For the Quarter Ending September 2024
North America
In Q3 2024, Agar-Agar prices in North America displayed a dynamic pattern, influenced by a range of sector-specific factors. The U.S. market, in particular, experienced marked price variability, leading to an unpredictable pricing environment throughout the quarter.
At the start, prices trended downward, primarily due to stabilizing inflation rates, which had previously spiked above 9% but began to ease. This cooling inflation allowed businesses to reduce overhead expenses, creating an opportunity to lower Agar-Agar prices for consumers. However, as the quarter progressed, prices shifted upward in response to both economic and logistical drivers. Consumer confidence reached a six-month peak, spurred by a more optimistic outlook on inflation and the economy, despite persisting concerns in the labor market. This positive sentiment translated into heightened demand for Agar-Agar, pushing prices up.
To manage the anticipated demand increase and possible supply chain disruptions, market participants proactively expanded their inventories. In summary, Agar-Agar pricing in North America during Q3 2024 saw an initial dip followed by an increase, reflecting the complex interaction of economic conditions, consumer sentiment, and supply chain logistics.
APAC
In the APAC region, Agar-Agar prices displayed a mixed trajectory through the third quarter of 2024, shaped by various factors impacting market dynamics. Early in the quarter, prices declined as demand from key sectors softened, leading to fewer new orders. Rising inflation also fostered a cautious spending climate among consumers, which placed additional downward pressure on prices. However, prices rebounded in August and September as demand strengthened across several sectors both domestically and internationally. This increased demand was compounded by proactive inventory management strategies, as businesses aimed to secure stock ahead of possible disruptions. Supply chain challenges, including port congestion and heightened shipping costs, caused delays and contributed to supply constraints. In Japan, the market experienced some of the most notable price shifts, bolstered by positive economic sentiment and strategic inventory buildup by retailers anticipating peak shipping seasons. By the end of the quarter, Agar-Agar CFR Tokyo in Japan reached $12,900 per metric ton, marking a 6% price increase from the quarter’s first half to the second half, underscoring persistent positive market sentiment.
Europe
In the third quarter of 2024, the Agar-Agar pricing landscape in Europe exhibited a mixed trend influenced by multiple factors. Initially, prices fell due to weaker-than-expected demand in the German market, which prompted market participants to take a cautious stance and focus on maintaining significant inventory levels to meet current consumption needs. As the quarter advanced, however, prices began to rise. This shift was fueled by a robust demand from end-user industries and strategic inventory management by companies preparing for potential disruptions. Favorable macroeconomic conditions further supported this trend. Complicating the situation was the ongoing conflict in the Red Sea, which disrupted global maritime traffic and led to logistical challenges, constraining the supply of Agar-Agar. These supply limitations exerted upward pressure on prices as market dynamics shifted. Additionally, improvements in consumer sentiment, particularly in Germany, were crucial in revitalizing demand and creating a more optimistic market outlook. Despite the various challenges, companies actively sought to bolster their stockpiles in anticipation of shipping delays, reinforcing the upward price trend throughout the quarter.
For the Quarter Ending June 2024
North America
In Q2 2024, Agar-Agar pricing in North America experienced a mixed trajectory, reflecting diverse market dynamics. The quarter began with an increase in prices, followed by a mid-period decline, and concluded with a subsequent rise.
In April, prices rose due to a surge in domestic demand. Consumers, undeterred by cost fatigue, displayed a willingness to spend, leading to stronger retail sales and a higher demand for Agar-Agar. This robust consumer activity pushed prices upward. However, prices fell in the middle of the quarter as demand softened. A decrease in new orders and a contracting order backlog indicated a gradual economic slowdown. Additionally, the Federal Reserve's decision to maintain high interest rates, aimed at stabilizing inflation, inadvertently eroded consumer purchasing power, exerting further downward pressure on prices. Prices rebounded in June due to increased cargo import volumes at U.S. ports. Retailers ramped up stock levels to meet rising demand, particularly as they approached the peak shipping season. This boost in import activity contributed to the upward trajectory in prices towards the end of the quarter.
