Agar Market Expected to be Worth US$ 357,091.6 by 2026

Posted by Pradnya Kulkarni on February 28th, 2017

Introduction

Agar is derived from the polysaccharide agarose, which forms the supporting structure in the cell walls of agarophytes belonging to the Rhodophyta (Red algae) phylum; gracilaria, gelidium and gelidiella which are a genus of red algae, are cultivated commercially for the production of agar. Commercial cultivation of Gracilaria was initially carried out using gracilaria chilensis, which is a red seaweed originating from the southern coast of Chile. Gelidium seaweed is primarily harvested on the western coast of Morocco, southern coast of Portugal and the northern coast of Spain. While, gracilaria species are widely present in cold waters such as southern coast of Chile and the Atlantic coast of Canada. However, some species have adapted to the tropical waters of Indonesia and Thailand.

Market Value and Volume Forecast

The global agar market revenue is anticipated to expand at a CAGR of over 4.9% in terms of value and 2.6%, in terms of volume during the forecast period. Preference of halal/kosher food products, increasing usage of agar as natural ingredient by food, pharmaceuticals and cosmetics industries are factors fuelling market growth across the globe. The global agar market is currently witnessing major trends like the usage of agar in bakery industry due to high temperature resistance capacity and it as a superior gelling agent in dairy products.

Segmentation, by Form

In the report, the agar market is segmented on the basis of form which includes strips and powders. In 2015, among all these segments, powder segment accounted for the largest value share in the global agar market.

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Segmentation, by Application 

The global agar market is segmented on the basis of application which includes: food & beverages, bacteriological applications, technical applications and others (agriculture). In 2015, of these segments, food & beverages segment dominated the market in terms of value and volume, and is expected to remain dominant over the forecast period. Food & beverages segment is further sub segmented as bakery, confectionery, dairy, canned meat/poultry products, beverages, sauces, creams & dressings, dietetic products and others. In addition bacteriological is further sub-segmented as culture media and microbiology. Technical application is sub-segmented as cosmetology and medical applications. The technical application segment is expected to expand at the highest CAGR in terms of value during the forecast period.

Segmentation, by Region

On the basis of region, the global agar market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, the Middle East & Africa and Japan. Among all these region Western Europe has been estimated to dominate the overall market in terms of value in 2015. Market in the region is expected to expand at a CAGR of 5.2 % over the forecast period.

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Key Players

Some of the key players identified in the global agar market are Agarmex, New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co.Ltd., Industrias Roko, S.A, Neogen, Merck Group, Agarindo Bogatama, Setexam and Norevo GmbH.