Guar Gum Market Projections: Escalating Demand in Food, Oil & Gas, and Pharmaceutical Sectors to Foster Substantial Growth and Open New Avenues for Market Players in the Upcoming Years

The guar gum market, valued at US$ 1.13 billion in 2021, displays a promising trajectory with an estimated CAGR of 2.8% until 2026. This growth is set to elevate its worth to US$ 1.3 billion by 2026. The upward trend is propelled by its diverse applications across industries, promising a lucrative market future.

In addition to food, guar gum is frequently utilised in industries like oil & gas, cosmetics, and medicines. It serves as a binder, disintegrant, and controlled-release ingredient in pharmaceutical tablets and capsules. Guar gum is a thickening, emulsifier, and stabilising agent used in creams, lotions, and personal care products in the cosmetic industry.

The guar gum market is expanding swiftly due to its extensive use in the food, pharmaceutical, cosmetic, and oil & gas industries. Guar gum demand is anticipated to grow as industries continue to look for natural and useful components, boosting industrial potential and innovation.

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The global guar gum market is likely to surpass US$ 1.3 Bn in revenues by the end of 2026, according to a new research report by Future Market Insights (FMI). The report projects the market to grow at a CAGR of 2.8% during the forecast period 2017-2026, with steady demand from end users in Asia Pacific excluding Japan (APEJ) likely to provide growth opportunities to stakeholders in the market. Applications in food and beverage industry are likely to create steady demand during the assessment period.

On the basis of product type, the key segments include food grade, fast hydrated gum oil drilling grade, and industrial grade. By end use industry, the market has been segmented into food and beverages, fracking, textiles, pharmaceuticals, and other end-use industries. On the basis of primary function, the key segments include thickener and stabilizer, binding agent, and other functional properties.

Among the product types, the fast-hydrated gum oil drilling grade segment will continue to remain attractive during the assessment period. This segment currently accounts for nearly 70% revenue share of the market and is likely to remain lucrative throughout the forecast period. The fast hydrated gum oil drilling grade is likely to surpass US$ 800 Mn in revenues by the end of the forecast period.

Demand for guar gum is likely to remain robust in the fracking segment. Currently, fracking accounts for over two-thirds revenue share of the market, and it is highly likely that the dominance of this segment will continue beyond 2017. This segment is projected to grow at a CAGR of 2.4% to reach a valuation of over US$ 800 Mn by the end of the forecast period.

The use of guar gum has been witnessing an increase owing to its growing application in the oil & gas industry. However, as the oil and gas industry is going through a sluggish phase, the demand for guar gum has declined to an extent. Some of the sluggishness on account of oil & gas is likely to be compensated by growing demand in the food and beverage industry. Guar gums find wide-ranging applications in the food & beverage industry, where it is used as a thickener and stabilizer.

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-Region

North America
Latin America
Europe
Japan
APEJ
MEA

-Product Type

Food Grade
Fast Hydrated Gum Oil Drilling Grade
Industrial Grade

-End Use Industry

Food and Beverages
Fracking
Textiles
Pharmaceuticals
Other End Use Industries

-Primary Function

Thickener and Stabilizer
Binding Agent
Other Functional Properties

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.