The global Agar Market is estimated to be valued at Us$ 296.29 Bn in 2022 and is expected to exhibit a CAGR Of 4.67% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Agar is a gelatinous substance extracted from red algae. It has widespread applications in food and beverage industry due to its gelling, thickening and stabilizing properties. Agar is known to stabilize emulsions and suspensions without altering flavor or color of food products. Its advantages include providing texture to foods, preventing ingredient separation and acts as a natural preservative.
Market key trends:
The rising health-consciousness among consumers is fueling the demand for vegetarian and vegan food products without animal-derived ingredients. Agar being a plant-based gelling agent is gaining prominence as a substitute for gelatin in various Vegan desserts and sweets. It helps improve the texture and appearance of vegan alternatives. The trend of avoiding animal-derived ingredients is expected to drive the agar market.
Here is the segment analysis and key takeaways for the given agar market research report:
The global agar market is segmented by form into powder, strip, square, bar based on product type. Among these, the powder segment accounted for the largest market share of over 60% in 2021 owing to wide applications in food and beverages, microbiology, and cosmetics industries. Powder form of agar provides various advantages like easy handling, uniform dissolving properties, and low packaging costs to manufacturers. The strip and square segment is expected to witness significant growth during the forecast period due to increasing demand from microbiology research labs across developed regions.
The global Agar Market size was valued at US$ 276.02 million in 2021 and is expected to reach US$ 401.19 million by 2030, exhibiting a CAGR of 4.67% during the forecast period. Rising application of agar in microbiological research and food & beverages industries is driving the market.
The Asia Pacific region dominated the agar market with a share of over 35% in 2021 owing to large agar production in China, Japan, Indonesia, and Philippines. The region will continue its dominance during the forecast period supported by increasing investments in R&D activities.
Europe is projected to witness the fastest growth during the forecast period. This can be attributed to rising food product innovations and growing private label brands in countries like Germany, UK, France and Italy.
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. Leading players are focusing on new product launches and expansion strategies to strengthen their global footprint.