South America Agar Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South America Agar Market Analysis
The South American agar market is anticipated to record a CAGR of 2.8% during the forecast period (2020-2025).
- The market is witnessing rapid growth, owing to the wide range of applications it offers due to the gelling and thickening properties. It is majorly used in food and beverage processing, such as bakery, confectionery, meat and poultry preserving, and others. In addition, its preference in over other polysaccharides in the food and beverage manufacturing, especially the sugary food products, due to the high compatibility of agar gum in a sugary environment, in order to provide a stable structure to concentrated sugary system, is fueling the market growth.
- Furthermore, pharmaceutical and microbiological application segments are also estimated to witness an increase in demand for agar-agar gum, as a laxative agent, and culturing media for microorganisms.
- However, the limited production and supply of agar across the region is expected to curb the market growth of agar.
South America Agar Market Trends
This section covers the major market trends shaping the South America Agar Market according to our research experts:
Rising Demand For Vegan Food Ingredients
As there has been significant growth in the people shifting toward veganism across the region, vegan products are on the high rise. Agar, that is considered as a vegetarian alternative to gelatin, has witnessed a significant rise in its demand, as vegans do not use gelatin because it is made from animal bones, skin, and connective tissue. It is used mostly in food products, such as puddings, desserts, jelly candy, soups, sauces, and more. Also, frequent launches of new vegan beverages, such as vegan wine and others.
Brazil Continue to Dominate the Regional Market
In South America, Brazil holds a significant share in the agar market. This is primarily due to the rising production of agar on the coasts of Brazil. In Brazil, the exploitation of seaweeds for agar production occurs mainly in the northeastern part of the country. Gracilaria of different species is generally harvested in Brazil, mostly in warm waters, that produces a less resistant agar (agarose) to enzymatic hydrolysis. In addition, companies dominating the Brazilian market are highly focused on research and development, which is helping to leverage the emerging opportunities in the forecast period. Also, strategic agreements of domestic players with international distributors to expand its distribution of products in Brazil, such as Agarmex, are thus boosting the Brazilian market.
South America Agar Industry Overview
The South America agar market is competitive and fragmented in nature, owing to the presence of many regional and domestic players. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the South American market include Agargel, Setexam, TIC Gums Inc., and Meron, among others.
South America Agar Market Leaders
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Agargel
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Setexam
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TIC Gums, Inc.
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Meron
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Agar Brasileiro Ind. E.com. Ltda.
*Disclaimer: Major Players sorted in no particular order
South America Agar Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Form
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5.1.1 Strip
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5.1.2 Powder
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5.1.3 Other Forms
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5.2 By Application
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5.2.1 Food and Beverage
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5.2.2 Pharmaceuticals
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5.2.3 Other Applications
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5.3 By Country
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5.3.1 Brazil
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5.3.2 Argentina
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5.3.3 Rest of South America
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Position Analysis
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6.4 Company Profiles
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6.4.1 Agargel
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6.4.2 Setexam
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6.4.3 TIC Gums Inc.
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6.4.4 Meron
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6.4.5 Agar Brasileiro Ind. E.com. Ltda.
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6.4.6 Sisco Research Laboratories Pvt Ltd
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South America Agar Industry Segmentation
The agar market in South America has been segmented by form into strip, powder, and others; and by application into food and beverage, pharmaceuticals, and other applications. The food and beverage are further bifurcated into meat products, bakery confectionery, snacks/instant noodles, dairy, beverages, and other food and beverages. Also, the study provides an analysis of the agar market in the emerging and established markets across South America, including Brazil, Argentina, and the Rest of South America.
| By Form | |
| Strip | |
| Powder | |
| Other Forms |
| By Application | |
| Food and Beverage | |
| Pharmaceuticals | |
| Other Applications |
| By Country | |
| Brazil | |
| Argentina | |
| Rest of South America |
South America Agar Market Research FAQs
What is the current South America Agar Market size?
The South America Agar Market is projected to register a CAGR of 2.80% during the forecast period (2024-2029)
Who are the key players in South America Agar Market?
Agargel, Setexam, TIC Gums, Inc., Meron and Agar Brasileiro Ind. E.com. Ltda. are the major companies operating in the South America Agar Market.
What years does this South America Agar Market cover?
The report covers the South America Agar Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Agar Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America Agar Industry Report
Statistics for the 2024 South America Agar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Agar analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
