Agar-Agar Market Analysis and Opportunities by 2028
Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028Agar-Agar Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Flakes, Powder, and Others) and Application (Food & Beverages, Pharmaceuticals & Nutraceuticals, and Others)
- Report Date : Mar 2022
- Report Code : TIPRE00015655
- Category : Food and Beverages
- Status : Published
- Available Report Formats :
- No. of Pages : 177
AI overview of Agar-Agar Market
The Agar-Agar Market is poised for significant growth, projected to reach a market size of US$ 459.42 million by 2028, up from US$ 323.66 million in 2021, reflecting a robust CAGR of 5.1% during the forecast period from 2022 to 2028. This growth is driven by increasing demand from the food and beverage industry, as well as the pharmaceutical and nutraceutical sectors. Notably, there is a rising consumer awareness regarding the health benefits of agar-agar, alongside a growing preference for natural and organic food products. Future trends indicate a strong focus on sustainability and the development of innovative agar-agar-based products, which are expected to further enhance the Agar-Agar Market share in emerging applications such as biotechnology and 3D printing.
The market is expected to grow from US$ 323,657.68 thousand in 2021 to US$ 459,415.30 thousand by 2028; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028.
Agar-agar is one of the popular vegetarian substitutes for gelatin. It is derived from red algae seaweeds, especially Glacaralia and Gelidium. The yield of agar-agar is more when extracted from Glacaralia and Gelidium than other species. Hence, these species are used commercially for agar-agar extraction. Agar-agar has excelling gelling properties. Moreover, it has a high melting point than other gelling agents. Thus, it provides high thermal stability to the food products. It helps extend the shelf life of bakery products. The increasing demand for agar-agar as a gelling and thickening agent from the food & beverages manufacturers is propelling the agar-agar market growth.
Asia-Pacific held the largest share of the global agar-agar market in 2020; it is expected to grow significantly over the forecast period. China, Japan, and Indonesia are among the major seaweed-producing countries. Thus, the availability of raw materials required for manufacturing agar-agar in the region is driving the growth of the Asia-Pacific agar-agar market. Moreover, the growing inclination of the majority of the population in the region toward veganism is projected to boost the demand for agar-agar as it can be effectively used in vegan food products.
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Agar-Agar Market: Strategic Insights
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Agar-Agar Market: Strategic Insights
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Impact of COVID-19 Pandemic on Agar-Agar Market
The COVID-19 outbreak affected several industries due to lockdowns, business shutdowns, and supply chain disruptions. There was a mixed impact of the pandemic on the agar-agar market. Initially, owing to lockdowns and business shutdowns, manufacturers faced raw materials and labor shortages, which affected their production and supply. However, as people are becoming more health-conscious, they prefer health-boosting products. Agar-agar is widely used in various pharmaceutical & nutraceutical products. This factor positively impacted the growth of the market as the pharmaceuticals & nutraceuticals industry experienced a significant boom in 2020. Furthermore, many nations are vaccinated, and governments have relaxed the restrictions imposed on manufacturing and trade. All these factors are expected to drive the agar-agar market growth over the forecast period.
Market Insights
Product Development is Likely to Open New Opportunities in the Agar-Agar Market
The agar-agar manufacturers are focusing on developing innovative products to fulfill the changing requirements of consumers. They are making significant investments in research and developments to differentiate their products from their competitors and retain their market share. For instance, Gelita AG developed agar-agar sheets in July 2019. Initially, agar-agar was available in powder and flakes format. However, Gelita AG developed agar-agar sheets utilizing a new production technology, and the product is better than powdered or flaked agar-agar in various ways. It eliminates the uncertainty of spoon measures and complex conversions between powder solutions, making it easy to use in different culinary preparations. Such innovations by the key players operating in the market are anticipated to offer lucrative opportunities in the agar-agar market over the forthcoming period.
Form Insights
Based on form, the agar-agar market is segmented into powder, flakes, and others. The powder segment held the largest share in the market and is projected to grow at the fastest CAGR over the forecast period. Agar-agar is usually available in powdered format. Powdered agar-agar can be conveniently incorporated in various formulations. Moreover, it is easy to store. Agar-agar powder is used in several dry blends, such as dry bakery blends, soup blends, and jelly blends. It acts as a thickening and gelling agent. The rising demand for agar-agar powder for manufacturing various foods and beverages drives the segment growth.
Application Insights
Based on application, the market is segmented into food & beverages, pharmaceuticals & nutraceuticals, and others. The food & beverages segment accounted for the largest market share in the agar-agar market in 2020; however, the pharmaceuticals & nutraceuticals segment is projected to grow at the fastest CAGR over the forecast period. Agar-agar acts as an appetite suppressant and is used in supplements that aid weight loss. It is also used in supplements that improve digestive health as it absorbs and throws toxins from the intestines and gastrointestinal tract. Furthermore, it is used in supplements that improve bone health. The rising applications of agar-agar in the pharmaceuticals & nutraceuticals industry are driving the market growth.
The key players operating in the agar-agar market include Agar Sari Jaya; Agar Swallow Indonesia; Gino Biotech; Hugestone Enterprise Co., Ltd.; Justchem International Limited; Meron; Pt. Agarindo Bogatama; Pt. Kappa Carrageenan Nusantara; Pt. Surya Indoalgas; and Roland Foods, LLC. These players are engaged in developing innovative products to meet the emerging consumer trends. Moreover, they focus on providing high-quality products to their consumers to retain their market share.
Agar-Agar Market Regional Insights
The regional trends and factors influencing the Agar-Agar Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Agar-Agar Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Agar-Agar Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 323.66 Million |
| Market Size by 2028 | US$ 459.42 Million |
| Global CAGR (2021 - 2028) | 5.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Form
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Agar-Agar Market Players Density: Understanding Its Impact on Business Dynamics
The Agar-Agar Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
- Get the Agar-Agar Market top key players overview
Report Spotlights
- Progressive industry trends in the agar-agar market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the agar-agar market from 2019 to 2028
- Estimation of global demand for agar-agar
- Porter's five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the agar-agar market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The agar-agar market size at various nodes
- Detailed overview and segmentation of the market, as well as the agar-agar industry dynamics
- Size of the agar-agar market in various regions with promising growth opportunities
Frequently Asked Questions
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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The List of Companies - Agar-Agar Market
- GINO BIOTECH
- CV. AGAR SARI JAYA
- PT. Agar Swallow
- HUGESTONE ENTERPRISE CO., LTD
- JUSTCHEM INTERNATIONAL LIMITED
- Meron Group
- PT. AGARINDO BOGATAMA
- PT Kappa Carrageenan Nusantara
- PT SURYA INDOALGAS
- ROLAND FOODS, LLC
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