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The global agar market size was estimated at USD 255.18 million in 2018 and is anticipated to grow at a CAGR of 5.1% from 2018 to 2023. The exponential growth in the usage of this product is attributed to its various functional and health benefits. It contains 80% fiber and can be used as an appetite suppressant. It is also an important culinary ingredient as it acts as a substitute for gelatin and can be used as a thickener soups, in fruits preserves, ice cream and others desserts.
The age of veganism and health consciousness is expected to promote the use of Agar
Essentially agar and gelatin serve the same purpose both acts as a thickening agent. These are important ingredients for the preparation of desserts worldwide. Agar has high preference over gelatin not only because it is viable vegetarian substitute for gelatin, but also because of its higher health benefits when compared to gelatin. It is low in saturated fat and cholesterol and high in calcium, folate, iron and vitamins amongst others. It is ideal for consumers interested in weight loss and maintaining good health. Veganism is a lifestyle choice which is increasingly become popular globally. China is among the top three that have the highest vegan population. To accesses these set of consumers any manufactures products such as fruitflavored jams and jellies, chewy candies are preferring the use of agar.
Asiapacific is expected to have the highest growth rate during the forecast period due to the growing preference for vegan products. North American region has the highest share for agar market; Europe has the second highest market for agar. Agar has a wide range of application, it is used to make ice cream, bakery and confectionaries, dairy products, sports and health foods, beverage. The powdered form agar is the most preferred form as it ease of usage coefficient is high.
MAJOR PLAYERS: POLYGAL AG, HISPANAGAR, NEXIRA, INDUSTRIAS ROKO, S.A., NEOGEN, MERCK GROUP, AGARINDO BOGATAMA, SETEXAM, NOREVO GMBH, MYEONG SHIN AGAR, MARINE SCIENCE CO., LTD., AGARMEX, ASHLAND SPECIALTY INGREDIENTS and TANISCO A/C, amongst others.
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