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Guar Gum Market Size, Share, Trends And Analysis Report 2033
Guar Gum Market Size
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The expansion of the oil and gas exploration and production activities across the globe is expected to propel the growth of the guar gum market going forward. Oil and gas exploration and production activities refer to the processes involved in searching for, extracting, and bringing to the surface crude oil and natural gas resources from the Earth. Guar gum is used in hydraulic fracturing in the oil and gas industry to improve the viscosity of fracturing fluids. For instance, in January 2023, according to the US Energy Information Administration, a US-based official agency for energy statistics, The United States is projected to achieve an average crude oil production of 12.4 million barrels per day (b/d) in 2023 and further increase to 12.8 million b/d in 2024, exceeding the previous record of 12.3 million b/d established in 2019. , Therefore, the expansion of the oil and gas exploration and production activities will drive the guar gum market.
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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Major Key Players of the Market:
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
Guar Gum Market 2024 Key Insights:
• 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%.
• Guar Gum Market Surges With The Soaring Demand For Convenience Foods
• Tech-Driven Transformation For Enhanced Transparency And Traceability
• North America was the largest region in the guar gum market share in 2023
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