India Guar Gum Market – Top Companies and Manufacturers

The Guar Gum Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Guar Gum Global Market Report 2024, 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.

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

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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

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.

The guar gum market report table of contents includes:

 

1. Executive Summary
2. Guar Gum Market Characteristics
3. Guar Gum Market Trends And Strategies
4. Guar Gum Market – Macro Economic Scenario
5. Global Guar Gum Market Size and Growth

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31. Global Guar Gum Market Competitive Benchmarking
32. Global Guar Gum Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Guar Gum Market
34. Guar Gum Market Future Outlook and Potential Analysis
35. Appendix

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