by Agar is a jelly-like substance obtained from red algae which is widely used as a gelling agent, thickening agent, and emulsifying agent in microbiological, confectionery, and other food industries. Agar finds application in preserving microbiological culture media, clarifying process, solidification of gelled dessert products, and thickening and stabilization of syrups and dairy-based products. The food industry remains the dominant consumer of agar as it is widely used in confectioneries, desserts, and bakery fillings which drives the global demand.
The Global Agar Market is estimated to be valued at US$ 348.37 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Agar Market Share are Microsoft, Okta, IBM, Oracle, Salesforce, Ping Identity, HID Global, ForgeRock, CyberArk, Micro Focus, Thales, RSA Security, Avatier, ManageEngine, SecureAuth, EmpowerID, SAP, Simeio, One Identity, FusionAuth, Auth0, IDnow, Zephr, Signzy, Civic, Trusona, Beyond Identity, Akamai, Delinea, Optimal IdM, Netwrix, Zoho Vault, Transmit Security.
The growing demand for agar is attributed to increasing usage in food & beverages, microbiology, and cosmetic industries. Agar finds wide application in various food products such as jams, jellies, desserts, dairy, and confectionery which drives its consumption.
The Global agar market is expanding at a rapid pace with countries like China, Japan, and India emerging as high growth regional markets. Growing food processing industries in Asia are contributing to the rising demand for agar. Companies are strengthening distribution channels and setting up manufacturing units across developing nations to leverage growth opportunities.
Market Key Trends
Consolidation in the agar market is prevailing as key companies pursue inorganic growth strategies to expand global footprint and product portfolio. Major players are actively acquiring prominent regional businesses to gain access to new markets and strengthen hydrocolloid product range. Technological advancements focused on developing specialized grades of agar with unique functionalities also remains an important trend.
Porter’s Analysis
Threat of new entrants: Low capital requirement and competitive market make threat of new entrants high.
Bargaining power of buyers: Agar being a commodity product, buyers have high bargaining power to negotiate prices.
Bargaining power of suppliers: Few large suppliers exist in the market giving them higher bargaining power over price and supply terms.
Threat of new substitutes: Other hydrocolloids like carrageenan and gelatin can act as substitutes based on application, posing medium threat of substitution.
Competitive rivalry: Intense competition exists among existing suppliers to gain market share through product differentiation and competitive pricing.
Geographical Regions
Asia Pacific accounts for around 40% of the global agar market value owing to large production areas in Indonesia and Philippines. The region has the highest consumption due to widespread use of agar in food applications.
North America is expected to witness fastest volume CAGR of over 17% during the forecast period. Increasing vegan dietary preferences as well as rise in cosmetic and microbiological research activities are fueling demand growth in the region.
