Market Size of South America Agar Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Agar Market Analysis
The South American agar market is anticipated to record a CAGR of 2.8% during the forecast period (2020-2025).
- The market is witnessing rapid growth, owing to the wide range of applications it offers due to the gelling and thickening properties. It is majorly used in food and beverage processing, such as bakery, confectionery, meat and poultry preserving, and others. In addition, its preference in over other polysaccharides in the food and beverage manufacturing, especially the sugary food products, due to the high compatibility of agar gum in a sugary environment, in order to provide a stable structure to concentrated sugary system, is fueling the market growth.
- Furthermore, pharmaceutical and microbiological application segments are also estimated to witness an increase in demand for agar-agar gum, as a laxative agent, and culturing media for microorganisms.
- However, the limited production and supply of agar across the region is expected to curb the market growth of agar.
