Guar Gum Market is Majorly Driven by High Demand for Bakery and Confectionary Food Products Till 2023 | Million Insights
FELTON, California, September 18, 2018 /PRNewswire/ --
Global Guar Gum Market is anticipated to grow considerably in the forecast period owing to the increasing use of guar gum in the oil and gas industry. Guar gum is derived from guar beans and is popularly known as gellan gum. It is a fiber with myriads of uses and few benefits to the body. Guar gum also enjoys most of the present commercial status due to the development of cationic and anionic guar gum derivatives and their applications in oil and gas. It was initially used in explosives as a gelling agent in slurry explosive or as an additive to dynamite.
Guar gum has emerged as a major ingredient for fracking fluids that hold application in oil & gas hydraulic fracturing process. The gelling and thickening properties of guar gum essentially improves the viscosity of hydraulic fluids. In the food and beverage sector, the product is mainly used as thickener and stabilizer in stuffs like bottled coconut and almond milk, soups, yogurts, and fiber supplements. Besides, guar gum is also used in textile and paper industries.
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Guar gum is regarded as a novel agrochemical, which makes it ideal for use in food processing applications. Furthermore, guar gum is also finding its utility in managing human health disorders like bowel movements, cardiac ailments, diabetic colon cancer along with increasing application in drug manufacturing as well. All of these factors are predicted to boost the guar gum market in near future.
The market is majorly driven by high demand for bakery and confectionary food products. Increasing population and changing lifestyle of consumers are the factors that drive the food and beverage industry, which ultimately fuels guar gum market.
However, the growing usage of substitutes of guar gum like xanthan gum and locust bean gums, is restraining the growth of market. The emergence of gluten free substitutes like chia seeds and psyllium is another major restraint for market. Furthermore, decrease in oil price resulted in reduced oil & gas exploration activities worldwide. European commission have made stringent regulations for high consumption of guar gum since the presence of dioxins weakens the immune system. Weak exports and huge stock burden may obstruct the growth of guar gum market in future.
Guar gum market is categorized on the basis of grade, application, end use, and geography. On the basis of grade, the market is divided into food grade, industrial grade, pharmacy grade, and others. Industrial grade is further divided into paper, mining, explosive, oil & gas. Pharmacy grade is also further classified into drugs, cosmetics and others. Industrial grade is predicted to hold larger share of guar gum market in near future owing to the multi-functional properties and wide applications in oil & gas, mining & explosives, tobacco, textile, paper manufacturing, and photography industry among others.
On the basis of application, the market is divided into thickening agent, emulsifier, stabilizer, gelling agent, bonding agent, fracturing agent, flocculent, preservation agent, water retention, and others. Based on end use, the market is divided into food & beverages, textile, pharmaceutical, mining & explosives, oil & gas, cosmetic, defense, paper, and others. Food and beverage industry is further divided into dairy & frozen products, bakery & confectionery products, beverages, sauces & dressings, and others.
Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Owing to the growing oil & gas industry in countries like the United States and Canada, and the high demand for processed and frozen foods, North America is projected to hold larger share of guar gum market.
The key players in guar gum market are USA Guar Gum, Dabur India, India Glycols, Vikas WSP, Rama Industries, Hindustan Gums and Chemicals, TIC, Nutriroma, Shree India Sino and AEP Colloids.
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Market Segment:
Key Applications
• Food
• Petroleum
• Textile & Paper
• Mining
Key Regions
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key Vendors
• Altrafine Gums
• Global Gums & Chemicals
• Guangrao Liuhe Chemical
• Hindustan Gum
• Jai Bharat Gum and Chemicals
• Jingkun Chemistry Company
• Lotus Gums & Chemicals
• Neelkanth Polymers
• Rama Industries
• Shandong Dongda Commerce
• Shree Ram Group
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global guar gum market?
• What are the challenges to market growth?
• Who are the key players in the guar gum market?
• What are the market opportunities and threats faced by the key players?
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