Global Agar Market is estimated to be valued at US$ 276.02 Mn in 2021, according to the Global Agar Market Report, by Form (Strips, Powder), by Application (Bakery, Confectionery, Dairy, Canned Meat/ Poultry Products, Beverages, Sauces, Creams & Dressings, Dietic Products, and Others), Bacteriological (Culture Media, Microbiology), Technical Applications (Cosmetology, Medical Application), and others), and by Regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA)), published by Coherent Market Insights.
Global agar market was valued at US$ 276.02 Mn in 2021. Agar market is expected to register a CAGR of 4.67 % over the forecast period (2022–2030), to reach US$ 415.88 Mn by 2030.
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.
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https://www.coherentmarketinsights.com/market-insight/agar-market-2386
Key Trends and Analysis of the Global Agar Market:
- The rising trend of using air freshener gel in the vehicle and close place as agar is also used in the production of air freshener gel. Hence, this is expected to immense growth opportunity over the forecast period. Rising application of agar gel in electrophoresis which has wide application in molecular biotechnology, genetics, molecular biology and clinical chemistry for separating a mixed content of macromolecules such as DNA and proteins is further expected to offer lucrative growth opportunity to the market over the forecast period.
Asia Pacific Witnessed a Significant Market Growth
- Asia Pacific is expected to have the highest growth rate during the forecast period owing to the growing preference for vegan products. North American region has the highest share for the agar market; Europe has the second-highest market for the agar. Agar has a wide range of application, it is used to make ice cream, bakery, and confectionaries, dairy products, sports and health foods, beverages. The powdered form agar is the most preferred form as its ease of usage coefficient is high.
Key Takeaways of the Global Agar Market:
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the agar market are key strategies adopted by players in the global agar market. For instance, most Japanese desserts use agar, as a popular stabilizing, setting, jelling, and softening substance. Similarly, it is used to store liquid food products such as stew and soups at households. Moreover, increasing research and development (R&D) activities of agar market for optimizing use in medical industry and growing demand by food and beverage industry in the region like Asia Pacific, Europe, North America, are some other factors driving revenue growth of the market over the forecast period.
- Major players active in the global agar market include New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co., Ltd., Industrias Roko, S.A., Neogen, Merck Group, Agarindo Bogatama, Setexam, and Norevo GmbH.
