The global guar complex market exhibits a highly emerging vendor landscape, mainly due to the concentration of players in specific regions, observes Transparency Market Research based on a newly published report. This primarily exists due to guar being selectively available only in specific regions. Notable focus is being imparted by the players on implementing key strategies such as improving geographical reach, enhancing product quality, and achieving product differentiation, to survive in this field.
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Improving production capacities, enhancing growth rate by implementing better product marketing, and striving towards regulating product costs are few other schemes implemented by major players to establish their standing in the global guar complex market. The competition is expected to intensify further owing to new players regularly making their foray in this sector. Speaking of specific companies, Vikas WSP, Rama industries, Jai Bharat Gum, Hindustan Gums, Ashland Inc., Lucid Group, India Glycols Ltd., Shree Ram Gum, Supreme Gums Pvt. Ltd., Cargill Inc., and Lamberti, are key players operating in the global guar complex market.
The global guar complex market is expected grow at a slightly slow but steady pace with a CAGR of 2.6% during the forecast period ranging from 2017 to 2026. The market is expected to gain revenue worth US$1.7 bn by 2026, according to experts from Transparency Market Research.
A rise in the use of guar products to promote weight loss in clinical trials is a key factor driving growth in the global guar complex market. Use of guar complex products to reduce cholesterol properties in the form of drugs and other medicines is also responsible for the global guar complex market to pick up gradual pace. A rapidly progressing food and beverage industry, especially in the sector of healthy foodstuffs too is also the market to grow steadily. From an overall perspective, the guar complex market is likely to experience substantial expansion in future thanks to a rising awareness about the health benefits of guar products all over the globe.
Fluctuating raw material prices, shortage of adequate manpower required for product manufacturing in certain regions, and lack of expertise in remote areas are a few factors that are primarily hindering the guar complex market. Moreover, the market is also being hindered due to allergic reactions caused by the guar products in some people, thereby restricting the number of targeted customers. Nevertheless, several companies are carrying out extensive research and development in the field of guar product manufacturing. This is expected to make them release non-allergic as well as cost-effective guar products materials that can be readily used in different foods as well as consumed in various forms, consequently offsetting the restraints affecting the market.