Market Overview:
Agar is a jelly-like substance extracted from red algae. It is commonly used as a gelling agent in food, microbiology and other applications due to its ability to form thermoreversible gels. Agar finds wide usage in confectioneries, bakery products, meat & poultry products, dairy & frozen foods, etc. helping food manufacturers to stabilize product textures and acts as a thickening agent.
Market Key Trends:
One of the key trends fueling the growth of the Agar market is the expanding food and beverage industry globally. Agar is extensively used as an additive and thickening agent in many food products. The increasing demand for convenience and packaged food items across both developed and developing countries has prompted food manufacturers to widely utilize agar. As per industry reports, convenient packaged food segment is expected to grow at a CAGR of over 7% in the forecast period, thereby augmenting the usage of agar in food applications. The rising health-consciousness among individuals has also propelled the consumption of low-calorie and low-fat snacks, desserts and dairy products where agar is commonly used.
The global Agar Market Size is estimated to be valued at US$ 302.4 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
Agar market is segmented by type, function, application and region. By type, the market is segmented into agar and carrageenan. Among these, the agar segment dominated the market in 2023 and is expected to remain dominant over the forecast period. Agar is preferred over carrageenan due to its high gelling strength and thermo-reversible properties.
Key Takeaways
The global agar market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing application in food and beverages industry.
Regional analysis
The Asia Pacific region dominated the global agar market in 2023 and is expected to remain the fastest growing as well as dominating regional market over the forecast period. Countries like China, Indonesia, and Philippines are the major producers of agar globally.
Key players
Key players operating in the agar market are New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co., Ltd., Industrias Roko, S.A., Neogen, Merck Group, Agarindo Bogatama, Setexam, and Norevo GmbH. New Zealand Manuka Group and Hispanagar captured over 35% of the global market share in 2023 due to their vast production and wide distribution network across countries.
The global Agar Agar Gum Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the agar agar gum market include Meron Group, Myeong Shin Agar, Marine Science Co., Ltd., Agarmex, Orient Resources Company, B, TIC Gums, Titan Biotech Ltd., Central Drug House(P) Ltd., Agar Shallow, Agar Corporation Ltd., AsionsvChem, Indoalgas, Able Sales Company.
New technological advances and the extensive use of gum in emerging fields of micro and molecular biology will further propel market growth.
The demand for this vegan alternative derived from seaweed will witness a surge since it provides long-lasting stability to finished products facilitating easy transportation and low-cost storage.
The inclination towards vegan products and creative cooking methods in health-conscious households will be a market booster.
