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 |
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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.
