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Guar Gum Market Size is Projected to Grow from US$ 239.4 Million in 2024 to US$ 398.4 Million by 2034, Exhibiting a CAGR of 6%

Use of Guar Gum as Thickening Agent in Hydraulic Fracturing Fluids to Improve Viscosity and Fluid Flow in Oil and Gas Exploration Plants. The rising popularity of natural products in the food and beverage industries is expected to fuel the significant growth rate of the guar gum market during the forecast period

NEWARK, Del, Jan. 18, 2024 (GLOBE NEWSWIRE) —

The global market for guar gum market products is estimated to be US$ 239.4 million in 2024. In 2023, the market was valued at US$ 227.4 million. It is projected to exhibit a CAGR of 6.00% over the forecast period and reach US$ 398.4 million by 2034.

Post-pandemic, there is a growing awareness about the benefits of plant-based supplements and additives in the general population worldwide. This has opened new doors for companies involved in the nutraceutical and pharma industry to incorporate guar gum to enhance the overall nutritional qualities of their products. Guar gum is a thickening and stabilizing agent derived from guar beans, commonly grown in the semi-arid parts of India.

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Guar gum finds its applications not just in the pharma industry but in the food and beverage processing sector as well. Its surging demand in these industries is attributed to its ability to provide viscosity, stabilize emulsions, and act as a thickening agent in various products. This helps manufacturers of packed food items to enhance the shelf life of their products. Guar gum meets the food and beverage industry’s demand for a natural thickening agent, attracting a substantial amount of eco-conscious consumers.

In oil and natural gas exploration plants, guar gum is used as a thickening agent in hydraulic fracturing fluids to improve viscosity and fluid flow. In countries like the United States, China, Canada, and Mexico, where shale gas exploration activities are at their peak, the demand for guar gum is very likely to increase in the coming years.

“There are still a lot of problems in the guar gum market. The market is still dependent upon India for the cultivation of guar beans. This reliance is very detrimental to the global industry as any disruptions or fluctuations in India’s guar bean production can significantly impact the guar gum market worldwide,” Nandini Roy Choudhury, Client Partner at Future Market Insights

Key Takeaways from the Market Study:

  • Function-wise, guar gums as an emulsifier dominate the market with a 57.00% share in 2024.
  • Guar gum is widely used in the food and beverage processing industry, with a market share of 57.00%
  • The guar gum market in Germany is predicted to grow at a CAGR of 11.20% through 2034.
  • The guar gum market in China is predicted to rise at a 3.20% CAGR through 2034.
  • The guar gum market in the United States has the potential to increase at 7.50% CAGR through 2034.
  • The Australian guar gum market is predicted to rise by 5.10% CAGR through 2034.
  • The guar gum market in Japan is predicted to grow at a CAGR of 4.50% through 2034.

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Competitive Landscape:

Companies such as Hindustan Gum and Chemicals, Jai Bharat Gum and Chemicals, Sunita Hydrocolloids, and TIC Gums, Inc. are key players in the guar gum market, contributing significantly to the global market share.

The majority of players in the guar gum market are present in India, as guar is primarily grown in the country. Smaller companies have significant opportunities in the guar gum market, particularly catering to regional food and beverage processing companies.

Key Players in the Market:

  • Hindustan Gum & Chemicals Ltd
  • Jai Bharat Gum and Chemicals Ltd
  • Global Gums & Chemicals Pvt. Ltd
  • Vikas WSP Limited
  • Ruchi Soya Industries Ltd
  • Supreme Gums Pvt. Ltd
  • Neelkanth Polymers
  • Sunita Hydrocolloids Pvt. Ltd
  • Vikas Granaries Limited
  • Dabur India Ltd
  • Rama Industries
  • Cargill, Incorporated
  • Ashland Global Holdings Inc.
  • TIC Gums, Inc.
  • DowDuPont Inc.
  • Lucid Group
  • Guar Resources LLC
  • Agro Gums
  • Shree Ram Industries
  • Shree Sidhbali Gum and Chemicals

Recent Developments:

  • Recently, guar gum was utilized to create a high-water-absorption, biodegradable hydrogel, providing a solution for enhancing soil moisture and supporting crop preservation during water scarcity.
  • In 2023, scientists developed edible ink for food printing using catechu and guar gum, offering advancements in food decoration and packaging.

Market Segmentation:

By Product Type:

  • Food Grade
  • Fast Hydrated Gum Oil Drilling Grade
  • Industrial Grade

By End-use Industry:

  • Food and Beverages
  • Fracking
  • Textiles
  • Pharmaceuticals
  • Other End-Use Industries

By Primary Function:

  • Thickener and Stabilizer
  • Binding Agent
  • Other Functional Properties

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

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Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/682182655/guar-gum-market-size-is-projected-to-grow-from-us-239-4-million-in-2024-to-us-398-4-million-by-2034-exhibiting-a-cagr-of-6-future-market

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