Latin America Guar Gum Market

Latin America Guar Gum Market Growth and Forecast (2023 - 2028):

Latin America Guar Gum Market is worth USD 98.96 million in 2022 and estimated to grow at a CAGR of 7%, to reach USD 138.8 million by 2028. The Latin America Guar Gum market is developing at an exceptionally quick pace.

Market Overview:

The guar plant is aplant known as 'Cyamopsis Tetragonaloba'.  The important source of nutrition to human and animals is the legume, it regenerates soil nitrogen and the endosperm of guar seed is an important hydrocolloid widely used across various industries.

Drivers:

The significant drivers is the developing oil & gas industry, specially the shale gas industry, which in turn increased the demand for guar gum. Also surge in the growing use of guar gum in wide range of applications, such as oil & gas, food & beverages, mining & explosives, paper manufacturing, pharmaceuticals etc. in developed and developing nations is boosting the industry.

Latin America Guar Gum Market Segmentation Analysis:

The Latin America Guar Gum Market for Guar gum is segmented on the basis of function, grade, application and region. Based on function, the market is segmented into Thickening, Gelling, Binding, and Friction Reducing. Based on application, the market is segmented into Food & Beverages, Oil & Gas, Paper Manufacturing, Mining & Explosives, and Pharmaceuticals & Cosmetics. Based on Grade, the market is segmented into Food Grade, Industrial Grade and Pharmaceutical Grade. The industrial grade segment is estimated to account for the largest market share in the Guar Gum Market in 2016. It is considered as the one of the most widely used guar gum, owing to its multi-functional properties and its vast applications in the oil & gas, mining & explosives, paper manufacturing etc. Based on Food and Beverage application, the market is segmented into Bakery & Confectionery Products, Dairy & Frozen Products, Beverages, Sauces & Dressings and Others.

Region Analysis:

Geographically the Latin America Guar Gum Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The huge rise in spending has increased the demand for this industry.

Key Players in the Market:

Major Key Players in the Latin America Guar Gum Market are

• Jai Bharat Gums & Chemicals Ltd. (India)
• Neelkanth Polymers (India)
• Guangrao Liuhe Chemicals Co. Ltd. (China)
• Lucid Group (India)
• Hindustan Gums & Chemicals Ltd. (India)
• Vikas WSP Limited (India)
• Ashland Specialty Ingredients (U.S.)
• Ingredion Inc. (U.S.)
• Altrafine Gums (India)
• Ruchi Soya Industries Ltd. (India)
• Supreme Gums Pvt. Ltd. (India)