Research Methodology on Guar Gum Market
Introduction
The increasing demand and consumption of natural food products have led to growth in the food industry and resulted in a shift in production towards natural or organic food products. Guar gum, also known as guaran or cluster bean, is a natural food ingredient that is extracted from the guar plant. Guar gum is widely used in the food industry as a thickener and stabilizer, as well as an emulsifier and binder. This has resulted in the increased utilization of guar gum as food products.
Due to the multiple applications, guar gum is also utilized in several industries such as pharmaceuticals, cosmetics, construction, paper pulp manufacturing, mining and oil & gas drilling, etc. In the last few years, the demand for guar gum has increased owing to its multifunctional properties which have resulted in higher production of guar gum from the major countries such as India, United States and China.
Objective
The objective of this research is to determine the current market trends of the global guar gum market and to analyze the opportunities and challenges related to the market. Moreover, it will identify the major market players in the global guar gum market and analyze the strategies adopted by them. Furthermore, this research will analyze the factors propelled by the global guar gum market, and ascertain the present and estimated market size in the coming years.
Research Methodology
The research methodology used in this study is descriptive in nature and consists of secondary and primary data sources. Major sources of secondary data were industry publications, journals, magazines and websites of industry players, government sources and associations. Secondary data was used to obtain an overall market overview and market structure. Primary data was collected through interviews with industry experts, market players and opinion leaders. To identify the recent market development of the guar gum market, primary interviews were conducted with industry experts from guar gum-related industries.
Besides primary and secondary data, Porter’s five force analysis was used to assess the competitive landscape of the market. Moreover, a gap analysis was done to identify the existing opportunities in the global guar gum market.
Furthermore, a market size estimation was done by considering the size of the current market and analyzing the upcoming market trends. This was done to estimate the present and future market sizes of the guar gum market from 2023 to 2030.
Lastly, a SWOT analysis was performed to determine the strength, weaknesses, opportunities and threats faced by the guar gum market. This analysis was used to identify the potential areas for expansion in the global guar gum market.
Sample Selection
The sample for this research consists of guar gum manufacturers, suppliers, traders and market players from all continents. The sample size of this research is based on the number of respondents who were interviewed for primary data. The sample size of this study is around 80 respondents.
Data Collection
The data collection methodology consists of primary and secondary sources to collect data for the research. The primary sources for data collection were in-depth interviews with industry experts using structured questionnaires. The primary data was collected to get insights into the production and consumption of guar gum in different industries.
The secondary sources for data collection are industry reports, press releases, trade publications, magazines, government documents and reports and websites of industry players. This secondary data was collected to get an overview of the market size and market structure of the guar gum industry.
Data Analysis
The data collected was analyzed using descriptive and inferential analysis. Descriptive analysis was used to understand the data more empirically. The data was analyzed for production, the share of guar gum in different industries, market share of the global guar gum market, prices, exports and imports, etc, and compared with earlier years to understand the growth of the guar gum market.
Inferential analysis was used to make inferences regarding present trends in production, exports, imports and the overall market of guar gum. Trends were identified using a comparison of the production numbers, growth in import and export, and changes in market size in the present and past year.
Conclusion
Overall, the research conducted is descriptive in nature and consists of a mix of primary and secondary data sources. It also provides a detailed analysis of market size, production, consumption, exports, imports, market trends, and growth prospects of the global guar gum market. Overall, the research provides a clear understanding of the guar gum market and the major players involved in the market. The research also provides a detailed assessment of the strengths, weaknesses, opportunities and threats faced by the guar gum market. Moreover, this research provides insight into the potential areas for expansion in the guar gum industry from 2023 to 2030.