Global agar agar gum market is projected to grow at a CAGR of 5.0 percent during the forecast period and will accumulate around US$338.1 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Agar Agar gum, typically derived from marine algae, is a member of the galactan polysaccharides group, and is a complex linear sugar polymer comprising 22 galactose molecules. As per the latest study, the chief properties of agar agar, like gelling and thickening, are poised to drive the market trends over the predicted timeline. These products are likely to be extensively deployed as stabilizing and solidifying agents in the food & beverage industries. It has been observed that this gum is increasingly being preferred over several other polysaccharides in the manufacturing process, given the major hysteresis prevalent between the melting & setting temperatures of these products.
The extensive population upsurge along with rise in personal income of consumers, has resulted in substantial development of new food products around the world. Given the high compatibility of the product, both as a sweetener as well as a binder in an array of food products, it has come to be used across a wide spectrum of food sub-industries. However, the market growth is likely to be restricted by the increasing number of health disorders encountered by consumers following the intake of the end products.
According to the report, the global agar agar gum market seems to be both capital intensive and cost intensive in nature. Capital is generally required for regular purchase and updation of manufacturing equipment, and there also exists an opportunity to eliminate various operational costs. These circumstances have led to pivotal manufacturers now retaining control over numerous production facilities and also a comprehensive geographical presence, which in turn, is helping them give a competitive edge to their rivals.
Speaking of the product type spectrum, the global agar agar gum market is bifurcated into Squares, Strips and Powders. These products are known for holding superior properties – say for instance, they offer long-term stability to end-products. These typical properties help equip the finished products with stabilization, texture enhancement and proper thickening & binding. In addition, the gel strength of these products is relatively higher in comparison to that of gelatin, which turns the product into a popular choice in the dairy & liquid desserts processing industry.
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In terms of the application landscape, the agar agar gum market is broadly segmented into microbiological & molecular products, confectionery, retail, meat and others. As per the report, agar agar gum finds application in a multitude of food domains including animal-derived gelatin-free food, Kosher certified food and halal certified food among others. This is certain to stimulate a remarkable rise in demand for the product. It has been observed that a maximum number of European confectionery & bakery item producers have also adopted the use of this product as a unanimous binder nowadays.
On the basis of the regional landscape, the global agar agar gum market is fragmented into five major regions, namely North America, Asia Pacific, Europe, Latin America and Middle East & Africa. The report cites that North America and Europe are slated to dominate the worldwide market owing to the rapidly burgeoning consumption of confectionary & bakery products in both the regions. The APAC market is also depicting signs of growth, given the large consumption of agar agar by the dairy industry. Currently, several European manufacturers have been planning to forge collaborations with Indonesian market players, with a view to amplify market presence.
The broad competitive spectrum of the global agar agar gum market includes key players such as Marine Science, P.T. Agarindo Bogatama, Meron, Able Sales Company and TIC Gums. Given the considerable demand for these products, leading manufacturers are striving to initiate capacity expansion, along with overseas partnership programs, cites the report.