Global Agar Market Expected to grow at a CAGR of 5.1% by 2023, Key players-New Zealand Manuka Group, Hispanagar, Acroyali Holdings, Neogen, Setexam, Agarmax amongst.

Global Agar Market Overview:

A viable alternative in place of gelatine, the agar component is a viable vegetarian option. Originally claimed to have been discovered in Tarazaemon Minoya, Japan, it is also known to have multiple health benefits and is low in cholesterol and high in calcium, folate, iron and vitamins. With 80% of it being comprised of fibre, it is used as a natural appetite suppressant and is believed to aid in weight loss. Therefore, it is viewed as a healthier alternative. It is also an important ingredient in culinary activities and is a suitable substitute for gelatine and can be used in making ice creams, thickening soups, preserves, candies and other dishes, owing to its feature of holding perfect moulds because of the firmness. It can be found as squares, strips, bars or powdered forms.

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Global Agar Market Size Analysis:
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. Its stupendous growth is owed to its multi-functional benefits. China is a huge market for agar owing to being known to have the highest vegan population. Asia Pacific as a unit is also expected to show growth in the forecast period owing to growing veganism, focus on health benefits and availability factors. It brings about 5.4% share in terms of revenue. Currently, North America holds the largest market for agar, Europe following a close second. The powder segment is the fastest growing variant owing to its ease of usage.

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Global Agar Market Drivers and Restraints:
A major factor to its growth is that it provides employment for people dwelling in coastal regions, where the collection of seaweeds necessary for the creation of agar, occurs. This especially is an opportunity for coastal rural women folk. Technological support has helped the process become easier and allowed economies of scale to be achieved via quickening the process of cleaning, pre-treatment, filtration, gelation and dewatering. New foods like pearls and spaghetti gels are being carved out with the help of the agar. Agar is also known to increase the shelf life of frozen and processed meats. Further, owing to its property of stimulating bacterial development, microbiological and molecular applications are expected to boost the market growth tremendously in the coming years.

Some key players in the Global Agar Market are:
New Zealand Manuka Group, Hispanagar, Acroyali Holdings, Neogen, Setexam, Agarmax amongst others.

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