New York, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the European Apparel and Textile Confederation, the total turnover made by the textile industry in Europe was estimated to be close to USD 182 Billion in the year 2019. Moreover, exports were estimated to grow by 4.8% than the previous year to reach a value of around USD 69 Billion, while imports were estimated to grow by 3.3% to reach USD 122 Billion. On the other hand, according to the statistics by the International Trade Center (ITC), exports of pharmaceutical products worldwide increased from USD 437,454,212 Thousand in 2011 to USD 662,554,745 Thousand in 2020. Furthermore, according to the statistics by the Confederation of European Paper Industries (CEPI), the total production capacity of pulp and paper increased from 39,584 Thousand tonnes in 1991 to 43,464 Thousand tonnes in 2020. Additionally, according to the statistics by the U.S. Energy Information Administration (EIA), production of shale gas in the U.S. increased from 13,447 Billion cubic feet in 2014 to 25,556 Billion cubic feet in 2019.
A report titled “Global Guar Gum Market” has recently been added to the repository of market research reports of Research Nester, which focuses on the latest market trends, growth drivers, opportunities, and the challenges that are associated with the growth of the market.
The industries, such as textiles, paper, pharmaceutical, and gas amongst others, have been witnessing steady growth over the last decade and are expected to grow considerably in the coming years. Guar gum, which is a galactomannan polysaccharide, and is extracted from guar beans, is used widely in these end-user industries owing to its thickening, solubility, and viscosity properties. The rise in demand for guar gum from these industries is therefore anticipated to act as one of the major factors for the growth of the global guar gum market.
The global guar gum market, which garnered a market revenue of USD 787.6 Million in 2019, is further projected to reach USD 1,111.8 Million by the end of 2028. Further, the market is also anticipated to grow with a CAGR of 6.9% during the forecast period, i.e., 2021-2028. The market is also anticipated to grow on account of the increasing exports of the product, especially from India in the Asia Pacific, which is known to be the major exporter of the product to the world. According to the statistics by the Agricultural & Processed Food Products Export Development Authority (APEDA) of the Government of India (GOI), during the year 2019-2020, India exported a total of 3,81,880.16 MT of guar gum to the world, which was valued at USD 456.96 Million.
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Regionally, the global guar gum market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America is anticipated to hold the largest market share throughout the forecast period and further achieve a market revenue of USD 590.3 Million by the end of 2028, up from a revenue of USD 389.8 Million in 2019. The market in the region is also anticipated to grow with the highest CAGR of 7.7% during the forecast period. Increasing demand for guar gum from the oil & gas industry, as well as for use in the food & beverage industry, is one of the major factors anticipated to drive the growth of the market in the region. The market in North America is segmented by country into the U.S., Canada, and Mexico. Amongst these nations, the market in the U.S. is projected to occupy a majority of the market share during the forecast period and further garner revenue of USD 489.9 Million in 2028. Further, in 2021, the market is expected to reach a value of USD 289.8 Million. The market in the U.S. is also anticipated to grow with the highest CAGR of 7.8% during the forecast period.
On the other hand, the market in the Asia Pacific is expected to hold the second-leading share by the end of 2028 and attain revenue of USD 210 Million in the same year, up from USD 144.1 Million in 2019. The market in the Asia Pacific is segmented on the basis of country into China, Japan, India, Indonesia, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China registered the largest market revenue of USD 50.9 Million in 2019 and is further projected to reach USD 78.3 Million by the end of 2028. The market in the country is also expected to grow with a CAGR of 8% during the forecast period. Alternatively, the market in India is expected to grow with the highest CAGR of 8.1% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global guar gum market is segmented by grade into food grade, pharmaceutical grade, and industrial grade. Amongst these segments, the industrial grade segment is expected to hold the largest market share throughout the forecast period and further attain a market revenue of USD 605.3 Million by the end of 2028. Further, by the end of 2021, the segment is expected to garner a revenue of USD 377.6 Million. In Europe, the food grade segment is anticipated to hold the largest market share throughout the forecast period and further garner revenue of USD 97.5 Million by the end of 2028, up from a revenue of USD 79.1 Million in 2019. The segment in the region is also anticipated to grow with the highest CAGR of 5.3% during the forecast period. Moreover, in the Asia Pacific, the food grade segment is expected to garner the largest market revenue of USD 98.1 Million by the end of 2028 by growing with the highest CAGR of 7.5% during the forecast period. In the year 2021, the segment is also anticipated to reach USD 59.3 Million.
The market is also segmented on the basis of application into thickening, gelling, binding, friction reducing, and others. Amongst these segments, the thickening segment is anticipated to hold the largest market share during the forecast period and attain revenue of USD 445.6 Million by the end of 2028, up from a revenue of USD 311.4 Million in 2019. Moreover, the segment is also projected to grow with the highest CAGR of 7.1% during the forecast period. In North America, the segment is anticipated to hold the largest revenue of USD 250.8 Million in 2028 by growing from a revenue of USD 164.9 Million in 2019, whereas in Europe, the gelling segment is expected to grab the largest market share and further reach a revenue of USD 83.3 Million in 2028, up from a revenue of USD 69.2 Million in 2019.
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The global guar gum market is also segmented on the basis of end user.
Global Guar Gum Market, Segmentation by End User
- Oil & Gas
- Food & Beverages
- Bakery & Confectionery Products
- Dairy & Frozen Products
- Beverages
- Sauces & Dressings
- Others
- Mining & Explosives
- Paper Manufacturing
- Pharmaceuticals
- Personal Care & Cosmetics
- Others
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Some of the leading players in the global guar gum market are Ingredion Incorporated, Ashland Inc., Shree Ram Industries, Hindustan Gum & Chemicals Ltd., Vikas WSP Ltd., Cargill, Incorporated, Ruchi Soya Industries Limited, and others.
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