Overall, Q2 2024 demonstrated a varied pricing environment for Agar-Agar in the USA region, marked by initial increases, a mid-period decline, and a final recovery.
APAC
During Q2 2024, the pricing landscape for Agar-Agar in the APAC region exhibited a mixed trajectory influenced by various market dynamics. Initially, prices increased, buoyed by heightened market confidence. The manufacturing sector continued its expansion, driven by a surge in both domestic and international demand, leading to a rapid acceleration in output growth. In response, manufacturers scaled up their production efforts to capitalize on the influx of new orders, supporting the initial price rise. However, as the quarter progressed, prices declined due to weakening market conditions. The Chinese economic scenario presented numerous challenges for enterprises, which struggled with declining consumer demand and increasing financial pressures. These factors contributed to a downward trend in Agar-Agar prices. Additionally, as the summer harvesting season approached, market participants began offloading their existing Agar-Agar inventories to make room for the upcoming supplies. This resulted in a temporary oversupply, further depressing prices. In June, prices picked up again due to improved domestic demand, fueled by increased inquiries from sectors such as food, pharmaceuticals, and healthcare. Moreover, international market demand remained robust, with rates steadily climbing throughout both halves of June. This resurgence in demand helped stabilize and elevate Agar-Agar prices towards the end of the quarter.
Europe
In Q2 2024, the pricing landscape for Agar-Agar in Europe demonstrated a mixed trend influenced by various economic factors. In April, prices rose as the economy showed signs of improvement and consumer spending increased, driving up demand for Agar-Agar. This uptick in demand pushed prices higher. However, in May, prices declined due to a combination of factors. Companies faced dissatisfaction with business conditions, attributed to a lack of effective demand in the domestic market. Persistent inflationary pressures and high interest rates led to restrained consumer expenditure, with many sectors adopting a cautious "wait and see" approach. Additionally, currency appreciation reduced import costs for Agar-Agar, further contributing to the price decline. By June, prices rebounded as consumer sentiment improved for the fourth consecutive month, boosting domestic demand. The brighter economic outlook in Europe, particularly in its largest economy, supported the upward movement in prices. Overall, the quarter's pricing for Agar-Agar in Europe was characterized by initial increases, a mid-period decline, and a recovery towards the end of the quarter.
For the Quarter Ending March 2024
North America
In the first quarter of 2024, the pricing dynamics of Agar-Agar in the North America region, particularly in the USA, were shaped by a diverse range of factors extending beyond traditional market drivers. Throughout this period, the pricing trend for Agar-Agar in the USA exhibited notable volatility and fluctuations, characterized by a combination of upward and downward movements. The market conditions within the USA played a pivotal role in shaping these dynamics, with various factors such as consumer sentiment and economic indicators exerting influence on both demand and prices.
The quarter commenced with a decline in prices, primarily attributed to cautious consumer sentiment amid sluggish retail sales and a backdrop of rising inflation. This cautious stance among consumers translated into reduced spending, consequently leading to a decrease in demand for Agar-Agar. Moreover, uncertainties stemming from inflationary pressures prompted consumers to adopt a more conservative financial approach, further dampening demand. However, prices experienced a notable increase in February and March, driven by an improvement in business sentiment fueled by a steady rise in new orders from end-users. This surge in demand outpaced the available supply in the domestic market, thereby driving Agar-Agar prices upwards. Additionally, challenges emerged in the supply chain, with disruptions at critical shipping chokepoints such as the Red Sea and the Panama Canal causing delays in product delivery, including Agar-Agar and other goods. These disruptions contributed to supply constraints in the USA market, further pushing prices upward.
Overall, the pricing environment for Agar-Agar in Q1 2024 witnessed fluctuations influenced by a combination of demand dynamics, supply chain disruptions, and prevailing economic conditions.
