Market Size of Asia-Pacific Agar Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Agar Market Analysis
The Asia-Pacific agar market is projected to grow at a CAGR of 5.8% during the forecast period (2020 - 2025).
- The agar market is driven by a growing inclination towards vegan diets, the functional efficiency, the cost competitiveness offered by such plant-sourced food ingredients, and their increasing utilization in a wide variety of processed foods, especially in the bakery and confectionery products as a thickening and stabilizing agent.
- Key applications of food agar include usage in confectionery, dairy, desserts, bakery, meat products, and beverages. The confectionery segment incorporates the highest usage of agar among other segments in the country.
- Owing to nutritional attributes of agar such as high fiber, calcium and iron content, the pharmaceutical industry as well as a functional food and beverage industry is incorporating agar in its product offerings. Thus, the varied application and functionality of agar are boosting its growth in the region.
