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Global Agar Market Size to Grow at a CAGR of 6.65% During the Forecast Period 2020-2025

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Global Agar Market Size to Grow at a CAGR of 6.65% During the Forecast Period 2020-2025

April 22
15:29 2021
Global Agar Market Size to Grow at a CAGR of 6.65% During the Forecast Period 2020-2025

Global Agar Market
Increase in Disease Conditions, Regulatory Approval for Use of Agar as a Food Additive and Surge in Disposable Income are the Key Drivers Which Lead the Growth of Global Agar Market.

Global Agar Market size was valued at $4.95 Million by 2019, and is anticipated to grow at a CAGR of 6.65% during the forecast period 2020-2025. The Global Agar Market growth rate is attributed to the growing demand for dairy products in line with the westernization of diets has aided industry growth in recent years. The product is widely used in dairy products such as milk, cheese, yogurts, creams, custard, curd, spreads, mousses, puddings, infant-formula, confectioneries, beverages, and smoothies. Agar is derived from the polysaccharide agarose, which forms the supporting structure in the cell walls of agarophytes belonging to the Rhodophyta (Red algae) phylum; gracilaria, gelidium and gelidiella which are a genus of red algae, are cultivated commercially for the production of agar. Commercial cultivation of Gracilaria was initially carried out using gracilaria chilensis, which is a red seaweed originating from the southern coast of Chile. Gelidium seaweed is primarily harvested on the western coast of Morocco, southern coast of Portugal and the northern coast of Spain. While, gracilaria species are widely present in cold waters such as southern coast of Chile and the Atlantic coast of Canada. However, some species have adapted to the tropical waters of Indonesia and Thailand.

Global Agar Market Segment Analysis – By Applications

On the basis of applications, food and beverage segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 6.50%. This can be attributed to the fact that the gum is used as an archetypal gelling agent in aerated confectionery products such as marshmallows. Conducive gelling properties have also made the product a favorable option for preparing fruit confectionary which is highly popular in Asian countries. Furthermore, excellent heat resistance and stabilizing properties of the product have also spurred its demand in ice creams, pie fillings, meringues, and other desserts in the pastry & bakery industries. Rising consumer awareness regarding the benefits of baked foods in terms of lower fat content and healthier digestion is promoting segment growth as well.

Global Agar Market Segment Analysis – By Geography

Europe dominated the Global Agar Market with a share of 39.5% in 2019. Europe emerged as the dominant regional market owing to high demand from consumers & food processors alike. Companies are actively attempting to invest in the European market by participating in food ingredient shows to introduce greater product variety and lower-cost alternatives to gelatin and conventional products.

Apart from this, Asia-pacific is also anticipated to have the highest growth rate during the forecast period 2020-2025 owing to the growing preference for vegan products.

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Global Agar Market Drivers

Improved extraction technology

The global agar market is poised to receive upswing with its presence in cell wall of seaweeds which are obtained from low depths in water sources and further processing is done to obtain the jelly-like substance. Initially, it was obtained by using boiling water and extraction process but as the technology has improved the agar is commercially produced on a large scale by using advanced equipment. The increase in requirement of agar-agar, extended industry vertical, health benefits of agar, investment in the harvesting of agar, improved quality of the end product, advancement in technology and equipment used, investment in R&D, increasing awareness about healthy ingredients and food products, increase in disease conditions, regulatory approval for use of agar as a food additive and surge in disposable income are the key drivers which lead the growth of global agar market.

Global Agar Market Challenges

Restrictions on transportation and mobility

Despite several drivers, the restrictions on transportation and mobility have led to the shortage in supply of agar products to various other industries, thereby affecting the sales and revenue of the agar market.

The disruption of the global supply chain owing to the ban on export and import has created a problem in the procurement of seaweeds from various countries which has further led to a shortage of raw material required for the production.

Global Agar Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Global Agar Market. In 2019, Global Agar Market share is fragmented by the top ten players present in the market. Global Agar Market top 10 companies are Meron Group, Myeong Shin Agar, Marine Science Co., Ltd, Agarmex, Orient Resources Company, B&V, Tic Gums, Titan Biotech Ltd, AgarGel, Central Drug House (P) Ltd., Agar Shallow, AsionsChem, Indoalgas, Able Sales Company and others.

Acquisitions/Product Launches

In February 2016, Puritan Medical Products, North America’s largest manufacturer of swabs and specimen collection devices, announced Opti-Tranz™ and Opti-Tranz™ Plus, a brand new line of traditional liquid and agar gel collection and transport systems for bacteriological applications.

Key Takeaways

Europe dominated the Global Agar Market with a share of 37.5% in the year 2019.

The factors such as increase in requirement of agar-agar, extended industry vertical, health benefits of agar are amongst the major factor projected to impel growth of Global Agar Market.

Investment in R&D, increasing awareness about healthy ingredients and food products, increase in disease conditions, regulatory approval for use of agar as a food additive are the key factors owing to the growth in the segment during forecast period 2020-2025.

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