2022 ) Global Guargum Market size is forecast to reach $789.2 million by 2026, growing at a CAGR of 4.8% during the forecast period 2021-2026. Guargum is extracted from guar beans and is a galactomannan polysaccharide. It has the ability to decrease the amount of glucose and absorb cholesterol in the stomach. It has multi-functional properties and is increasingly being used in several industries such as mining, manufacturing, food & beverage, and cosmetics among others. It offers a wide range of functions such as stabilizer, gelling agent, friction reducer, and binder. Guargum is mostly used as hydrocolloidal and as sugars galactose. Hydroxypropyl guar is a natural thickener that appears as a white powder and is derived from guar gum. It is produced by reacting propylene glycol with guar gum as it improves stability. Increasing awareness regarding the benefits of convenience food and changing the eating habits of the consumers are the major factors driving the growth of the market. Increasing penetration of products in the pharmaceutical industry and increasing incidences of the non-communicable diseases is set to further enhance the overall market developments of the Global Guargum Market for the period 2021-2026.
Global Guargum Market Segment Analysis - By Grade
Food Grade held the largest share in the Global Guargum Market in 2020 and is estimated to grow at a CAGR of 5.2% during the forecast period 2021-2026. This is owing to the increasing demand with increasing food processing industry and increasing shift towards the eating habits. Increasing demand for products as a natural thickener in functional foods and increasing demand for industrial grade guar gum is increasing the growth of the segment. Guargum has a wide range of functions such as sizing agent, water barrier, flocculating agent for wastewater treatment, binding, emulsifier, and gelling agent. Increasing usage of guargum in the pharmaceutical industry is also increasing the demand of the market. Food Grade is estimated to register the higher CAGR over the period 2021-2026.
Global Guargum Market Segment Analysis - By Application
Oil & Gas held the largest share in the Global Guargum Market in 2020 and is estimated to grow at a CAGR of 5.5% during the forecast period 2021-2026. This is owing to the increasing demand of shale gas boom. There is an increasing demand for guargum from the food & beverage industry owing to the rising trend of the processed foods and increasing consumption of organic foods. Guargum is widely used in pharmaceutical applications such as dietary fiber in capsules as well as a binder in tablets owing to the fact that it has adhesive properties. Guargum is also used in personal care and cosmetics products such as shampoos, and lotions among others. There is also an increasing demand of guargum from pulp & paper industry, textile, mining, and others. Oil & Gas is estimated to register the higher CAGR over the period 2021-2026.
Global Guargum Market Segment Analysis - By Geography
North America dominated the Global Guargum Market with a major share of 32.5% in 2020. This is owing to the increasing demand from food processing sector and increasing awareness regarding the weight loss benefits of the Guargum. Increasing urbanization, increasing demand for oil & gas industry, and increasing efforts by the U.S. government for enhancing the exploration activities are increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing demand for lactose intolerant products, wide availability of oil resources, and increasing demand for hydraulic cracking.
Increasing Application of Guargum in Various Industries Owing to its Multifunctional Properties
Increasing application of guargum in various industries owing to its multifunctional properties is expanding the growth of the Global Guargum Market. There is an increasing awareness among consumers regarding nutrition & health and this has increased the interest of consumers in organic and natural products. Owing to these facts the food manufacturers are intended in using natural gums in several food applications. In the food and beverage industry, guargum is used as a binding agent, emulsifier, stabilizer, thickener, texturing agent, and gelling agent among others. Guargum reduces the serum low-density lipoprotein cholesterol and has the ability to increase glucose tolerance. However, India accounts for 90% of the world’s guar produce. 90% of the total Guar produce is used for the production of Guar Gum and the rest is used for culinary purposes and cattle feed. Thus, increasing the growth of the Guar gum Market during the forecast period 2021-2026.
Increasing Demand for Convenience Food is Increasing the Growth of the Market
Increasing demand for convenience food is increasing the growth of the Guargum market. This is owing to the busy lifestyle of the consumers, increasing usage of household technologies, and increasing working hours of the consumer. Guargum is essential in convenience food products as a food additive. It also improves the quality of the food. Increasing consumer’s interest in the processed food products and increasing preference for low-calorie food products is increasing the growth of the market. There is an increasing demand for guargum as a fat replacer in convenience foods. Thus, increasing the growth of the Guargum Market during the forecast period 2021-2026.
Global Guargum Market Challenges
Lack of Raw Material Supply and Fluctuations in Prices
Some of the factors that are set to impede the growth of the Global Guargum Market are the lack of raw material supply and price fluctuations. The price of guargum is determined by the raw material cost, demand, and supply. Supply and demand of the guargum are influenced by various factors such as the substitutes availability, and increasing substitutes industries.
Global Guargum Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Global Guargum Market. In 2020, the Global Guargum Market share is consolidated by the top ten players present in the market. The Global Guargum Market, top 10 companies are -
Ruchi Soya Industries Limited
Dabur India Ltd.
Vikas WSP Limited
Hindustan Gums and Chemical Limited
Shree Ram Industries
India Glycols Ltd.
Global Gums and Chemicals Pvt. Limited
In March 2019, Vikas WSP Ltd., a key manufacturer of guargum powder received approval of guargum products exports for the utilization of the fertilizer stabilization.
North America dominated the Global Guargum Market in 2020 owing to the increasing adoption of the hydraulic fracking and increasing usage of oil well drilling in the oil & gas industry. The Global Guargum Market scope for different regions will be provided in the final report.
Increasing demand for natural additives and increasing consumer awareness regarding the Guargum are likely to aid the market growth of the Global Guargum Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Global Guargum Market report.
Lack of raw material supply and fluctuations in prices are poised to create hurdles for the Global Guargum Market.
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