According to our latest market study on "Agar-Agar Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form and Application," 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.

The development of animal immunisations and antibiotics has led to a significant revolution in industrial livestock production. The Food and Agriculture Organization (FAO) estimates that industrial livestock farming is the source of more than half of the world's pork and poultry, one-tenth of its beef and mutton, and more than two-thirds of its egg supply. Worldwide expansion of industrial livestock production has increased demand for highly nutrient animal feed products. Great quality animal feed products are in high demand due to the rise in the industrial production of mutton, beef, hog, and poultry over pasture and mixed farming. By utilising economies of scale, industrial livestock production has made it possible to produce a large amount of meat at a low cost. Low-cost access to dairy and meat products has increased demand, which in turn has fueled the expansion of the industrial livestock production sector. The need for high quality animal feeds used in the rearing of a variety of livestock, including cattle, swine, goats, chicken, fish, and shrimp, among other species, has increased as a result of the industrial livestock production sector's vigorous rise. Industrial livestock production is vital in supplying the world's population with the nutrition they need, which has caused industrial livestock farms to proliferate and increased sales of animal feed.

The veganism trend is growing rapidly, especially across Europe, North America, and Asia-Pacific. People prefer plant-based foods due to increasing awareness regarding animal protection, environmental sustainability, and increased attachment toward animals. Rising veganism across the globe is creating opportunities for plant-based food products and ingredients. Agar-agar is the vegan substitute for gelatin and is used in a wide range of food and beverages such as bakery products, candies, jellies, frozen desserts, ice-creams, jams, marmalades, icings, fillings, coatings, beers, wines, fruit juices, etc. It is widely employed in vegan-friendly food products. Thus, the rapid growth of veganism is projected to offer lucrative growth opportunities for the agar-agar market over the coming years.

A few players operating in the agar-agar market are GINO BIOTECH; CV. AGAR SARI JAYA; PT. Agar Swallow; HUGESTONE ENTERPRISE CO., LTD; JUSTCHEM INTERNATIONAL LIMITED; Meron Group; PT. AGARINDO BOGATAMA; PT Kappa Carrageenan Nusantara; PT SURYA INDOALGAS; ROLAND FOODS, LLC among few others.

Based on form, the agar-agar market is segmented into flakes, powder, and others. Based on application, the market is segmented into food & beverages, pharmaceuticals & nutraceuticals, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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