Asia Pacific
In the first quarter of 2024, the pricing dynamics of Agar-Agar in the APAC region exhibited a mixed pattern, influenced by various factors including demand from key sectors like food, healthcare, and pharmaceuticals, as well as disruptions in the supply chain. Initially, prices witnessed a significant decline as reduced demand from downstream sectors negatively impacted the market. The manufacturing landscape in China faced challenges, characterized by a slow domestic recovery and subdued external demand. However, prices experienced a surge in February and March, driven by constrained inventories serving as a primary catalyst. The closure or reduced operation of numerous factories during the Spring Festival disrupted production, leading to a shortage in the market. This supply-demand imbalance naturally propelled prices upward as buyers competed for the limited available stock. Additionally, increased inquiries from major markets like the USA and Europe further contributed to price hikes. The latest quarter-ending price for Agar-Agar FOB Xiamen in China stands at USD 13,200 per metric ton. Overall, the pricing environment for Agar-Agar in the APAC region during Q1 2024 has been volatile, with prices experiencing fluctuations influenced by factors such as supply-demand dynamics, trade dynamics, and international market conditions.
Europe
In Q1 2024, the pricing dynamics of Agar-Agar in the Europe region exhibited fluctuations influenced by various factors. At the onset of the quarter, prices witnessed a decline, reflecting subdued consumer sentiments and concerns about the economy. This decrease in demand from key sectors such as food, pharmaceuticals, and healthcare contributed to the overall decrease in Agar-Agar prices. However, prices surged in February and March due to several factors. Rising consumer demand, logistical challenges, and limited inventories within the domestic market all played a role in driving prices upward. Disruptions in shipping and logistics, typical during the Spring Festival in China, led to delays and increased transportation expenses. These additional costs were passed on to buyers, contributing to the upward trend of Agar-Agar prices. Moreover, prolonged disruptions in the Red Sea further complicated trade routes between Asia and Europe, resulting in escalated freight costs that influenced the pricing landscape of Agar-Agar in Europe. Additionally, the moderation of inflation in Europe spurred heightened spending by businesses and consumers, contributing to further price hikes. Looking ahead, the market outlook remains optimistic, with prices anticipated to continue increasing.
For the Quarter Ending December 2023
North America
The fourth quarter of 2023 witnessed noteworthy developments in the North American Agar-Agar market, particularly in the United States. Initially, prices saw a significant increase from October to November, driven by heightened consumer spending, signs of easing inflation, and more affordable gas prices, sustaining an overall surge in demand. However, a decline occurred in December, attributed to reduced demand from downstream industries and an ample supply in the market.
In the US market specifically, there was heightened consumer confidence and sustained high demand due to decreased inflationary pressures, resulting in increased consumer spending. The depreciation of the US dollar against foreign currencies, particularly the Chinese yuan, led to more expensive imports and restricted supply in the domestic market. These factors, coupled with heightened demand during the holiday season, contributed to elevated Agar-Agar prices in the US. Nevertheless, prices declined towards the end of the quarter, influenced by a resurgence of inflationary pressure, prompting consumers to exercise caution in their spending and affecting the overall demand for Agar-Agar.
In summary, the Agar-Agar market in the North American region during Q4 exhibited a mixed pattern influenced by factors such as inflation, interest rates, and consumer behavior.
APAC
The fourth quarter of 2023 was a challenging period for the Agar-Agar market in the APAC region. One of the primary factors that affected the market was the limited supply of Agar-Agar due to disruptions in the supply chain. This led to an increase in prices as market participants prioritized replenishing their inventories with newly acquired stock. Another significant factor was the high demand from the food and pharmaceutical sectors, driven by a surge in new inquiries and sales. However, prices experienced a significant decline towards the end of the quarter, attributed to a reduction in new order inquiries both domestically and internationally. In terms of China, the prices of Agar-Agar experienced a 5.83% increase in the quarter. This can be attributed to the limited supply and consistent demand from the food and beverage industries. In terms of price comparison, there was an 8% increase in prices compared to the same quarter of the previous year. However, there was a 12% decrease in prices from the previous quarter, indicating a slight decline in market conditions. Additionally, there was a 13% decrease in prices in the second half of the quarter compared to the first half, suggesting a potential decrease in market demand. Overall, the Agar-Agar market in the APAC region, particularly in China, faced supply disruptions and increased demand, leading to an increase in prices. The market dynamics were influenced by factors such as limited inventory levels, strong demand from the food and pharmaceutical sectors, and the resumption of growth in China's manufacturing sector. The quarter ended with Agar-Agar FOB Xiamen prices in China at USD 13060/MT.
