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The agar-agar gum market share is expected to increase by USD 33.24 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3%.
This agar-agar gum market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers agar-agar gum market segmentation by application (confectionery products, bakery products, meat products, microbiological and molecular application, and others) and geography (Europe, North America, APAC, MEA, and South America). The agar-agar gum market report also offers information on several market vendors, including Agramex SA de CV, ASAHI & Co. Ltd., AvansChem Speciality Chemicals, B&V Srl, INDUSTRIAS ROKO SA, Ingredion Inc., Marine Science Co. Ltd., Meron Group, New Zealand Manuka Group, and Titan Biotech Ltd. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing demand for dairy products is notably driving the agar-agar gum market growth, although factors such as price fluctuations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the agar-agar gum industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Agar-agar Gum Market Driver
The increasing demand for dairy products is one of the major factors that will have a positive impact on the agar-agar gum market growth. Agar-agar gum is commonly used as an ingredient in dairy products such as yogurt, cheese, creams, custard, spreads, curd, mousses, puddings, infant formula, and smoothies. This gum has non-nutritive characteristics that make it advantageous due to the increased demand for no-sugar, no-fat, and no-carbohydrate products. Several milk-based local desserts in APAC also use agar-agar gum to jellify and it also can be used as a substitute for gelatin.
Key Agar-agar Gum Market Trend
The development of new products and applications is one of the key agar-agar gum market trends. Agar-agar gum manufacturers are investing heavily in R&D activities for the development of new products. They are finding new ways to distinguish their brands by producing new products to increase their revenues. India-based meron introduced a new range of agar-agar gums called WONDERGEL. This product is a better variety of agar-agar that can be used in cake glaze, yogurt, soft puddings, decorative piping gel, creamy custards, and cheese spreads.
This agar-agar gum market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the agar-agar gum market encompasses successful business strategies deployed by the key vendors. The agar-agar gum market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The agar-agar gum market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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