The guar gum market is projected to grow at a CAGR of 7.9% from 2017 to 2022, to reach USD 1.15 billion by 2022. The major factor driving growth in the market is the increasing application of guar gum due to its multifunctional properties and increased health consciousness among consumers about healthy foods. Guar gum is also being increasingly used in different industries such as food, oil & gas, and pharmaceuticals. It performs a wide range of functions such as acting as a friction reducer, binder, thickener, stabilizer, and gelling agent.
Increased consumption of convenience food will provide good growth opportunity in the future.
The global demand for convenience food is increasing with busy consumer lifestyles. The global demand for convenience food has been influenced by factors such as increased usage of household technologies, longer working hours, and rising consumer incomes. Guar gum is one of the essential food additives in convenience food products, such as soups, cakes, pastry, bread, gravies, and snacks, which improves its quality. Increase in consumer interest toward processed food products is expected to further augment the growth of the guar gum market in the near future. Moreover, the increasing preference for low-calorie and low-fat foods favoring guar gum has helped reduce the overall fat content in foods; this trend is benefiting the guar gum market. Guar gum is used as a fat replacer in convenience food. The consumer demand for convenience food products that will fit their lifestyles has been rising, globally. Manufacturers continue to focus on convenience food & beverages as the major potential segment for guar gum application.
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Bakery & confectionery segment accounted for the largest share of guar gum market in 2017.
The bakery & confectionery products segment accounted for the largest share of the global guar gum market in 2017. Guar gum is used in numerous confectionery products, such as gummy and chewy confections, aerated confections and marshmallows, confectionery jellies, jelly beans, fruit leathers, caramels, fondants, pastes, and liquid centers/fillings. It increases the shelf life and controls and accelerates the setting time. The key factor responsible for the demand of guar gum in confectionery applications is the advantages offered by this product, such as better flavor release, reduced hot viscosity, good gel clarity.
The oil & gas segment accounted for the largest application share of guar gum in 2017
On the basis of application, the oil & gas segment accounted for the largest share of the market in 2017. Industrial grade guar gum powder is used in various oil & gas industry applications such as oil well fracturing; oil well stimulation; and oil recovery to serve multiple purposes such as reducing water mobility and providing enhanced stability against salt, temperature, and shear. Due to its high viscosity, guar gum is widely used in oil well drilling, geological drilling, and water drilling activities; it enables drilling fluids to remove drill waste from deep holes. In the oilfield industry, guar gum is used as a deformer, surfactant, and synthetic polymer. It is suitable for all rheological requirements of water-based and brine-based drilling fluids. It enables fluid and water loss control and facilitates the lubrication and cooling of drill bits.
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North America is projected to account for the largest market size during the forecast period.
North America is projected to hold the largest share in the guar gum market during the forecast period. The oil & gas industry is booming in the North America region; this region dominates the global guar gum market, followed by Europe and Asia-Pacific. The demand for natural additives and processed food among consumers is fueling the growth of the food-grade guar gum market, while the demand from the oil & gas drilling industry for hydraulic fracturing is driving the industrial-grade guar gum market. Large volume of guar gum imported by the US and Canada for the oil & gas industry is the main reason contributing to the dominance of North America in the global market.
This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the guar gum market. It includes profiles of leading companies such as TIC Gums, Inc. (US) & Penford Corporation (US), Ashland Specialty Ingredients (US), and Cargill (US).
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