Market Is Estimated To Witness High Growth Owing To Increasing Demand From Food Industry & Rising Usage In Cosmetic Products
The Agar Market is estimated to be valued at Us$ 297.42 Mn in 2022 and is expected to exhibit a CAGR Of 4.67% over the forecast period from 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Agar is a natural gum extracted from seaweed and is widely used as a gelling agent, stabilizer and thickening agent in food products as well as in cosmetic and microbiological applications. It has various beneficial properties such as being non-toxic, halal certified, vegetarian and having prebiotic qualities. Due to these properties, agar finds wide usage in food products like desserts, jams, confectionery, bakery products, noodles, etc. It is also used as a gelling and stabilizing agent in cosmetic products like creams, gels, lotions and helps provide a smooth texture.
Market Dynamics:
The agar market is witnessing high growth owing to increasing demand from the food industry as well as rising usage in cosmetic products. The growing health-conscious population is favoring plant-based and natural ingredients in food products which is driving demand for agar. Agar acts as a substitute for gelatin and finds application in vegan and halal certified food products. Furthermore, increasing production of processed and packaged food supported by changing lifestyle is also fueling market growth. On the cosmetic side, rising awareness about natural, herbal and preservative-free ingredients is propelling usage of agar in various cosmetic products like face creams, hair serums, etc. The unique gelling properties of agar help provide desirable texture to these products.
SWOT Analysis
Strength: Agar is a natural gelling agent widely used as a stabilizer and thickener in food applications. It has high melting point, excellent gelling properties and adhesion. Agar has low calories and is suitable for various diets.
Weakness: Agar production is highly dependent on seaweed cultivation which is susceptible to climate changes. The prices of agar fluctuate due to uncertainties in seaweed production. Quality of agar depends on source and purification process.
Opportunity: Increasing popularity of vegan and plant-based foods and beverages is surging the demand for agar as gelling agent. Agar finds new applications in microbiological media, cosmetics and pharmaceuticals industries.
Threats: Availability of alternative gelling and thickening agents poses threat to agar market. Food regulations in regions may restrict usage of certain seaweeds for agar extraction.
Key Takeaways
The global Agar Market is expected to witness high growth, exhibiting CAGR of 4.67% over the forecast period, due to increasing demand for vegan and plant-based foods. The Asia Pacific agar market holds majority share currently and is expected to dominate market over forecast period owing to large seaweed cultivation in China, Indonesia, Philippines and Japan.
Regional analysis
The Asia Pacific agar market accounted for largest revenue share in 2021. Countries like China, Indonesia, Philippines are major producers and exporters of agar globally. Easy availability of raw materials and large seaweed cultivation drives the Asia Pacific market.
Key players
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. The players adopt strategies like new product launches, partnerships and investments in seaweed cultivation to gain competitive edge.
Read More : https://marketinsightsminds.blogspot.com/2023/10/agar-market-is-estimated-to-witness.html
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