In a recent published report, Kenneth Research has updated the market report for Agar-Agar Gum Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Agar-Agar Gum Market products.
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The Agar Agar Gum Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
The global agar agar gum market size is anticipated to reach USD 338.1 million by 2026 growing at a CAGR of 5.0% from 2018 to 2026 according to a new report published by Polaris Market Research. The report ‘Agar Agar Gum Market Share, Size, Trends, & Industry Analysis Report, [By Product (Square, Strips, Powder), By Application (Microbiological and molecular, Meat, Confectionery, Retail, Others), By Regions]: Segment Forecast, 2018 – 2026’ provides insights on the current market scenario and the future prospects.
Agar agar is a member of the galactan polysaccharides family. These are basically complex linear sugar polymers that comprise 22 galactose molecules. Agar agar gum is typically obtained from marine algae, the common species being Gracilaria and Gelidium.
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The top properties of these products, namely thickening and gelling are poised to steer the market trends in the forecast period. These products are also expected to be widely applied in the F&B industries as a solidifying and stabilizing agent. Owing to the significant hysteresis achieved between the melting and setting temperatures of these products, this gum has outpaced the preference of other polysaccharides in the manufacturing process.
Rising world’s population coupled with the increase in personal income of consumers have led to a massive development of new food products globally. The high compatibility of these products gum as a binder as well as sweetener within a wide range of food products have leveraged its potential across a wide range of food sub-industries. However, the health ailments encountered by consumers as a result of the consumption of the end-products are likely to challenge the market growth.
Europe and North America are poised to dominate the agar agar gum market on account of the already high and rapidly increasing consumption of bakery and confectionery products. In Asia Pacific, agar agar gum in largely consumed by the dairy industry. European manufacturers are reaching out to Indonesian players with a view to collaborate and increase their market presence.
The agar agar gum market is fairly capital as well as cost intensive. Capital is mainly required for routine manufacturing equipment purchase as well as updation, and there exists an opportunity to curb several operational costs. As a result of the prevailing circumstances, major manufacturers have huge production facilities, and enjoy from a wide geographic presence. thus, intensifying the competition for peers.
In addition, the application of agar agar gum across various food domains, viz. animal-derived gelatin free food, halal-certified, Kosher certified food, etc. is set to mark a remarkable increase in demand for the product. Most of the European bakery and confectionery items manufacturers have shifted to using these products as a unanimous binder.
These products exhibit superior properties such as providing long-lasting stability to end-products. The typical properties of these products enable texture enhancement, stabilization, and good thickening and binding of final products. Also, these products’s gel strength is relatively higher when compared with gelatin. This makes the product a popular choice in the dairy and liquid desserts processing industry.
The global agar agar gum market is highly competitive with a high market share possessed by the major market participants. The burgeoning market demand for these products has provoked many manufacturers to initiate capacity expansions as well as overseas partnership programs. Some of the major manufacturers include Meron, Marine Science, TIC Gums, Able Sales Company, and P.T. Agarindo Bogatama.
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Polaris Market Research has segmented the global Gout Therapeutics Market on the basis of Product, Application and Region:
Agar Agar Gum Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
Square
Strips
Powder
Agar Agar Gum Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
Microbiological and molecular
Meat
Confectionery
Retail
Others
Agar Agar Gum Region Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 – 2026)
North America
U.S.
Canada
Europe
Germany
UK
France
Poland
Spain
Italy
Belgium
Asia-Pacific
China
India
Japan
Malaysia
Indonesia
Australia
Latin America
Brazil
Mexico
Argentina
Middle East and Africa
Saudi Arabia
UAE
Nigeria
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