Agar Market is Anticipated to Witness High Growth Owing to Rising Application in Food Industry

 

Agar Market

The agar market comprises agar powder and agar flakes that find extensive applications in food industries such as confectionery, dairy, bakery, and others. Agar is a vegetable gelatin derived from red algae and has gelling, thickening, and stabilizing properties superior to animal gelatin. It remains stable over a wide range of temperatures without melting or dissolving and provides better texture, viscosity, and clarity to food products compared to other gelling agents. The ability of agar to form thermoreversible gels without refrigeration makes it a suitable vegan substitute for gelatin in desserts, jams, and jellies. Moreover, agar is colorless, flavorless, and odorless, imparting no taste to foods.

The Global agar market is estimated to be valued at US$ 348.37 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.

 

Key Takeaways

Key players operating in Global Agar Market Share are Microsoft (US), Okta (US), IBM (US), Oracle (US), Salesforce (US), Ping Identity (US), HID Global (US), ForgeRock (US), CyberArk (US), Micro Focus (US), Thales (France), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), One Identity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US), Akamai (US), Delinea (US), Optimal IdM (US), Netwrix (US), Zoho Vault (US), Transmit Security (US). The growth in the food industry coupled with increasing vegan and vegetarian population has been fueling the demand for agar globally. Agar finds widespread application in bakery and confectionery products, desserts, jams, jellies, and dairy products, among others. Moreover, agar is gaining traction as a suitable substitute for gelatin in food products.

Key Players

Key players operating in the agar market are focusing on capacity expansions to cater to the growing demand worldwide. Additionally, companies are launching new advanced product grades and variants to assist food and pharmaceutical applications. For instance, manufacturers offer agar in different grades based on gel strength for specific applications. The global expansion of key players into emerging markets of Asia Pacific and Middle East and Africa will also aid the agar market growth over the forecast period.

 

Market Drivers

One of the key drivers for the agar market is the increasing adoption of vegan and vegetarian diets worldwide. Veganism and flexitarianism have gained immense popularity as more people become conscious about animal welfare and health issues. Gelatin derived from animals like pigs and cows is not suitable for vegan and vegetarian consumers. Agar provides a sustainable plant-based alternative to gelatin and caters to vegan food products. The growth in vegan demographics especially in developed regions is anticipated to drive the consumption of agar.

 

Impact of geopolitical situation on market growth and geographical regions

The current geopolitical conflicts and economic instability across several regions are negatively impacting the growth of the agar market. The ongoing Russia-Ukraine war has disrupted supply chains of key agar producing countries like Indonesia, Malaysia, and Thailand. It has led to a rise in raw material prices and logistical challenges in transportation of agar. Furthermore, declining economies in Europe due to high inflation and recession fears have dampened the demand from key end-use industries like food and beverages, pharmaceuticals, and cosmetics in the region. The market players need to diversify their supply networks and establish alternative sourcing partnerships in new regions to mitigate risks from geo-political disruptions. Adopting sustainable and eco-friendly agar extraction methods can also help reduce dependency on key producing markets.

 

Geographical regions where market in terms of value is concentrated

The Asia Pacific region currently dominates the global agar market and accounts for more than 50% of the overall volume sales. Countries like Indonesia, Malaysia, Philippines, and Thailand are the major producers and consumers of agar. Favorable climatic conditions, abundance of seaweed resources, and strong food processing industry drive the agar market growth in Asia Pacific. Indonesia alone contributes to over one-third of the global agar supply. It is cultivated extensively along its coastlines. Other prominent markets include North America and Europe where agar finds wide usage in microbiological applications, confectionery products, and dietary supplements.

 

Fastest growing region for the market

The Middle East and Africa region is expected to witness the highest CAGR in the agar market during the forecast period. Increasing health-consciousness and rising disposable incomes are fueling the demand for vegan and plant-based ingredients like agar. Expanding food chains, growing cosmetic industry, and investments in medical research offer significant opportunities for manufacturers. Countries like Saudi Arabia, UAE, South Africa, and Egypt are expected to drive the future growth. The agar market players should focus on forming strategic partnerships with leading F&B and pharmaceutical companies in the fast developing markets of Middle East and Africa to capitalize on the growth prospects.


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