Guar Gum Market is conventional to show a substantial growth in the near future
Due to these features and properties of guar gum, it has numerous applications in several industries such as the food & beverage industry, pharmaceutical industry, oil & gas industry, mining & explosive industry, cosmetic industry, paper manufacturing industry, and many others. Besides this, guar gum has many functions such as friction, gelling, thickening, binding, flocculating, coagulating, strengthening, and hardening.
India is the largest producer of guar gum and accounts for about 80% of global production, and is approximately one-third of the total agricultural exports of the country.
Due to the significant rise in demand for guar gum across the globe and applications in numerous industries, forecasters predict that the global guar gum market will significantly expand at an appreciable growth rate during the forecast period.
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Archer Daniels Midland Company, Ashland Inc., Beneo GmbH., Danisco, Dabur India Ltd., FMC Corporation, GUM Technology Corporation, Hindustan Gums and Chemicals, India Glycols Limited, Kerry Group Plc., Lucid Group, Palsgaard, Royal DSM, Supreme Gums Pvt. Ltd, Shree Ram Gum, Taiyo Kagaku Co. Ltd., The USA Guar Gum, TIC Gums Inc., and Vikas WSP Limited.
COVID-19 scenario analysis
The COVID-19 has severely affected the global guar gum market.
The market is facing a weak consumer demand for lifestyle and well-being goods, as consumers are inclining more toward essential food items and safety products.
Manufacturers operating in the guar gum market are facing issues like lack in the supply of raw material, logistics slowdown, and restricted labor supply.
Disruption in the supply chain has been caused due to a halt in import-export activities and prevailing lockdown.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Widespread applications of guar gum in various industries coupled with its multifunctional properties is the main factor that drives the global guar gum market. Along with this, changes in lifestyle of consumers and increase in the consumption of convenience foods in developing economies propel the market growth for guar gum. In addition to this, the pharmaceutical industry is witnessing rapid growth that fuels the demand for this product.
On the contrary, lack of research & development, weak exports, stock burden, and trade restrictions may hamper the market growth for this product. Another reason that accounts for restraining the market growth of guar gum is its high dependency on the prices of crude oil. Also, the guar plant is seasonal, and hence meeting the rising consumer and industrial demand throughout the year is not always possible. The availability of gluten-free substitutes like psyllium fiber and chia seed is emerging as a biggest threat and limiting the market growth for guar gum globally. In addition to this, due to the presence of dioxins, its high intake might weaken the immune system, which, in turn, is another reason restraining the market growth of guar gum.
However, increasing investments in research & development, bringing innovations in terms of end-use applications, finding uses in new industries, and strengthening the exports will pave new lucrative opportunities, which will propel the overall growth of the global guar gum market.
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The global guar gum market trends are as follows:
International Finance Corporation (IFC), a member of the World Bank Group, in September 2014, invested $257.5 million in an Indian guar gum producer, Lucid Colloids. This investment was to support the company’s expansion plans to set up a guar gum plant in Gujrat, two guar splitting plants in Rajasthan, and an R&D facility.
Vikas WSP Ltd., a leading Indian manufacturer of guar gum, received approval for exporting its DP guar gum products as a useful utilizer in fertilizer stabilizing application in March 2019.
In December 2016, all the outstanding shares of TIC Gums Incorporated, a U.S.-based company, were acquired by Ingredion Incorporated, which is a leading global ingredient solution company.
Key benefits of the report:
This study presents the analytical depiction of the global guar gum industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global guar gum market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global guar gum market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global guar gum market analysis depending on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the guar gum market research report:
Which are the leading players active in the guar gum market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the market?
What future projections would help in taking further strategic steps?
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