Guar Gum Market Industry Trends & Forecast Report 2027
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global guar gum market was worth USD 774.1 million in 2020 and is further projected to reach USD 1,224.2 million by 2027, at a CAGR of 6.8% during the forecast period (2021-2027). The increased demand for guar gum in the food and beverages industry as preservatives, emulsifiers, and stabilizing agents is fueling the growth of the global guar gum market. Furthermore, the use of guar gum in the production of tablets and gels raises demand for guar gum in the pharmaceutical industry, thereby, driving the global guar gum market forward. Guar gum is also used as a gelling agent in the textile industry to maintain the viscosity of dye solutions. It also acts as a significant growth driver for the global guar gum market.
Increasing demand for guar gum in the textile industry driving the market growth of the guar gum market
The textile industry is proliferating demand for fashionable clothing is expanding every day and will continue to grow in the next years. Seasonal and festival trends alter, but demand for fashion continues to grow at an exponential rate. Guar gum is most commonly used in the textile industry, and as the demand for clothing rises, so does the demand for guar gum, fueling the global guar gum market's growth. Guar gum is a thickening agent used largely in carpet printing, silk printing, rayon printing, and cotton printing die solutions. Guar gum makes the fabric designs more enhanced. Guar gum also absorbs waster quickly and prevents ink from spreading all over the clothes, which is expected to drive the growth of the global guar gum market. According to The Carpet and Rug Institute, carpet accounted for 48 % of the total U.S. flooring market in 2019; Also, the carpet and textile business employs around 50,000 people. It also inhibits chemical corrosion, resulting in improved printing quality. These are the primary factors contributing to the growth of the global guar gum market.
Increased use of guar gum in the food & beverages industry driving the growth of the guar gum market
There is a very high demand for guar gum in the food and beverages industry, making it an important growth driver for the global guar gum market. According to the United States Department of Agriculture, around 14.7% of all manufacturing plant employees work in food and beverage plants, demonstrating that the food and beverage industry is a big revenue generator. Guar gum is used in the frozen foods sector as a stabilizer and to increase the shelf life of ice creams by preventing crystal formation. Guar gum is also used to keep the viscosity and texture of dairy products consistent, which contributes to the global guar gum market's growth. Additionally, guar gum controls thickness, gel creation, glazing, and moisture retention to produce high-quality confectionery products. In beverages, guar gum is used to maintain consistency and to make low-calorie beverages. This wide range of applications of guar gum in the food and beverages industry fuels the growth of the global guar gum market.
The Food & Beverages Segment of Global Guar Gum Market Driving Market Growth
In terms of application, the global guar gum market is segmented into food and beverages, oil and gas, cosmetics and pharmaceutical, and others. The food and beverages segment holds the maximum share in the global guar gum market. The market's growth is driven by the booming food processing industry and increased awareness of the benefits of employing natural preservatives in functional foods. Guar gum is also being widely employed in the pharmaceutical sector as a binder and dissolving agent in the manufacturing of tablets and gels. What’s more, guar gum is also utilized in the drilling of oil wells in the oil and gas industry.
The Impact of COVID-19
The COVID-19 pandemic has had a negative impact on the growth of the global guar gum market as lockdowns, social distancing, and trade restrictions have disturbed the supply chain market. Many companies and factories were forced to shut down or function with a reduced workforce as a result of the coronavirus-induced lockdown. Thus, the demand for guar gum declined as a result of reduced production and dwindling demand. These factors contribute to a decline in revenue for the major competitors, hence limiting the growth of the global guar gum market. Companies that supply guar gum to pharmaceutical companies are likely to see positive growth since pharmaceutical companies are manufacturing medicines at full capacity in order to combat COVID-19. However, the overall count of pharmaceutical companies is insignificant compared to the consumer goods market; hence COVID-19 continues to wreak havoc on the global guar gum market.
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Global Guar Gum Market: Regional Insights
Based on regions, the global guar gum market is divided into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share of the global guar gum market due to the adoption of the trend of using guar gum in hydraulic fracturing and oil well drilling in the oil and gas industry.
The Asia-Pacific holds the second-largest share in the global guar gum market. The booming food and beverage industry in the APAC countries contributes to the growth of the global guar gum market. The demand for natural additives and processed food are also fueling the growth of the global guar gum market. Additionally, the majority of key players in the global guar gum market are from India. In the global market, India is the leader in both the production and export of guar gum. The country contributes to 80% of global guar gum demand. These are the factors why the Asia Pacific guar gum market is witnessing impressive growth.
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