Agar Resin Market

Agar Resin Market Overview

The agar resin market is projected to register a CAGR of 11% during the forecast period, up from US$ 1.2 Bn in 2021 to reach a valuation of US$ 3.8 Bn by 2032.

The agar resin market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfil the demand for agar resin making it more accessible to customers in the global agar resin market.

Agar resin is a vegan substitute for gelatin. Agar Resin is a gelatinous polysaccharide generated from red algae and seaweed that is used to gel a wide variety of food items due to its functional and health advantages. Sales of agar resin are increased due to its culinary components can also be employed in place of gelatin and are typically utilised to thicken soups and other sweets.

Sales of agar resin are expected to rise significantly. In addition to this, sales of agar resin are rising on account of US$ 2 Bn by 2026. Increasing demand for agar resin is also projected to contribute to the growth of the agar resin market share.

Apart from the food and beverage industries, agar resin is employed in the pharmaceutical and biotechnology industries. Sales of agar resin are frequently rising due to its applications in dietary supplements since it has no protein, no fats, a little amount of carbohydrate, and an 80% fibre content that acts as an appetite suppressant. 

Additionally, sales of agar resin are improving due to its utilisation in the cosmetics and personal care industries to improve the texture of lipsticks, lip care products, lotions, and a variety of other items. It adds long-term stability to final goods, acts as a thickener, and improves the texture. The growing sales of agar resin for cosmetics and personal care products correlate with the increasing demand for agar resin, hence fueling the agar resin market growth.

Manufacturers in the agar resin market get a big platform from which to serve the whole demand for agar resin. The worldwide agar resin market is seeing increased competition. With growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for agar resin more accessible to customers. 

D&R Dispersions& Resins Sp Z O O, Nippon Epoxy Resin Manufacturing Co., Ltd., Reichhold Holdings International B.V., MSR Holding B.V., PolyLabs Ltd., Plasma Ruggedized Solutions, Inc., and Agar Scientific Ltd. Grasim Industries Limited., Spolek pro chemickou a hutní výrobu, alcove spolecnost., K.I. Chemistry S. à r. L are some of the leading participants in the agar resin market.

What are the Key Contributors to the Agar Resin Market Share?

Consumers' interests are evolving toward a healthy lifestyle as a result of the increased demand for agar resin in food and other industries. As a result, sales of agar resin is boosting due to its utilisation as a component in a variety of end products, including fruit jam, sweets, soup, sauces, and gelatin food products.

Agar resin is frequently used by customers as a natural therapy for constipation because of its high edible fibre content and benefits for diabetic and obese patients, which drives the sales of agar resin in the market. Due to the intriguing properties sales of agar resin is also increased due to its applications in the cosmetic industry, where agar resin effectively softens and moisturises the skin, as well as thickening and binding other components.

Additionally, agar resin is employed in DNA and RNA biotechnology and molecular biology laboratories. Consumers are growing more health-conscious, and as a result, manufacturers are developing novel and successful alternatives to weight reduction products. Agar is commonly consumed by consumers in the medical industry. The aforementioned factors are increasing the market sales of agar resin.

The growing vegan population increases demand for agar resin in the market, and manufacturers respond by producing a variety of food products made entirely of natural or plant-derived components. Cosmetic product development increases the demand for agar resin in the market as consumers become more concerned about their skins as a result of climate change or increased pollution because it is speculated to provide moisture retention and thus increase the sales of agar resin by helping to reduce skin dryness.

Additionally, they have a variety of other skincare ingredients that are beneficial in cosmetics. It is used in a wide variety of applications in biopharmaceutical businesses, clinical research laboratories, and other organisations. Additionally, manufacturers may extend the agar resin market in Asia-Pacific, as this area is expected to experience significant development due to the rising inclination for vegan goods and a variety of other applications.

Since agar resin is low in saturated fat and cholesterol and abundant in iron, calcium, folate, and minerals, it is great for customers interested in losing weight or maintaining good health, creating an enormous opportunity and demand for agar resin.

Which Region holds the Highest Growth Potential in the Agar Resin Market?

The Asia Pacific is anticipated to be dominant for the agar resin market, owing to agar's prevalence in Japanese, Korean, and Indian cuisine. North America is anticipated to be the second biggest leader in the agar resin market, owing to the increased popularity and demand for confectionery, candies, jellies, and puddings.

Europe is expected to expand significantly by the end of the prediction period for the agar resin market. Latin America, the Middle East, and Africa are expected to develop good sales of agar resin slowly as a result of decreasing demand from Arab countries.

Nandini Roy Choudhury

Principal Consultant

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How is the Competitive Landscape in the Agar Resin Market?

D&R Dispersions& Resins Sp Z O O, Nippon Epoxy Resin Manufacturing Co., Ltd., Reichhold Holdings International B.V., MSR Holding B.V., PolyLabs Ltd., Plasma Ruggedized Solutions, Inc., and Agar Scientific Ltd. Grasim Industries Limited., Spolek pro chemickou a hutní výrobu, alcove spolecnost., and KI Chemistry S. à r. L are some of the leading participants in the agar resin market.

Recent Developments in the Agar Resin Market:

• Merck Millipore's (Germany) Life Science company launched a new production and distribution site in India in 2018.
• Repligen Corporation (US) combined with Spectrum Inc. (US) in 2017, becoming a leader in the agar resin market for membrane separation technology in the pharmaceutical, bioprocess, diagnostic, and research sectors. This merger aims to accelerate the agar resin market expansion of its filtration business and to position the company as a leader in the development of single-use and continuous production technologies for bioprocessing.
• Purolite Life Sciences partnered with ChromaTan Corporation (US), a provider of chromatography products, in 2017. The discovery resulted in a 15-fold increase in the production of protein A resins.

Scope of Report

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Key Segments For Agar Resin Market

By Type:

• Powder
• Granules
• Strips

By Application:

• Pharmaceutical
• Food & beverages
• Cosmetics and personal care industry
• Nutraceutical

By Region:

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)