DUBLIN–(BUSINESS WIRE)–The “Agar-Agar Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Form and Application” report has been added to ResearchAndMarkets.com’s offering.
The market is expected to grow from US$ 323,657.68 thousand in 2021 to US$ 459,415.30 thousand by 2028; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028.
Agar-agar is a hydrocolloid found in red algae seaweeds. It has many applications in various end-use industries, such as food & beverages, pharmaceuticals & nutraceuticals, personal care, and biomedical. In the food & beverage industry, it is used as a thickener and gelling agent in various food products, including icings, bakery fillings, cake glazes, jellies, jams, marmalades, ice-creams, and dairy products.
It is also used in beers, wines, and juices as a clarifying agent. Agar-agar can effectively substitute gelatin owing to its excellent gelling properties. Moreover, agar-agar is used as a gelling agent and stabilizer because it is derived from seaweeds in several vegan food products.
Based on application, the agar-agar market is segmented into food & beverages, pharmaceuticals & nutraceuticals, and others. The food & beverages segment held the largest share in the global agar-agar market in 2020. However, the pharmaceuticals & nutraceuticals segment is projected to grow at the highest CAGR over the forecast period.
The food & beverage industry is advancing rapidly. Manufacturers are developing innovative products having significant health benefits that fulfill the changing requirements of consumers. The veganism trend is evolving rapidly.
Consumers are increasingly looking for plant-based alternatives to reduce the utilization of animal-derived products. Agar-agar is a vegan-friendly ingredient with significant applications in the food & beverage industry. All these factors are projected to drive the growth of the agar-agar market over the forecast period.
Asia-Pacific held the largest share in the agar-agar market in 2020. Agar-agar is a vital ingredient in Asian cuisine. Countries such as China, Japan, and Indonesia are the significant producers and exporters of agar-agar in the region.
Thus, significant production of agar-agar in the region contributes to the growth of the Asia-Pacific agar-agar market. Moreover, increasing demand from the food & beverages industry and the nutraceuticals industry is also driving the regional market growth.
Impact of COVID-19 Pandemic on Agar-Agar Market
The agar-agar market witnessed significant impacts of the COVID-19 pandemic. Due to severe supply chain disruptions, there was a shortage of raw materials, which adversely affected the profitability of small-scale and large-scale agar-agar manufacturers. A decline in product supply created a demand and supply gap, which negatively affected the growth of the agar-agar market.
However, as people became health-conscious due to the pandemic, they preferred dietary supplements that help boost immunity and maintain overall health. Agar-agar is widely used in various nutritional supplements, such as vitamin and protein supplements. This factor positively impacted the agar-agar market growth during 2020.
Furthermore, the manufacturers are recovering from losses as they are operating with full capacity. The majority of the population across North America, Europe, and Asia-Pacific are fully vaccinated, which is also expected to boost the growth of the agar-agar market over the coming years.
Key Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/glhf43.
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