The global agar gum market is anticipated to display a steady CAGR by 2025, according to a report available on Radiant Insights, Inc. Growing requirement for natural food ingredients owing to rising health awareness is anticipated to propel the market over the forecast period (2018 to 2025). Developed from red algae, agar gum offers long-lasting stability to finished food products. Effective properties of this gum can augment stabilizing, binding, thickening, and texture of the end food product. High demand for these foods is anticipated to positively influence the market in near future
High demand for dairy products such as cheese, custard, and yogurt can stimulate growth of the market for agar gum in the forthcoming years. Increasing use of agar gum as a substitute to gelatin in milk-based desserts can further fuel the market development. Effective properties of agar gum to stabilize foams and emulsions can drive the demand for agar gum as a useful culinary ingredient. Continuous innovations in terms of new products and applications can foster market growth during the forecast period. Rising adoption of agar gum as impression material in dentistry is also anticipated to propel market growth during the forecast period.
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Growing adoption of natural ingredients to prepare various food products can spur the global agar gum market. To cater to the rising demand, most companies are investing in research and development (R&D) activities to launch enhanced versions of agar gum. For instance, Meron recently developed an advanced version of agar gum called Wonder Gel, in spreadable form. It can be used in food preparations to impart change in terms of spreadability, creaminess, and texture while maintaining the natural benefits of seaweed fiber. In addition, this gel offers high water binding capacity with minimal syneresis. It can dissolve at high temperature (>80 degree Celsius) and can gel at low temperature (
The worldwide agar gum market can be segregated on the basis of product type, application, and region. Based on product type, the market can be divided into powder, strips, and square. In recent years, powdered agar gum segment dominated the global market and is anticipated to witness significant growth during the forecast period. This growth can be accredited to a wide range of industrial and scientific applications. In addition, the square and strips segment can also witness steady expansion in the coming years attributed to various household applications such as cooking.
Based on application, the market can be segmented into retail, meat, microbiological, bakery & pastry, confectionaries, and others. Bakery & pastry and confectionaries segments are expected to witness significant rise in demand over the forecast period owing to the high melting point of agar gum. Several tough tasks in bakeries such as pie filling, glazing and icing of cakes and pastries can be performed easily using agar gum. This is expected to impel the market growth in near future.
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In addition, increasing consumption of meat products such as pet food and canned products can positively influence product demand in the forthcoming years. The microbiological segment can also witness remarkable growth during the forecast period due to increasing use of agar gum as a laxative agent and culture medium for the growth of microorganisms.
Regional segmentation includes Europe, North America, China, and Japan. The North America and Europe markets for agar gum are expected to witness significant growth in the coming years owing to high demand for confectionary and bakery products. The Asia Pacific market is anticipated to grow at a healthy CAGR during the forecast period owing to rising demand for agar gum based dairy products.
Some of the leading companies operating in the agar gum market are Meron Group, Agarmex, Orient Resources Company, Agar Shallow, and Titan Biotech Ltd. Most companies are focusing on R&D activities to produce new and innovative products to increase their revenue share. Owing to the presence of a mix of big and small players, this market appears quite competitive. To sustain this competition, it gets essential for the manufacturing companies to differentiate their product line through unique values.
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