Plant-Based Food Agar is Fastest Growing Segment Fueling the Growth of Agar Market
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| Agar Market |
The global Agar market 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.
Market Overview:
Agar is an extract derived
primarily from red algae and is used for setting or gelling solutions. Its high
melting point and ability to form firm gels gives it a functional advantage
over other gelling agents. Agar has different applications across food,
bacteriological, and technical industries due to its versatility.
Market key trends:
One of the major trends boosting
the global agar market growth is the rising adoption in plant-based food
products. As the vegan and vegetarian demographics continue to rise, there is
growing demand for meat and dairy alternatives made from plant-based ingredients.
Agar acts as an ideal vegan substitute for gelatin in various food items as it
helps provide texture and maintain freshness without using any animal-derived
products. It is commonly used in plant-based desserts, dairy-free cheeses,
vegetarian deli slices, and other vegan convenience foods. This versatile
application of agar is expected to significantly contribute to the rising
popularity of the plant-based food movement.
Segment Analysis
The global agar market is
segmented on the basis of type, end-use, and region. Based on type, the agar
market is segmented into standard melt agar, low melt agar, and other types.
The standard melt agar segment dominates the global market as it is widely used
for microbiological purposes such as plant tissue culture. Due to its easy
handling nature and low gelling point, standard melt agar is preferred over
other types in various applications.
Key Takeaways
The Global Agar Market
Size is expected to witness high growth, exhibiting a CAGR
of 5.4% over the forecast period, due to increasing use of agar in food &
beverages and microbiological industry.
Regionally, Asia Pacific
dominates the global agar market and is expected to continue its dominance over
the forecast period. This is attributed to high production and consumption of
agar in countries such as China, Indonesia, and Thailand. Furthermore,
increasing food and beverages industry in emerging economies of India and
Vietnam is further expected to fuel the market growth in this region.
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 are currently the market leaders with wide product
portfolio and global presence. Mergers & acquisitions and new product
launches are key strategies adopted by these players to gain competitive
advantage in the market.
Get More Insights Here
https://www.newsstatix.com/agar-market-share-size-forecast-outlook-2023-2030/
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