Market Size of Agar Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.55 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Agar Market Analysis
The global agar market is projected to grow at a CAGR of 5.55% during the forecast period (2020 - 2025).
- The exponential growth in the usage of this product is attributed to its various functions and health benefits. It contains 80% fiber and can be used as an appetite suppressant. It is also an important culinary ingredient as it acts as a substitute for gelatin and can be used as a thickener in soup, fruit preserves, ice cream, and other products.
- The application of agar in the food and beverage industry, specifically in bakery and confectionery, is expected to increase during the forecast period. Agar is mostly used in solid form of strip agar and agar powder. Agar strip, sometimes called natural agar, is produced on a small scale in China, Japan, and the Republic of Korea by the old, traditional method.
- Moreover, technological advancements, such as the introduction of metal scrappers provide room for harvesting large quantities of seaweed without putting in much effort, are further expected to boost the production of agar during the forecast period.
Agar Industry Segmentation
The global agar market is segmented by form and application. Based on form, the market is segmented into strip, powder, others. Based on application, the market is segmented into food and beverage, pharmaceuticals, other applications. The food and beverage segment is further classified into meat products, bakery, confectionery, snacks/instant noodles, dairy, beverage, other food, and beverages. Based on geography, the study provides an analysis of the agar market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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Agar Market Size Summary
The agar market is experiencing significant growth, driven by its diverse applications and health benefits. As a natural thickener and gelatin substitute, agar is increasingly utilized in the food and beverage industry, particularly in bakery and confectionery products. Its ability to act as an appetite suppressant and its high fiber content make it a popular choice for health-conscious consumers. Technological advancements in harvesting methods are expected to further enhance agar production, supporting its rising demand. The product's versatility is evident in its use in various food items, from ice cream to pie fillings, where it provides stability and a non-stick quality without altering flavors.
Regionally, the Asia-Pacific market is anticipated to grow rapidly due to the rising demand for vegan products, while North America holds the largest market share, followed by Europe. The powdered form of agar is preferred for its ease of use, contributing to its widespread adoption in diverse applications such as dairy products, sports and health foods, and beverages. Key players in the market are focusing on new product development and capacity expansion to maintain their competitive edge. Companies like Neogen Food Safety, HISPANAGAR, and PT. Agarindo Bogatama are prominent in the global agar market, driving innovation and growth.
Agar Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Form
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2.1.1 Strip
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2.1.2 Powder
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2.1.3 Others
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2.2 By Application
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2.2.1 Food and Beverage
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2.2.1.1 Meat Products
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2.2.1.2 Bakery
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2.2.1.3 Confectionary
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2.2.1.4 Snacks/Instant Noodles
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2.2.1.5 Dairy
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2.2.1.6 Beverage
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2.2.1.7 Other Food and Beverages
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2.2.2 Pharmaceuticals
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East and Africa
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Agar Market Size FAQs
What is the current Agar Market size?
The Agar Market is projected to register a CAGR of 5.55% during the forecast period (2024-2029)
Who are the key players in Agar Market?
Neogen Food Safety, HISPANAGAR, AGARMEX, S.A., INDUSTRIAS ROKO S.A. and PT. Agarindo Bogatama are the major companies operating in the Agar Market.
