The Growth Of Food And Beverage Industry Is Fastest Growing Segment Fueling The Growth Of Agar Market


https://www.coherentmarketinsights.com/market-insight/agar-market-2386
Agar Market 



Market Overview:

Agar is a jelly-like substance extracted from red algae. It is commonly used as a gelling agent in food, microbiology and other applications due to its ability to form thermoreversible gels. Agar finds wide usage in confectioneries, bakery products, meat & poultry products, dairy & frozen foods, etc. helping food manufacturers to stabilize product textures and acts as a thickening agent.

Market Key Trends:
One of the key trends fueling the growth of the Agar market is the expanding food and beverage industry globally. Agar is extensively used as an additive and thickening agent in many food products. The increasing demand for convenience and packaged food items across both developed and developing countries has prompted food manufacturers to widely utilize agar. As per industry reports, convenient packaged food segment is expected to grow at a CAGR of over 7% in the forecast period, thereby augmenting the usage of agar in food applications. The rising health consciousness among individuals has also propelled the consumption of low-calorie and low-fat snacks, desserts and dairy products where agar is commonly used.

The global Agar Market Size is estimated to be valued at US$ 302.4 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
Agar market is segmented by type, function, application and region. By type, the market is segmented into agar and carrageenan. Among these, the agar segment dominated the market in 2023 and is expected to remain dominant over the forecast period. Agar is preferred over carrageenan due to its high gelling strength and thermo-reversible properties.

Key Takeaways
The global agar market is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing application in food and beverages industry.

Regional analysis
The Asia Pacific region dominated the global agar market in 2023 and is expected to remain the fastest growing as well as dominating regional market over the forecast period. Countries like China, Indonesia, and Philippines are the major producers of agar globally.

Key players
Key players operating in the agar market are New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co., Ltd., Industrias Roko, S.A., Neogen, Merck Group, Agarindo Bogatama, Setexam, and Norevo GmbH. New Zealand Manuka Group and Hispanagar captured over 35% of the global market share in 2023 due to their vast production and wide distribution network across countries.

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