The growing popularity of convenience food items around the world is likely to enable speedy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Guar Gum Market Size, Share & Industry Analysis, By Type (Food Grade, Industrial Grade, Pharmaceutical Grade), By Application (Bakery & Confectionery, Dairy Products, Sauces & Dressings, Other Processed Foods, Pharmaceuticals, Cosmetics, Oil & Gas, Other Non-food Sectors (animal feed, paper industry)) Others and Regional Forecast, 2022-2029” The growing demand for baked products is expected to bolster healthy growth of the market.
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Growing Prominence of Dairy Products to Aid Colossal Development
The rising demand from cosmetics, food, pharmaceuticals, and oil and gas industry is expected to boost the guar gum market growth during the forecast period. The increasing application of guar gum in foods such as baked goods & baking mixes, cheeses, breakfast cereals, ice creams, cheeses jams, jellies, soups, and sauces as an emulsifier and firming agent is expected to spur opportunities for the market. The growing importance of dairy products such as yogurt, milk, and semisolid cheeses is predicted to favor the growth of the market. The increasing demand for frozen foods is expected to augur well for the market owing to the properties of guar gum that reduces crystal formation in frozen foods. Moreover, the benefits of guar gum such as its non-toxic and biodegradable nature is likely to fuel demand for the market. The growing knowledge about the advantages of guar gum as a renewable and natural source, that is cost-effective, low in glycaemic index, and has water-soluble fiber is predicted to boost the growth of the market. The increasing pharmaceutical applications of guar gum owing to its ability to form viscous solutions or gels is expected to promote the growth of the market. The high utilization of guar in pet foods is likely to favor the growth of the market. However, fluctuation in prices of guar seeds is expected to dampen the growth of the market. In addition, water scarcity for the production of guar in many regions is predicted to act as a restricting factor for the growth of the market.
Surge in Oil and Gas Industry to Propel Market in North America
The market in North America is likely to witness significant growth during the forecast period owing to the surge in the oil and gas industry in the US and Canada. The increasing application of guar gum for hydraulic fracturing of subsurface shale in the oil and gas industry is predicted to stimulate the growth of the market. The increasing export and import activities of guar gum in the US is expected to create growth opportunities for the market. According to the Agricultural & Processed Food Products Export Development Authority, the U.S. was the largest importer of guar gum from India in 2018. Europe is predicted to witness a high growth rate during the forecast period owing to the demand for low-fat products, especially trans-fat free products in the region. The high utilization of guar gum in processed food and beverages is predicted to enhance the business prospects of the market.
The Report Lists the Main Companies in the Guar Gum Market:
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