Agar being used as an essential natural ingredient in food and beverages; in technical application; in bacteriological and many other sectors is propelling the demand for agar. Future Market Insights (FMI) estimates global agar market is to expand at a CAGR of over 4.9% in terms of value and 2.6%, in terms of volume during the forecast period.
In global market, the demand for agar is dominated by food and beverage segment which especially includes bakery and dairy products. Companies dealing in agar products are promoting agar as an ingredient which has natural and health benefits. Apart from its wide application in food and beverages industry, its application is also increasing in cosmetics, pharmaceuticals, media culture and medical analytics.
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Food and beverage industry is the largest segment which are preferring agar as a thickener and stabilising agent and is expected to account for over 84.0% value share in 2016. Moreover, food and beverage segment is expected to reach 9,216.8 tonnes in 2016 – an increase of 1.5% over 2015.
The form segment includes strips and powder. With powder segment registering significant revenue generation and estimated to account for 63.5% value share in 2016. FMI estimates global consumption of agar powder to surpass 6,969.7 tonnes by 2016 end, an increase of 1.7% in 2016 over 2015.
In terms of consumption, Western Europe is the largest consumer with the total consumption estimated at 3,012.7 tonnes in 2015. Among all the regions, APEJ is predicted to observe robust growth over forecast period 2016–2026.
Global Agar Market: Dynamics of Growth
The global agar market is anticipated to see an increase in sales over the future years. Increased knowledge of agar’s many uses and health advantages is a major factor in this achievement. Agar is generally regarded as having a hunger-suppressing effect because it contains almost 80% fiber. Agar is therefore frequently used by individuals who are trying to lose weight. The worldwide agar market’s demand channels are being stimulated by this factor.
In every country on earth, agar is regarded as one of the essential components for cooking. It is frequently substituted for gelatin in a variety of food preparations. Agar is increasingly being used to thicken berry preserves, soup, ice cream, and other foods.
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Global Agar Market: Dynamics of Growth
The global agar industry has seen a lot of technological advancements recently. One such example of cutting-edge technology in this industry is the metal scrapper. The newest tool makes it simple to harvest agar, increasing total agar production. This indicator suggests that in the upcoming years, the global agar industry will expand quickly.
Global Agar Market: Competitive Analysis and Notable Developments
The rivalry for top players in the global agar market is fierce. One of the main causes of this scenario is the existence of numerous active businesses. Several vendors in the global agar market are concentrating on the release of cutting-edge products in order to survive in this rivalry. They are strengthening their product range as a result of this action. Aside from this, a number of players are intensifying attempts to increase their production capabilities. All of these activities point to a rapid growth of the agar market during the assessment period.
Agarmex, New Zealand Manuka Group, Hispanagar, Acroyali Holdings Qingdao Co. Ltd., Industrias Roko, S.A, Neogen, Merck Group, Agarindo Bogatama, Setexam and Norevo Gmbh are the major companies identified across the value chain in the global agar market. Companies are also emphasising on research and development for application of agar in technical applications.
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By Application
By Form
- Food & Beverages
- Bakery
- Confectionery
- Dairy
- Canned meat/poultry products
- Beverages
- Sauces, creams & dressings
- Dietetic products
- Others
- Bacteriological
- Culture media
- Microbiology
- Technical Applications
- Cosmetology
- Medical applications
- Others
By Form
- Splits
- Powders
Key Regions/Countries Covered
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa
- Japan
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 4 years.
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