Guar Gum Market Size, Industry Forecast, Insights 2024-20323

The guar gum market size has grown strongly in recent years. It will grow from $1.2 billion in 2023 to $1.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to innovation in production and processing, agricultural uses, cosmetics and personal care products, textile and paper industries, pharmaceutical formulations.

The guar gum market size is expected to see strong growth in the next few years. It will grow to $1.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increased demand in gluten-free products, expansion in pharmaceutical and nutraceutical sectors, rising demand for natural emulsifiers, continued demand in oil and gas industries, exploration of biomedical applications. Major trends in the forecast period include innovation in guar gum production, sustainable agriculture practices, increased usage in pharmaceutical formulations, product innovations, strategic collaborations.

Market Overview -
Guar gum refers to a gel-forming fiber made from legumes called guar beans. It is mainly used as a sizing material and thickening agent for various industries.

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Guar Gum Market Surges With The Soaring Demand For Convenience Foods
The rising demand for convenience foods is expected to propel the guar gum market growth going forward. Convenience foods refer to processed foods that are prepared for ease of consumption and minimum preparation. Guar gum is one of the crucial food additives used to enhance the quality of convenience foods such as soups, cakes, pastries, bread, gravies, and snacks. The guar gum market is expected to expand further as customer interest in processed food products grows, thus demand for convenience foods drives guar gum market expansion. For instance, in September 2022, according to the United States Department of Agriculture, a federal agency in the US responsible for overseeing aspects of food quality and safety as well as nutrition labeling, the total value of US processed food products exported from the country accounted for $38 billion, an increase of 10.96% from $34.24 billion in 2021. In addition, Canada exported processed food products valued at $11.43 billion, while Mexico exported processed food products valued at $5.65 billion in 2022. Similarly, in July 2021, according to Innovations in Food Technology, an international B2B quarterly magazine, the convenience food sector is growing and was estimated at £12,648 million in the year 2021. Therefore, the rising demand for convenience foods is driving the growth of the guar gum market

Competitive Landscape -
Major companies operating in the guar gum market report are Jai Bharat Gum & Chemicals Ltd., Vikas WSP Ltd., Hindustan Gum & Chemicals Ltd., Lucid Group, Supreme Gums Pvt. Ltd., India Glycols Ltd., Rama Gum Industries Ltd., Nutriroma, AEP Colloids Inc., Shree India Sino Gums Pvt Ltd., Cargill Incorporated, Ashland Inc., Neelkants Polymers Pvt. Ltd., Altrafine Gums, Lamberti S.p.A, Dabur India Ltd., Ingredion Inc., TIC Gums Inc., DuPont de Nemours Inc., Penford Corporation, Shree Ram India Gums Limited, Guar Resources LLC, Global Gums & Chemicals Pvt. Ltd., Ruchi Soya Industries Ltd., Vikas Granaries Ltd., Raj Gum Industries Pvt. Ltd., Sarda Bio Polymers Pvt. Ltd., Shree Ram Industries, Shree Gajanan Industries, Shree Laxminarayan Industries

Tech-Driven Transformation For Enhanced Transparency And Traceability
Technological development is a key trend gaining popularity in the guar gum market. Major companies operating in the guar gum market are focused on developing new technological solutions to strengthen their position. For instance, in December 2021, Solvay, a Belgium-based chemical company, partnered with BanQu to launch a blockchain technology platform for the guar supply chain. The solution enables more transparency, full traceability, equality, and revenues for local farmers. The technology ensures full transparency for about 2000 farmers about prices and volumes of guar and also ensures direct payment.

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Key Segments -

The guar gum market covered in this report is segmented -

1) By Type: Food Grade, Industrial Grade, Pharmaceutical Grade
2) By Function: Stabilizer, Emulsifier, Thickening, Gelling Agent, Binder, Friction Reducer
3) By End Use Industry: Food and Beverages, Fracking, Textiles, Pharmaceuticals, Other End Use Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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