Agar is a phycocolloid that is extracted from red algae and is finding wide range of application in food industry as gelling agent and stabilizer. Agar is used for preparing jams, jellies, desserts and other confectionery products due to its ability to form thermo eversible gels. It is also used in microbiological culture media as a gelling agent.
Global agar market was valued at US$ 276.02 Mn in 2021 in terms of revenue, exhibiting a CAGR of 4.67 % during the forecast period (2022 to 2030).
The Global Agar Market is driven by increasing usage of agar in various food applications such as confectioneries, desserts and canned products. Agar Market Size forms thermally reversible gels which makes it suitable for use in varied food applications. It acts as an important gelling agent and stabilizer in food industry. Agar prevents crystallization in fruit and vegetable preserves giving them brilliant clarity and natural flavors. It is also used as a stabilizing agent in products such as ice cream, milk shakes and whipped cream. Agar performs well in a wide range of pH and temperatures making it suitable for diverse food applications.
Key Takeaways:
Key players operating in the agar market are Agarindo Bogatama, Iberagar, New Zealand Manuka Group, Marine Science Co. Ltd., Roth American Inc., Compania Espanola de Algas Marinas S.A. and B&V Agar.
The key opportunity in the agar market lies in expansion in use in microbiological culture media and pharmaceutical applications. Agar's thermoreversible properties make it suitable for solidifying microbial media to enable the growth of microbes. Growing biotechnology and pharmaceutical industry will augment the demand for agar in culture media and other applications.
The key players are focusing on expanding their agar production capacity and global footprint to cater to rising demand from food as well as non-food applications. New Zealand Manuka Group has expanded its agar production facility in Nelson, New Zealand to enhance production capacity. Agarindo Bogatama has facilities across Indonesia and exports agar products to various countries globally.
The main driver for agar market is increasing application of agar in food industry where it is used as gelling, thickening and stabilizing agent. Agar forms thermoreversible gels and provides texture and stability to various food products. Growth of food processing industry and need for natural ingredients is fueling the demand for agar.
The main restrain for agar market is availability of substitutes and price volatility of raw material. Alternatives like carrageenan and gelatin can replace the use of agar in certain applications. Fluctuating supply of red seaweed which is the key raw material for agar extraction affects its prices. Dependence on weather conditions for wild harvest of seaweed poses risks of uncertainty in raw material supply.
Segment Analysis
The agar market experiences significant demand from the food industry where it is used as a gelling, thickening and stabilizing agent. The food segment accounts for the major share as agar is used in making jellies, jams, desserts and other confectioneries. Within the food segment, the confectionery sub-segment dominates the market. Agar's ability to provide texture and stability to confectionery products without altering their taste makes it ideal for use in chocolates, gums and candies.
Global Analysis
Geographically, the Asia Pacific region holds the major share in the global agar market and is expected to witness the fastest growth over the forecast period. Developing nations in Asia Pacific such as India, China and Japan are witnessing considerable demand for agar from the thriving food processing industries. Rising health-consciousness among consumers and growing disposable income in the region is expected to boost the consumption of processed food products containing agar. Europe follows Asia Pacific in terms of consumption and is experiencing steady growth due to increasing application of agar in dairy, bakery and packaged food sectors. North America is likely to emerge as a high potential market attributing to the rising popularity of vegan and plant-based products.
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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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