Guar Gum Market, Regional Outlook, Growth Potential, COVID19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2073
Guar Gum Market Size will expand over 2021-2027 owing to the widespread application in a variety of industries including oil & gas and pharmaceuticals. In the food & beverages sector, guar gum, also known as guaran, is used as a food additive for multiple functions such as a binder, stabilizer, and thickener, providing a smooth texture to the food. Likewise, the compound proves to be highly beneficial in pharmaceutical applications, being adopted as a binder in manufacturing tablets.
Guar gum is a galactomannan polysaccharide that has been extracted from guar beans. This type of fiber is gaining widespread popularity due to its ability to decrease the amount of glucose and cholesterol absorbed in the intestines and stomach. Modern busy lifestyle is impelling the demand for prepared food products, leading to an increased consumption of guar gum. Some of the other key areas of application for the compound include paper production, mining, textiles, and a few more.
The availability of alternative products such as chia seeds and silicon fibers as well as the considerable drop in oil prices affecting the oil & gas exploration activity may create hindrance to the guar gum industry expansion to a certain extent. Although recognized as a food additive in Europe, the European Commission has also issued warnings the import of guar gum due to potentially high levels of dioxin and pentachlorophenol, which are toxic chemical compounds that can weaken the immune system.
The North America guar gum market share is estimated to capture a considerable stake of the overall industry share, as a result of the mounting demand for hydraulic cracking and the abundant availability of oil and gas resources. However, according to a survey conducted by World Oil, dozens of producers had revealed that they drastically reduced drilling activities from Q1 2020 levels. In addition, a number of companies confirmed that their drilling processes will be cut by half or less than half in the second part of the year. Despite a lower demand from the oil and gas sector, the North America market will expand owing to robust food & beverage and pharmaceutical sectors.
The global guar gum market is stimulated by the presence of prominent companies such as Shree India Sino, AEP Colloids, Nutriroma, TIC, Hindustan Gums and Chemicals, Dabur India, Rama Industries, Vikas WSP, and India Glycols. These firms have been engaging in M&A, new product launches, and business expansion to strengthen their footprint across the globe.
Influence of COVID-19 on guar gum market trends
Across the globe, the novel coronavirus outbreak resulted in disrupted supply chains and lower packaged food and beverage consumption. Although the demand for home delivery of products grew, the market for outside food consumption suffered to a larger extent, which also affected manufacturer bottom lines. Inadvertent reduction in food and beverage production could negatively impact guar gum demand.
The pharmaceutical industry witnessed a considerable change in demand, research and development focus, approval delays, another short-term impacts which may have affected guar gum market growth up to 2027. However, consistent growth in chronic disorders and incessant demand for medicines will sustain the need of guar gum over the next few years, in addition to the consumption from other applications like mining, paper manufacturing and textile sector.
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