Guar Gum Market 2022: Research with Size, Key Challenges with Covid19 Impact, Business Opportunities Forecast to 2031
Kenneth Research, in its repository of market research reports, has recently added a report on Guar Gum Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Guar Gum Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Guar Gum Market products.
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The global Guar Gum Market was valued at USD 659.55 million in 2016 and is projected to reach USD 1,285.85 million by 2025, growing at a CAGR of 7.7% from 2017 to 2025.
Guar Gum is manufactured from guar beans. It is characterized by stabilizing and thickening properties. The guar seeds are dehusked, milled and screened to obtain the guar gum. This product has found increased applications in the food & beverage, mining, and pharmaceuticals industries. Growing demand for processed foods is expected to be the biggest driver of this market.
Market Dynamics:
1. Market Drivers
1.1 Growing demand for processed foods
1.2 Growing awareness regarding the benefits of guar gum in various industries
1.3 Growing demand from the Asia Pacific region
2. Market Restraints
2.1 Lack of R&D and manufacturing facilities in some regions
2.2 Fluctuating raw material prices
Market Segmentation:
The global Guar Gum Market is segmented on the basis of grade, function, application, and region.
1. Global Guar Gum Market, by Grade:
1.1 Food-Grade
1.2 Industrial-Grade
1.3 Pharmaceutical-Grade
2. Global Guar Gum Market, by Function:
2.1 Thickening
2.2 Gelling
2.3 Binding
2.4 Friction Reducing
2.5 Other Functions
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3. Global Guar Gum Market, by Application:
3.1 Oil & Gas
3.2 Food & Beverages
3.2.1 Bakery & Confectionery Products
3.2.2 Dairy & Frozen Products
3.2.3 Beverages
3.2.4 Sauces & Dressings
3.2.5 Others
3.3 Mining & Explosives
3.4 Paper Manufacturing
3.5 Pharmaceuticals & Cosmetics
3.6 Others
4. Global Guar Gum Market, by Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. E.I. Dupont De Nemours and Company
2. Shree Ram Industries
3. Cargill
4. Rama Gum Industries
5. Ruchi Soya Industries Limited
6. Supreme Gums Private Limited
7. Altrafine Gums
8. Guangrao Liuhe Chemical Co., Ltd.
9. Global Gums and Chemicals Pvt Ltd
10. Lucid Group
11. Neelkanth Polymers
12. India Glycols Ltd
13. Dabur India Ltd
14. Hindustan Gums and Chemical Limited
15. Ashland Inc.
16. Ingredion Incorporated
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Guar Gum Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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