For the Quarter Ending June 2022
North America
In North America, the price of Agar Agar fluctuated throughout the Q2 of 2022, backed by mixed market sentiments. In the first half of Q2, the prices decreased due to the ongoing global pandemic due to a decrease in demand from the downstream industries, mainly food sectors and laboratories. High inventories are present in the market, leading to a decrease in price, and ample stock is available to feed the consumer's needs. Moreover, in the second half of Q2, the prices were upward in the second month of the quarter due to limited stock and high consumption from the consumer's end. While in the last month, the prices were again lowered due to low input costs and a decrease in demand.
Asia Pacific
In Asia-Pacific Region, the price of Agar Agar increased throughout the Q2 of 2022 due to the fluctuations in the cost of raw materials. In the first half of Q2, in India, Reliance Industries recently revealed that it would make fuels using algae, leading to a rise in the cost of seaweed goods. In order to fulfill the benchmark of UN Sustainable Development Goals, the biofuel production process would be carried out sustainably. Agar-Agar prices rose in China during the second part of Q2, supported by the country's status as the top exporter. Agar-Agar has a wide range of applications outside the food industry, primarily utilizing it as a gelling agent in dairy products. Also used as a mild laxative to address digestive tract issues is soluble dietary fibre.
Europe
In Europe, the price of Agar Agar fluctuated throughout the Q2 of 2022 due to the unpredictable market dynamics. In the first half of Q2, the prices increased in the first month, backed by the Russia-Ukraine war, which affected the global market sentiments. In the second half of Q2, the prices were on a downward trajectory in the second month of the quarter, backed by a consistent increase in price, thus, decreasing the demand. Moreover, in the last month of the quarter, the prices increased due to the high input cost and the rose in the price of raw materials, and less cultivation of Agar Agar. Thus the price of the product remained fluctuated throughout the quarter.
