The global agar market is expected to surpass USD 292 million in valuation by 2023 and is projected to reach USD 478.4 million by 2033. The market is anticipated to grow at a compound annual growth rate (CAGR) of 5% over the period from 2023 to 2033.
The demand for agar is expected to rise as consumers increasingly seek natural and clean-label products. Agar, a natural substance derived from seaweed, aligns well with this trend. Manufacturers can leverage agar’s natural attributes to enhance the transparency and cleanliness of ingredient lists in both food and non-food products. Additionally, continuous technological advancements and product innovations are likely to drive further growth in the agar market.
Research and development can significantly improve agar extraction and processing techniques, as well as its functional properties. Furthermore, new product forms can be developed to better address the needs of various markets. Innovations in areas such as controlled-release formulations, taste masking, and encapsulation technologies could also broaden the applications of agar.
Agar powder may be conveniently stored in sealed containers to ensure its quality and avoid moisture absorption. In comparison to other forms, such as agar strips or flakes, the compact packing of agar powder takes up less room and is simpler to keep. This makes handling and storing the product easier for producers, distributors, and customers. Because of its small weight and excellent packing, agar powder is more economical and logistically advantageous for import and export operations. Due to its lighter weight as compared to other agar varieties, it is economically viable for global trade. These factors are beneficial for the market’s expansion in the long run.
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 various strategies to maintain their positions and drive growth. Key industry players focus heavily on continuous product development and innovation to meet evolving customer and industry demands. They invest in research and development to enhance the features, applications, and quality of agar-based products. By leading in product advancements, these companies distinguish themselves from their competitors.
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
- 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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