Europe
In the concluding quarter of 2023, the European Agar-Agar market witnessed fluctuating pricing dynamics influenced by various factors. October and November saw an uptick in Agar-Agar prices, driven by increased demand from the food and healthcare sectors, higher consumer spending, and reduced market inventories. A positive shift in business sentiment in Germany, alleviating factors hindering economic growth, contributed to this price surge. However, as December unfolded, Agar-Agar prices experienced a downturn attributed to consumer apprehension and reduced purchasing power due to a resurgence of inflationary pressure. This led to a surplus of supply, exerting downward pressure on prices. Furthermore, declining business sentiments in Europe, especially in Germany, contributed to an overall reduction in Agar-Agar demand. The persistent decline in new orders and factory productivity added to the weakness in demand. Lastly, the European Central Bank's efforts to curb inflation through interest rate hikes impacted the market, with higher interest rates acting as a deterrent to demand. The combined effect of these factors highlighted the dynamic nature of the European Agar-Agar market in the final quarter of 2023.
For the Quarter Ending September 2023
North America
Prices for Agar Agar throughout the third quarter showed a mixed pattern in the USA market. Prices decreased in July as a result of a decline in sales and inquiries for new orders from end-user industries. The most recent government data on inflation show that consumer prices rose 3.2% in July over June. The increase followed a 3% annual growth rate in June, which was the lowest rate in more than two years. In an effort to lower inflation, the Federal Reserve raised its benchmark rate 11 times in July by 25 basis points, which kept overall market demand on the low side. Agar Agar prices did, however, rise in August due to a supply shortage and escalating consumer demand. In addition, the market for Agar Agar has been impacted by disruptions in the global supply chain and high oil prices, which have contributed to the upward trend in price. As a result of rising inflation, sluggish trading activity, and persistent demand from end-user industries, prices increased significantly in September. The Consumer Price Index increased 3.7% in September, which was a bit more than the 3.6% forecast. With gasoline prices up 2.1% and fuel oil prices up 8.5%, energy costs increased by 1.5% overall. Additionally, slow Chinese imports kept the price of Agar Agar high.
Asia Pacific
Prices for Agar Agar demonstrated the erratic behavior of the Chinese market during the third quarter. Prices dropped by 4.11% in July as factory activity slowed down and downstream industry demand fell. Furthermore, the price of Agar Agar has increased overseas due to the strengthening of the Chinese yuan against the US dollar, which has caused a further decline in the demand for Agar Agar there. Destocking has become the primary focus of market suppliers in an effort to reduce inventory and maintain profit margins. The official manufacturing purchasing managers' index (PMI), which was released by the National Bureau of Statistics (NBS), increased slightly from 49.3 in July to 49.7 in August. Agar Agar's prices increased by 0.43% as a result of the slight increase in PMI, which indicates that the pace of new orders and purchases moderately increased in August compared to the prior month. China's central bank reduced key interest rates, which increased domestic consumer demand in response to economic worries. Nevertheless, prices increased by 5.83 percent more in September as a result of a steady increase in new orders, which indicated a rise in demand for the manufacturing sector. At the end of the third quarter, prices stabilized at USD 14880/MT USP FOB Xiamen.
Europe
Agar Agar prices showcased a mixed pattern in the German market throughout the third quarter. Agar Agar prices fell in July as a result of the deteriorating business environment in Germany, which resulted in a sharp drop in the number of new orders and market demand. The European Central Bank's rising interest rates also contributed to lower domestic demand. Furthermore, prices for Agar Agar increased in August due to increased demand from the pharmaceutical and healthcare end-user markets. Imports of Agar Agar from major exporting countries such as China also slowed, resulting in less supply in the market and an increase in prices. Furthermore, disruptions in the global supply chain caused by events such as trade disputes or natural disasters have impacted Agar Agar availability, contributing to price increases. Moreover, prices increased further in September, indicating a rebound in consumer confidence in the German market. This current trend could be attributed to a number of critical factors, including a scarcity of available inventory, high energy prices, and increased end-user demand.
