Agar Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.55 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Agar Market Analysis
The global agar market is projected to grow at a CAGR of 5.55% during the forecast period (2020 - 2025).
- The exponential growth in the usage of this product is attributed to its various functions and health benefits. It contains 80% fiber and can be used as an appetite suppressant. It is also an important culinary ingredient as it acts as a substitute for gelatin and can be used as a thickener in soup, fruit preserves, ice cream, and other products.
- The application of agar in the food and beverage industry, specifically in bakery and confectionery, is expected to increase during the forecast period. Agar is mostly used in solid form of strip agar and agar powder. Agar strip, sometimes called natural agar, is produced on a small scale in China, Japan, and the Republic of Korea by the old, traditional method.
- Moreover, technological advancements, such as the introduction of metal scrappers provide room for harvesting large quantities of seaweed without putting in much effort, are further expected to boost the production of agar during the forecast period.
Agar Market Trends
This section covers the major market trends shaping the Agar Market according to our research experts:
Acquisitive Demand of Agar in Bakery and Confectionery Industry
In the baked goods industry, due to the ability of agar gels to withstand high temperatures, agar is gaining prominence as a stabilizer and thickener in pie fillings, icings, and meringues. Cakes, buns, etc., are often pre-packed in various kinds of modern wrapping materials and often stick to them, especially in hot weather by reducing the quantity of water and adding some agar, a more stable, smoother, non-stick icing is obtained. Some agars, especially those extracted from Gracilaria chilensis, are extensively used in confectionery with a very high sugar content, such as fruit candies. Because agar is tasteless, it does not interfere with the flavors of foodstuffs. this contrasts with some of its competitive gums that require the addition of calcium or potassium salts to form gels. Thus, it is highly preferred by the bakery and confectionery manufacturers in the food industry.
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.
Agar Industry Overview
New product development and capacity expansion are the two key success strategies adhered to by market participants. Some of the major players in the agar market, globally, include Neogen Food Safety, HISPANAGAR, MARINE SCIENCE CO., LTD., PT. Agarindo Bogatama, INDUSTRIAS ROKO S.A., SETEXAM, among others.
Agar Market Leaders
Neogen Food Safety
HISPANAGAR
AGARMEX, S.A.
INDUSTRIAS ROKO S.A.
PT. Agarindo Bogatama
*Disclaimer: Major Players sorted in no particular order
Agar Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Form
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5.1.1 Strip
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5.1.2 Powder
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5.1.3 Others
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5.2 By Application
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5.2.1 Food and Beverage
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5.2.1.1 Meat Products
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5.2.1.2 Bakery
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5.2.1.3 Confectionary
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5.2.1.4 Snacks/Instant Noodles
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5.2.1.5 Dairy
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5.2.1.6 Beverage
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5.2.1.7 Other Food and Beverages
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5.2.2 Pharmaceuticals
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5.2.3 Other Applications
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5.3 Geography
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5.3.1 North America
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5.3.1.1 United States
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5.3.1.2 Canada
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5.3.1.3 Mexico
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5.3.1.4 Rest of North America
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5.3.2 Europe
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5.3.2.1 Spain
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5.3.2.2 United Kingdom
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5.3.2.3 Germany
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5.3.2.4 France
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5.3.2.5 Italy
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5.3.2.6 Russia
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5.3.2.7 Rest of Europe
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5.3.3 Asia Pacific
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5.3.3.1 China
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5.3.3.2 Japan
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5.3.3.3 India
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5.3.3.4 Australia
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5.3.3.5 Rest of Asia-Pacific
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle East and Africa
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5.3.5.1 South Africa
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5.3.5.2 Saudi Arabia
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5.3.5.3 Rest of Middle East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Share Analysis
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6.4 Company Profiles
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6.4.1 Neogen Food Safety
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6.4.2 HISPANAGAR
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6.4.3 AGARMEX, S.A.
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6.4.4 INDUSTRIAS ROKO S.A.
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6.4.5 PT. Agarindo Bogatama
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6.4.6 SETEXAM
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6.4.7 MSC Co.,Ltd.
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6.4.8 MARINE SCIENCE CO., LTD.
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Agar Industry Segmentation
The global agar market is segmented by form and application. Based on form, the market is segmented into strip, powder, others. Based on application, the market is segmented into food and beverage, pharmaceuticals, other applications. The food and beverage segment is further classified into meat products, bakery, confectionery, snacks/instant noodles, dairy, beverage, other food, and beverages. Based on geography, the study provides an analysis of the agar market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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Agar Market Research FAQs
What is the current Agar Market size?
The Agar Market is projected to register a CAGR of 5.55% during the forecast period (2024-2029)
Who are the key players in Agar Market?
Neogen Food Safety, HISPANAGAR, AGARMEX, S.A., INDUSTRIAS ROKO S.A. and PT. Agarindo Bogatama are the major companies operating in the Agar Market.
Which is the fastest growing region in Agar Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Agar Market?
In 2024, the North America accounts for the largest market share in Agar Market.
What years does this Agar Market cover?
The report covers the Agar Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Agar Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Agar Industry Report
Statistics for the 2024 Agar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Agar analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
