About this market
With the rising concern and awareness about convenience food and the use of natural ingredients in food and beverages, the demand for guar from the food and beverages industry in increasing at a steady rate. Guar gum is also used in food and beverages, including baked food products, fruit juice, various dressings, frozen food products. Moreover, the increasing purchasing power of buyers owing to rising per capita income in developed and developing countries as well as expected to result per capita income in developed and developing countries as well as expected to result in increased consumption of processed food. Increasing urban population and preference for convenience food will fuel the growth of the food processing industry which will subsequently drive the demand for guar gum. market research analysts have predicted that the guar gum market will register a CAGR of over 8% by 2022.
Market Overview
Growing demand for fast hydrated guar gum in the oil and gas industry
Guar gum, derived from guar seeds, is one of the major commercial feedstock used in the oil and gas industry for applications including oil well fracturing, oil drilling rigs, oil well stimulation shale gas production, and other exploration activities. The rapid growth in shale gas and oil exploration globally will drive the market growth.
Fluctuating guar gum prices
Fluctuations in the prices of guar seeds pose a threat to the market growth. Globally, India dominated the production of guar seeds and the heavy dependence on climatic conditions in India affects crop production.
For the detailed list of factors that will drive and challenge the growth of the guar gum market during the 2018-2022, view our report.
Competitive Landscape
The global guar gum market is moderately concentrated owing to the presence of a considerable number of players. The vendors in the market are taking strategic initiatives which includes technological improvements and increased R&D activities, will generate a wide scope of applications. This had led the leading vendors which will have high opportunities to capitalize on the needs of the consumers and maximize their revenue. Many international and regional guar gum companies are vying for their share of the global guar gum market, and players must differentiate themselves to gain vital traction over their peers.