For the Quarter Ending June 2023
North America
The North American Agar Agar market displayed a favourable price trend in the second quarter of 2023. Due to the relatively low supply levels at suppliers in their warehouses, the demand for Agar Agar from end users in the food and beverage (F&B) sectors increased in the US. Beginning in April, inflation in the nation started to slightly drop along with energy prices. However, industry analysts claim that underlying inflation is still high and much beyond the Federal Reserve's objective. Experts are also of the opinion that the fall in inflation because of the easing of pressure in the supply chain is temporary. The country's F&B market has shown mixed market patterns, despite mixed views on the prices of several end-products consumed in these industries. A persistently strong labour market continues to support economic growth through wage increases during this quarter. At the same time, this will further fuel inflation, which will most likely lead to another interest rate hike by the Fed in July. However, the state of the US economy is still unknown, and market participants in the dietary supplement and food industries have continued to adopt a wait-and-see approach.
Asia Pacific
In the second quarter of 2023, the Agar Agar market in the Asia-Pacific region displayed a favourable price trend. The price discussions for Agar Agar for food grade in China were competitive the entire quarter. Since the beginning of the quarter, this price incline has been pretty consistent as demand for Agar Agar from the food and beverage industry has increased both locally and internationally. Chinese Agar Agar manufacturers were obliged to offer the product at larger margins throughout the quarter due to the soaring demand and inquiries from both domestic and foreign consumers. As pressure rises on the government to enact further stimulus measures to help an economy that is flattening out after three years of growth, Stats reports that China's manufacturing activity declined for a third consecutive month in June, but at a reduced pace. A number of imbalances and weaknesses were also reflected in the PMI during the last month of the quarter, including as the ongoing drop in both domestic and international demand, the acceleration of the slowdown in small business activity, and the ongoing pressures on the private sector.
Europe
In the second quarter of 2023, the domestic German Agar Agar market demonstrated bullish emotions, with slight price increases in Hamburg. This apparent increase in the market for Agar Agar in Germany over the past three months was primarily brought on by the food and beverage sectors' persistent demand notwithstanding providers' modest stock levels and rising demand for bakery goods. Energy and natural gas costs in Europe reached their lowest point since the crisis's inception in April. As hope for a more robust economic recovery grew, it surely boosted trade from Asia, particularly China. However, the market environment has been badly impacted by an unexpected increase in the unemployment rate in Germany in June. Furthermore, inflation in Germany also increased once more in June to almost 6%. At this time, it is unknown how the F&B industries will be affected. Market players are taking a wait-and-see mentality as they continue to have concerns about the nation's and the rest of the world's economic dilemma.
For the Quarter Ending March 2023
North America
In North America, the price of Agar Agar fluctuated throughout the Q1 of 2023, supported by conflicting market sentiments. A decline in prices was seen in the first quarter of 2023 due to downstream businesses' reduced demand, particularly that of the food industry and laboratories, caused by the ongoing global pandemic. Since there are many available items, prices have decreased. The supply is also sufficient to meet demand from customers. Price increases were also seen in the second month of the quarter as a result of low inventory and increased customer demand in Q1's second half, despite the fact that decreased ingredient costs and a drop in demand have recently caused price reductions.
Asia Pacific
Agar Agar's price in the Asia-Pacific region fluctuated throughout the first quarter of 2023 as a result of unstable raw material prices. During the first half of Q1, when demand from end-use industries like food and emulsion reduced, Agar Agar's price dropped in China. Agar agar's price decline has been made worse by the dealers' massive inventory. However, due to tight supply conditions in the local market and an increase in demand from end-use industries in China, guar gum prices increased in the final month of the first quarter of 2023. Agar Agar prices for FOB Xiamen in March, around the conclusion of Q1, were estimated to be around USD 13740/MT.
