Market Trends of Asia-Pacific Agar Industry
This section covers the major market trends shaping the APAC Agar Market according to our research experts:
Growing Veganism Trend in the Region
The region has the largest share of plant-based consumers globally, perhaps influenced by religious practices in southeast Asian countries. Asian countries such as China have high production of seaweed and is highly cost-effective as compared to gelatine, which in turn has increased its application in various food products in the region. According to FAO, in 2016, the total seaweed production in China, Japan, and the Korean peninsula together reached 16,218,406 tons, approximately 53.8% of global seaweed production. The development in seaweed farming in eastern Asia has contributed significantly to the agar industry in terms of improving both the yield and the quality of the products produced. The high production of seaweed and increasing veganism trend in the region is driving the agar market in the region.
India is the Fastest Growing Market
India is expected to have the highest growth rate during the forecast period owing to the growing preference for vegan products. In India agar is actively being used in the preparation of jellies, dairy products such as yogurts, confectionery of the jelly/marshmallow type, bakery products, including pie fillings and icings, and canned meats. In India, it is widely used in vegetarian deserts also such as faluda and blancmange. The increasing application of agar in different end-user industries has significantly increased the production of agar (derived from seaweed species) which in turn is providing income opportunities to many fishing communities, particularly the women, who harvest the seaweed from coastal waters in the country.
