The global agar market size is poised for significant growth, with a projected valuation of US$ 478.4 million by 2033, reflecting a CAGR of 5% from 2023. Derived from red algae, agar offers a natural gelling and thickening agent for various industries, making it an attractive proposition for B2B investors seeking exposure to the flourishing food, beverage, and cosmetics sectors.
Demand on the Rise: Consumers Craving Plant-Based and Natural Options
- Rising Plant-Based Trend: Consumers are increasingly seeking plant-based alternatives for dietary or health reasons. Agar, a vegetarian substitute for gelatin, is perfectly positioned to meet this demand.
- Natural and Clean-Label Appeal: Consumers prioritize natural and clean-label ingredients. Agar, derived from seaweed, aligns perfectly with this trend, offering a natural alternative to synthetic thickeners.
- Functional Food and Beverage Boom: The functional food and beverage industry is thriving. Agar’s gelling and stabilizing properties make it ideal for creating healthy and functional products.
- Halal and Kosher Certification: Agar’s wide acceptance as a halal and kosher ingredient opens doors to new market segments.
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Agar powder may be conveniently stored in sealed containers to ensure its quality and avoid moisture absorption. In comparison to other forms, such as agar strips or flakes, the compact packing of agar powder takes up less room and is simpler to keep. This makes handling and storing the product easier for producers, distributors, and customers. Because of its small weight and excellent packing, agar powder is more economical and logistically advantageous for import and export operations. Due to its lighter weight as compared to other agar varieties, it is economically viable for global trade. These factors are beneficial for the market’s expansion in the long run.
The agar market is bolstered by several growth factors that enhance its attractiveness for B2B investors:
- Diversification of Applications: Agar’s versatility extends beyond food and beverage. It finds applications in pharmaceuticals, cosmetics, and even agriculture. This diversification mitigates risk and presents opportunities for broader market penetration.
- Focus on Innovation: Leading agar manufacturers are constantly innovating, developing new and improved agar products with enhanced functionalities. This focus on innovation ensures agar remains relevant and competitive in the ever-evolving market landscape.
- Expanding Production in Asia Pacific: The Asia Pacific region boasts ideal conditions for seaweed cultivation, which translates to a readily available and potentially cost-effective agar supply chain for investors.
- Growing Regional Demand: The Asia Pacific region, with its established agar use traditions and booming food and pharmaceutical industries, is expected to witness significant agar demand growth.
Key Takeaways from Agar Market:
- The global agar industry size expanded at a CAGR of 2.1% from 2018 to 2022.
- In 2018, the global market size stood at US$ 258.6 million.
- The market size stood at US$ 281 million in 2022.
- The powder segment captured 55.6% of market shares in 2022.
- The food and beverage application held 34.6% shares in the global market.
- In 2022, the United States captured 28.9% shares in the global market.
- In 2022, China captured 5.5% shares in the global market.
- In 2022, India captured 6.7% shares in the global market.
- In 2022, Japan captured 4.2% shares in the global market.
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Recent Developments Observed by FMI:
- Thermo Fisher Scientific Inc., a pioneer in offering scientific services, has announced the introduction of Brilliance GBS Agar for the detection of Group B streptococci (GBS) during pregnancy. The new agar is created with its unique InhibigenTM technology to make testing easier for clinical professionals, deliver more reliable results, and quicken patient treatment.
- The Tripura Agar Wood Policy 2021, created in July 2021 by the state government of Tripura in India, is intended for tripling agar wood plants by 2025. The agar trade has the potential to bring in Rs 2,000 crore for the state.
Key Players in the Global Market
- Neogen Food Safety
- HISPANAGAR
- AGARMEX S.A.
- INDUSTRIES ROKO S.A.
- Agrarindo Bogatama
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Agar Market Segmentation
By Form:
- Food & Beverages
- Bakery
- Confectionery
- Dairy
- Canned Meat/Poultry Products
- Beverages
- Sauces, Creams, & Dressings
- Others
- Bacteriological
- Culture Media
- Microbiology
- Technical Applications
- Cosmetology
- Medical Applications
- Others
By Form:
- Splits
- Powders
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- The Middle East & Africa
- Japan
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