Global Guar Gum Market: Key Highlights
Global Guar Gum Market: Key Market Dynamics
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Global Guar Gum Market: Regional Overview
North Americais anticipated to witness prominent growth in guar gum market owing to the developing oil & gas industry. According to U.S. Energy Information Administration (EIA), the U.S. production of crude oil was 12.23 million barrels per day in 2019. Thus, the demand from the oil & gas industry for hydraulic fracturing is expected to drive demand for industrial-grade guar gum. Moreover, the increasing demand for natural additives for processed food, owingto growing health-conscious people has expected to drive the guar gum market growth in the region.
The Asia-Pacific is anticipated to dominate growth in guar gum market during the forecasted period owing to the presence of the largest guar gum producer such as India, and Japan. According to Agricultural & Processed Food Products Export Development Authority (APEDA), India exported 5,13,211.91 Metric ton of guar gum during the year 2018-19 across the globe. The major export destinations are the U.S., Russia, Norway, Germany, and the Netherlands.
FIG: EXPORTS OF GUAR GUM FROM INDIA (Metric Tons) (2019-20)
(Source: Agricultural & Processed Food Products Export Development Authority (APEDA))
Global Guar Gum Market: Key Players Overview
VIKAS WSP LTD is an Indian-based company engaged in manufacturing and supplying guar gum. The company is one of India’s largest manufacturer and exporter of guar gum powder across the globe.VIKAS WSP LTD’sS guar gum products are for highly specified applications such as oil & natural gas, exploration, explosive, mining, and food & beverages. In March 2019, VIKAS WSP Ltd received approval for export of their DP guar gum products for utilization in fertilizer stabilizing applications.
Ingredion Incorporatedis one of the leading global ingredient solution company. The company offers a wide range of sweeteners, starch, nutrition ingredients, and biomaterials for application in food & beverages, paper, and pharmaceutical industries. Ingredion Incorporated strong global sales and distribution network in North America, Asia Pacific, Europe, and the Middle East & Africa. In January 2017, the company completed its acquisition of TIC Gums Incorporated (U.S.) with an aim to strengthen the product portfolio.
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