Europe
In Europe, the price of Agar Agar fluctuated throughout the Q1 of 2023 due to unpredictable market dynamics. Price increases were evident in the first month of the first quarter of Q1 as a result of the Russia-Ukraine conflict, which changed the tone of the world markets. In the second month of the quarter, prices in the second half of Q1 began to fall, supported by a persistent price rise that reduced demand. Additionally, costs rose in the final month of the quarter as a result of high input costs, rising raw material costs, and a drop in agar agar culture. As a result, during the quarter, the product's price changed.
For the Quarter Ending December 2022
North America
In North America, the price of Agar Agar fluctuated throughout Q4 2022, supported by conflicting market emotions. Due to the ongoing global pandemic, downstream firms, especially the food industry and laboratories, decreased their demand, which led to a drop in prices in the first quarter of 2022. The market has large inventories, which has lowered prices. Additionally, there is an ample supply to satisfy consumer demand. Additionally, prices rose in the second month of the quarter due to low stock and high consumer demand in the second half of Q4. At the same time, recent price reductions result from lower ingredient costs and a decline in demand.
Asia Pacific
Agar Agar's price in the Asia-Pacific region fell throughout the fourth quarter of 2022 as a result of stable raw material prices. Because demand from end-use sectors such as food and emulsion decreased, Agar Agar's price fell in China during the first half of Q4. The enormous inventory held by the dealers has further exacerbated the price decrease of Agar Agar. Agar Agar prices for FOB Xiamen in December, around the conclusion of Q4, were estimated to be around USD 13920/MT.
Europe
In Europe, the price of Agar Agar fluctuated throughout the Q4 of 2022 due to unpredictable market dynamics. The first month of the first part of Q4 saw price hikes fueled by the Russia-Ukraine war, which affected the atmosphere of the global markets. Prices in the second half of Q4 were on the decline in the second month of the quarter, backed by a continuous increase in price that decreased demand. Additionally, prices increased in the last month of the quarter due to high input costs, an increase in the price of raw materials, and a decline in Agar Agar culture. As a result, the product's price changed during the fourth quarter of 2022.
For the Quarter Ending September 2022
North America
In North America, the price of Agar Agar fluctuated throughout the Q3 of 2022, supported by conflicting market emotions. Prices fell in the first part of Q3 as a result of a decline in demand from downstream businesses, primarily the food sector and laboratories, brought on by the ongoing global pandemic. The market has high stockpiles, which has caused prices to fall. There is also plenty of supply to meet consumer demand. Additionally, due to low stock and high consumer demand in the second half of Q3, prices increased in the second month of the third quarter. At the same time, prices have recently decreased once further as a result of reduced ingredient costs and a drop in demand. Towards the end of Q3, the price of Agar Agar was assessed at around USD 18100/MT for the USA in September.
Asia Pacific
In Asia-Pacific Region, the price of Agar Agar fluctuated throughout the Q3 of 2022 due to the fluctuations in the cost of raw materials. Agar Agar's price dropped in China during the first part of Q3 as a result of a decline in demand from end-use industries, including food and emulsion. Agar Agar's price decline has been further reinforced by the dealers' high inventory. Due to China's golden week, which caused a shortage in the domestic market, prices rose in the third quarter of 2022. Towards the end of Q3, the prices of Agar Agar were assessed at around USD 14800/MT for FOB Xiamen in September.
Europe
In Europe, the price of Agar Agar fluctuated throughout the Q3 of 2022 due to unpredictable market dynamics. The Russia-Ukraine war, which had an impact on the mood of the world markets, supported the price increases in the first month of Q3. In the second month of the quarter, prices in the second half of Q3 were on a downward trend, supported by a steady rise in price, which reduced demand. In addition, prices rose in the final month of the quarter as a result of high input costs, an increase in the cost of raw materials, and decreased Agar Agar culture. Therefore, throughout the quarter, the product's price fluctuated. Towards the end of Q3, the prices of Agar Agar were assessed at around USD 19040/MT for Rotterdam in September.
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.
