Global Market Size, Forecast, and Trend Highlights Over 2023-2033
India Guar Gum Market size is expected to reach USD 118.72 Million by the end of 2033, by growing at a CAGR of 7.72% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of India guar gum was USD 53.27 Million. The growth of the market can be attributed to growing demand for convenience food owing to the growing working population in India. Additionally, rising population, rising disposable incomes, rural-urban migration, and increased rural per capita productivity have resulted in significant shifts in food consumption preferences and production patterns in India. Further, drive-through restaurants, takeout food, microwave dinners, grocery delivery to the home, and internet shopping are all growing in popularity, which has an impact on the sale of convenience foods. About 80% of customers who use delivery apps to purchase food claim to do so out of convenience. Another, approximately 13% claimed it was owing to the discounts these applications offered, while about 4% cited a better selection. Hence the demand for convenience food is estimated to increase further, boosting the growth of the market.
Additionally, the uses of guar gum are also growing in oil and gas industry. Guar gum's application in hydraulic fracturing, the process of using high pressure to fracture rock, to stimulate oil and gas wells, has given it significant commercial importance presently. Sand could be carried into fractured rock by the fracturing fluid becoming thicker owing to guar gum. Sand is present in this fracture, keeping it open and providing a pathway for gas or oil to flow to the well bore. The guar derivatives hydroxypropyl guar (HPG) and carboxymethyl hydroxypropyl guar (CMG) are used in fracturing fluids (CMHPG). Further, guar gum thickens dye solutions used in textile and carpet printing, making it possible to create prints with sharper details. Moreover, the growing demand for dairy products is also estimated to drive the growth of the market. Owing to its ability to bind water, guar gum plays a significant role in stabilizing ice cream. Since HTST methods need hydrocolloids that could fully hydrate in a short processing time, its application in these processes is particularly advantageous.
