Global Agar Resin Market - 2021-2028
Agar resin is a vegetarian alternative to gelatin. It is a gelatinous polysaccharide, which is derived from red algae and seaweed and is used to gel numerous food products, as it possesses various functional and health benefits. It is a culinary ingredient which can also be taken as a substitute of gelatin for thickening soups and other desserts. Besides food and beverage industry, Agar Resin is also used in pharmaceutical and biotechnology applications. Agar is prominently used in dietary supplements as it includes no protein, no fats, a minimal amount of carbohydrate, and 80% of fiber content which neutralizes the appetite. Moreover, Agar Resin is used in cosmetics and personal care industry to enhance the texture of lipsticks, lip care, lotion, and countless other products. Additionally, it provides long-lasting stability to finished products, for thickening, and texture enhancing. Growing demand for cosmetics and personal care industry proportionate the demand for agar resin, henceforth propelling the market growth. The global agar resin market valued USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, at a CAGR of XX% during the forecast period
Consumers are shifting their interest to healthy lifestyle owing to growing demand of natural ingredients in food and other industry. Therefore, agar resin is used as an ingredient for gelling number of end product such as fruit jam, candy, soup, sauces, and gelatin food product, and many more. Agar resin often used by consumers as a natural remedy to relieve from constipation as it consists of high edible fiber and is beneficial for diabetic and obesity patient as well, thus driving the agar resin market. Due to the fascinating features of Agar resin, it is also used in cosmetic industries where Agar softens and moisturizes the skin well, and it also thickens as well as bind other ingredients together. Agar resin is also used for DNA and RNA Biotechnology and Molecular biology labs. Consumers are becoming more aware towards health therefore; manufacturers are producing innovative and fruitful substitute for weight loss product. Consumers widely consume agar in the medical industries.
Increase in the vegan population drive the market demand of agar resin, and to access those consumers, the manufactures produce varieties of food product which are natural or plant-derived ingredients. Cosmetic products development boosts the demand of agar resin in market as consumers, currently, are becoming concerned about their skins due to change in climate or increasing the pollution because it has a speculated to provide moisture-retention, and that help generally to reduce skin dryness as well they have much other skin care ingredient which is useful in cosmetics. It has many different ends uses in biopharmaceuticals companies, clinical research laborites, and other organizations. Agar resin is health beneficial as it has low saturated fat and cholesterol, it is high in iron, calcium, folate, minerals; therefore, it is ideal for consumers those are interested in weight loss or maintaining good health, providing an inordinate opportunity to the market.
Agarwood leaves work as anti-depressants. Leaves consist of agarospirol which serves as anti-depressants. It helps to depress the central nervous system that causes tension and restore physical fitness. Agarwood leaves can also be used as anti-aging skincare material. Agar wood leaf tea is used to remove mercury in the body, thus decreasing the risk of mercury neurological disorders and can prevent skin aging. When toxic mercury in the body can be removed with agar wood leaf tea, it makes skin healthy and free of blemishes or skin aging. Agarwood leaves helps to lose unwanted body weight. Agarwood leaf can also soothe sleep disorders. Tea of agarwood leaf, have effects that help to soothe and reduce the symptoms of stress. Generally, agarwood is used for reducing bad breath and mouth odor. Bad breath results from oral diseases and gum diseases in about 80% cases. In all these cases, agar resin works effectively. Agarwood oud oil can influence the hormones that stimulate menstruation and regulate irregular periods. It can also create balance for women approaching the menopause to alleviate many of the problems that arise at that time of life. Owing to its various advantages in the pharmaceutical industry, the segment is expected to grow with a CAGR of XX% during the forecast period.
North America's agar resin market is increasing due to increasing disposable income and a high standard of living. Developed countries of North America such as U.S. and Canada people are demanding new and innovative products, increasing demand for agar resin products in this region. Growing demand for food and beverages, cosmetic and pharmaceuticals products in the U.S., manufacturers are producing new and various products that can attract population and fulfill their requirements, which further boosts the market demand.
The agar resin market is moderately competitive with global and local companies. Some key companies contributing to market growth include D&R Dispersions& Resins, Nippon Epoxy Resin Manufacturing Co., Ltd., Reichhold Holdings International B.V., and MSR Holding B.V., among others. The major companies are assuming numerous growth strategies such as product launches, acquisitions, and collaborations, contributing to Agar Resin growth globally.
Covid-19 outbreak began in China in 2019; it expanded globally, drastically hitting every country. Several countries have started lockdown to prevent the increase of Covid-19 infectious disease; such strategies have caused disturbances in the production and supply chain. Increased demand in some industries in the Covid-19 pandemic, though a large part of the population was focused only on essential products, demand for agar resin decreased. The agar resin market declined significantly in 2020-21 due to market unavailability due to lockdowns imposed globally. Shopping relied on online during lockdown; thus, sales declined compared to a pre-Covid scenario.