Agar Agar Pricing Report

Agar Agar Prices December 2023

In Q4 of FY23, there was a noticeable increase in the price of agar agar in China due to the limited supply and ongoing demand from the food and beverage (F&B) business. In comparison to the same period last year, prices were better this quarter. This tendency was also influenced by China's manufacturing sector starting to thrive again. All things considered, the cost of agar agar in China reached 13,055 USD/MT by the end of Q4.

Agar Agar Price Trend, Market Analysis, and News

IMARC’s newly published report, titled Agar Agar Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of agar agar pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing agar agar price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Agar Agar Market Analysis

The global agar agar market size reached 181 thousand tons in 2023. By 2032, IMARC Group expects the market to reach 278.8 thousand tons, at a projected CAGR of 5.00% during 2023-2032.

• One of the main reasons for its market expansion is the food industry's increasing need for agar agar. It is used in confections, dairy products, vegan substitutes, and desserts as a stabilizer, thickener, and gelling agent. For example, the EU food and drink sector brought in Euro 229 billion in value added and Euro 1.1 trillion in turnover in 2023. The food processing industry is expanding at an outstanding 8.8% annual rate in developing nations like India, and it is expected to reach INR 61,327.5 billion by 2032.
• Agar agar's plant-based origin and functional characteristics make it a highly sought-after ingredient as the number of vegans and vegetarians grows worldwide. It serves as a vegan alternative to gelatin in plant-based meals, dairy-free desserts, and meat substitutes. According to the latest estimates, the global vegan population is estimated to be 79 million. 10% of American individuals identify as vegetarians or vegans. Furthermore, it is projected that only 40% of people on Earth will still eat meat by 2040.
• Agar agar is being adopted by the pharmaceutical industry as a flexible excipient with a range of functional qualities. It can allow for the controlled release of medications and build a stable gel. Because of this, it is a useful component of tablets, capsules, suspensions, and other dosage forms. The need for agar agar will rise significantly in the upcoming years due to the anticipated rapid growth of the pharmaceutical industry. For instance, the pharmaceutical sector in the UK had a turnover of 40.8 billion pounds. India's pharmaceutical market is expected to reach $130 billion in revenue by 2030. Furthermore, India exports a large quantity of pharmaceuticals to over 200 countries.
• Agar agar is also crucial to the fields of biotechnology and microbiology. It is unique in that it can tolerate autoclaving and gel at low temperatures. Because of this characteristic, it can be utilized as a solidifying agent in culture media in labs, research facilities, and industrial biotechnology facilities. The biotechnology market as a whole was valued at USD 714.9 billion in 2023, and it is projected to expand at a rate of 6.53% a year to reach USD 1277.2 billion in total by 2032.
• The cosmetic industry also relies heavily on agar agar because of its functional properties as emulsifier, thickener, and stabilizer. It is incorporated into products like creams, masks, gels, lotions, and other cosmetic formulations. The market for cosmetics is growing at a rate of 4.8% annually and will reach US $ 618.7 billion by 2032.

Agar Agar News

The report covers the latest developments, updates, and trends impacting the global agar agar market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in agar agar production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the agar agar industry:

• In April 2020, Hispanagar launched a new highly soluble agar that enables low temperature dissolution. This variety is completely dissolved in water between 60-80ºC, which helps in saving up to 25% energy compared to traditional agar.

Product Description

Agar agar is a plant-based jelly-like substance composed of polysaccharides obtained from the cell walls of red algae. It is a white, semitranslucent vegetable gelatin that comes in a variety of shapes and sizes, including flakes, bars, powder, and strands.

Cheesecakes, puddings, ice creams, jellies, gummy candy, mousses, custards, and sauces all contain agar agar as a stabilizing and thickening ingredient. In addition, it is used in brewing as a clarifying agent, in scientific applications, and for paper sizing.

Agar agar is a neutral ingredient that does not affect the taste, odor, and color of the dishes it is added to. Also, it sets more firmly than gelatin, even at room temperature. Beyond this, agar agar has several health benefits, such as it acts as a laxative, stimulating intestines and supporting bowel movement.

Regional Coverage

The report provides a detailed analysis of the agar agar market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends. 

Global Agar Agar Price

The report offers a holistic view of the global agar agar pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Agar Agar Price

The European agar agar market experienced a complex pricing dynamic in the fourth quarter of 2023. The initial months saw an uptick in prices due to better consumption spending, reduced inventories, and higher demand from the food and healthcare sector. However, in December, the agar agar price plummeted because of higher inflation in the region and increased consumer apprehension.

This analysis can be extended to include detailed agar agar price information for a comprehensive list of countries.

North America Agar Agar Price

The agar agar price trend in North America was complex during the final quarter of 2023. October and November saw an uptick in prices attributed to declining inflation levels, higher consumer spending, and lower gas prices. However, in December, the prices decreased because of an excess supply of agar agar and lower demand for downstream industries.

Specific data on agar agar prices within the United States and Canada can also be provided.

Middle East and Africa Agar Agar Price

The report explores the agar agar pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on agar agar prices for countries can also be provided.

Asia Pacific Agar Agar Price

The agar agar market in the Asia Pacific was going through a challenging period during the final quarter of 2023. In the beginning, the prices surged due to limited supply and higher demand from the food and pharmaceutical sectors. Later, the agar agar prices declined in the month of December because of the lower number of new orders from domestic and international consumers.

This analysis can be further extended to include detailed agar agar prices for a comprehensive list of countries within the region.

Latin America Agar Agar Price

The analysis of agar agar prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of agar agar pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting agar agar price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the agar agar industry.