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.
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