The global guar gum market was valued at USD 790 million in the year 2018 and the market is expected to witness steady growth at a CAGR of 7.40% during 2019-2025. Constantly rising import value of guar gum worldwide is boosting the demand for guar gum. The import value of various thickeners obtained from guar seeds was valued at approximately USD 1.08 million in the year 2018, which was 14% higher as compared to the previous year.
In terms of market share, the North America region has the highest market share of 52% in the global guar gum market in the year 2018. The U.S.A was the largest importer of thickeners procured from guar seeds in 2018 and the import value witnessed 3% growth as compared to the previous year. Besides, the U.S.A also became a leading country with a 40.5% market share in the global guar gum imports. All these aspects contribute to the market share of the North America region in the global guar gum market.
Guar Gum Industry Outlook
Guar gum is a galactomannan polysaccharide that is derived from guar beans. Guar gum offers excellent thickening and binding properties, which improves the quality of food products. As a result, there has been a significant increase in people using these food products. In addition, the demand for organic guar gum is increasing in different countries.
Mostly, the trade of guar gum takes place in two basic forms – guar gum powder and guar gum splits. There has been a constant increase in the demand for guar gum in the crude oil industry because of its usage in oil well drilling. Moreover, it is widely used in applications like oil well stimulation, mud drilling and oil well fracturing.
Growth Drivers of the Guar Gum Industry
Guar gum is widely used in the form of guar gum powder in preparation of various food items such as gluten-free pastries, jams, ice cream, noodles and vegan food. Similarly, it is also used in various soups, salad dressings and sauces for controlling the level of thickness and giving a smooth texture as it is one of the best natural thickener for food products.
Guar gum has a huge scope of expansion in the petroleum industry because of its usage in a variety of applications. Guar gum is used as an element in various formulations such as enhanced oil recovery, corrosion inhibition, viscosity improver and fracturing fluids.
Because of its high viscosity guar gum is one of the most effective solutions for oil and gas recovery from the oceans. It is widely used to provide cooling and lubrication to drill bits, control water and fluid loss and act as a shale inhibitor and solid carrier. All these factors have contributed to the increasing usage of guar gum in oil well drilling.
Some of the factors like high volatility in the prices of guar gum and its availability are major challenges for the guar gum industry. Moreover, the development of the guar gum alternative is also one of the roadblocks in the growth of the global guar gum market.