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Guar Gum Market Global Industry Share, Size, Growth Strategy, Industry Demand Analysis Forecast 2023
Guar Gum Market Overview
Global Guar Gum Market has been segregated, by function, into thickening, gelling, binding, and others. Owing to the multifunctional properties of guar gum the thickening, gelling, and binding segments are all expected to gain significant share in the global market.
Based on application, the Global Guar Gum Market has been segmented into food & beverages, pharmaceuticals, personal care, oil & gas, and others. The food & beverages segment is further segregated into bakery & confectionary, dairy & frozen desserts, beverages, convenience food, and others.
The oil & gas segment is expected to garner the largest market share during the review period due to the multifunctional properties of guar gum such as gelling, friction reducing, and thickening.
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Market Scenario and Growth Factors
Guar gum is a natural gum obtained from guar beans. It is witnessing an increasing application scope in various industries such as food & beverages, personal care, pharmaceuticals, mining, oil & gas, feed, explosives and others. The stabilizing and thickening properties of guar gum are the major determinants that are surging its demand in various industries. It is a gluten-free product that is gaining demand in food and beverages industry as a natural additive to replace gluten-based products.
Based on type, the global guar gum market has been segmented into food grade, industrial grade, and others. The industrial grade segment is anticipated to gain the largest revenue share in the global guar gum market due to its increasing application in vast industries such as oil & gas, mining, explosives, cosmetics, pharmaceuticals, and others.
Some of the key players in the global Guar Gum Market are Hindustan Gums & Chemicals Ltd. (India), DuPont (US), Dabur India Ltd (India), Lucid Colloids Ltd. (India), Supreme Gums Pvt. Ltd. (India), India Glycols Limited (India), Vikas WSP (India), Rama Gum Industries Limited (India), Altrafine Gums (India), Cargill, Incorporated (US), Jai Bharat Gum & Chemicals LTD (India), Global Gums & Chemicals (Pakistan), Ashland (US), Ingredion Inc. (US), and Guangrao Liuhe Chemical Co., Ltd. (China).
The Global Guar Gum Market has been segmented based on type, function, application, and region.
The Global Guar Gum Market has been divided, by type, into food grade, industrial grade, and others.
Based on function, the Global Guar Gum Market has been segregated into thickening, gelling, binding, and others.
By application, the Global Guar Gum Market is bifurcated into food & beverages, pharmaceuticals, personal care, oil & gas, and others. The food & beverages segment is further segregated into bakery & confectionary, dairy & frozen desserts, beverages, convenience food, and others.
The Global Guar Gum Market has been segmented by region, into North America, Europe, Asia-Pacific, and Rest of the World.
North America is projected to dominate the global guar gum market owing to the rising demand for convenience food in the region. Moreover, the surging demand for natural food and rising incidences of gluten intolerance are also driving the growth of guar gum market in North America.
Asia-Pacific guar gum market is anticipated to grow with the highest CAGR during the forecast period owing to the increasing production and consumption of guar gum in the region. In addition, the changing lifestyle of people, adoption of a healthy diet, and growing preference towards convenience foods is propelling the food and beverage manufacturers in Asia-Pacific to guar gum as a food additive.
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