Definition of Market/Industry: Agar is a natural product that is extracted from seaweed and is then processed into powder and flakes. It is mainly used in Asian cuisine and as a flavoring vegan agent substitute for gelatin. Agar is used across the food and beverage industry for stabilizing, texturizing, and thickening the beverages. Moreover, it is common growth media of various cultures such as bacteria and fungi in the laboratory. It is also used in dietary supplement sometime due to its high content of fiber to promote fullness or as a laxative in the intestinal tract. The global agar market was valued at US$ 241.6 Mn in 2018 and is anticipated to reach US$ 379.1 Mn by the end of 2027, growing at a CAGR of 4.9% during the forecast period (2019 to 2027). Drivers Rising demand for natural food ingredients across various countries coupled with the increasing demand for halal products where it is used as a natural thickening agent is expected to propel the market growth of agar. Growing demand from biotechnology in the field of plant tissue culture is another major fueling the market growth of agar. Market Opportunities Growing application of agar in pharmaceutical, dentistry, food industry, confectionery, fruit juice soft candy, dairy products, and jam and bakery is projected to offer immense growth opportunity over the forecast period. Furthermore, it is also used in cricket farming as a feed to insects with a natural, clean water source in a gel form. Market Restraints Less development in terms of agar production and new product launch is expected to hamper the market growth of agar. There are very few developments taken place in the industry that impact the growth of the market negatively in the near future. Market Trends 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. Competitive Section: Key Players Major players active in the market are Hispanagar, Merck Group, New Zealand Manuka Group, Acroyali Holdings Qingdao Co., Ltd., Neogen, Industrias Roko, S.A., Setexam, Agarindo Bogatama, and Norevo GmbH Few Recent Developments Acroyali Holdings Qingdao Co., Ltd. Strategy:
Industrias Roko, S.A. Strategy:
Norevo GmbH Strategy:
Market Taxonomy By Form
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