The global agar market size is expected to experience substantial growth from 2023 to 2033. According to Future Market Insights, the market is anticipated to exceed USD 292 million in 2023 and reach USD 478.4 million by 2033, expanding at a compound annual growth rate (CAGR) of 5% over the forecast period.
Agar is derived from the polysaccharide agarose, which serves as the structural component in the cell walls of agarophytes from the Rhodophyta (Red algae) phylum. Commercially, agar is predominantly sourced from red algae genera such as Gracilaria, Gelidium, and Gelidiella. Gracilaria species, initially cultivated using Gracilaria chilensis from the southern coast of Chile, are found in various cold-water regions including the Atlantic coast of Canada. Gelidium seaweed, on the other hand, is primarily harvested along the western coast of Morocco, the southern coast of Portugal, and the northern coast of Spain. Some Gracilaria species have also adapted to tropical waters, thriving in locations like Indonesia and Thailand.
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The growing preference for halal and kosher food products, along with the rising use of agar as a natural ingredient across the food, pharmaceutical, and cosmetics industries, is driving market growth. Currently, the global agar market is experiencing notable trends, such as its application in the bakery industry due to its high-temperature resistance and its role as an effective gelling agent in dairy products.
Key Takeaways from Agar Market:
- The global agar industry size expanded at a CAGR of 2.1% from 2018 to 2022.
- In 2018, the global market size stood at US$ 258.6 million.
- The market size stood at US$ 281 million in 2022.
- The powder segment captured 55.6% of market shares in 2022.
- The food and beverage application held 34.6% shares in the global market.
- In 2022, the United States captured 28.9% shares in the global market.
- In 2022, China captured 5.5% shares in the global market.
- In 2022, India captured 6.7% shares in the global market.
- In 2022, Japan captured 4.2% shares in the global market.
Competitive Landscape
The agar market is highly competitive, with major players employing diverse strategies to maintain their market positions and foster growth. To meet evolving customer and industry demands, these key players place a strong emphasis on continuous product development and innovation. They invest significantly in research and development to enhance the features, applications, and quality of agar-based products. By staying ahead in product offerings, they differentiate themselves from competitors in the market.
Recent Developments:
- In February 2023, Thermo Fisher Scientific Inc., a global leader in providing scientific services, announced the release of Brilliance GBS Agar for the detection of Group B streptococci (GBS) during pregnancy. With the use of its own InhibigenTM technology, the new agar is made to simplify the testing process for clinical technicians, provide more accurate findings, and speed up patient treatment.
- In July 2021, The Tripura Agar Wood Policy 2021, developed by Tripura’s state government in India, called for doubling agarwood plantations by 2025. The state might potentially earn Rs 2,000 crore from the agar trade.
Key Players in the Global Market
- Neogen Food Safety
- HISPANAGAR
- AGARMEX S.A.
- INDUSTRIES ROKO S.A.
- PT. Agrarindo Bogatama
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Agar Market Segmentation
By Application:
- Food & Beverages
- Bakery
- Confectionery
- Dairy
- Canned Meat/Poultry Products
- Beverages
- Sauces, Creams, & Dressings
- Others
- Bacteriological
- Culture Media
- Microbiology
- Technical Applications
- Cosmetology
- Medical Applications
- Others
By Form:
- Splits
- Powders
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- The Middle East & Africa
- Japan
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