APAC Agar Market Size
| 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.
APAC Agar Market Trends
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.
APAC Agar Industry Overview
The Asia-Pacific market is hghly fragmented due to the presence of numerous domestic as well as foreign players in the region. New product development and capacity expansion are the two key success strategies adhered to by market participants. Some of the major players in the Middle East and Africa agar market, include Merck KGaA, HISPANAGAR, Norevo GmbH, Meron Group, Gelita AG, among others.
APAC Agar Market Leaders
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Meron Group
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Agarindo Bogatama
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MSC Co Ltd
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Merck KGaA
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HISPANAGAR
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Norevo GmbH
*Disclaimer: Major Players sorted in no particular order
APAC Agar Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables and Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
-
4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Form
- 5.1.1 Strip
- 5.1.2 Powder
- 5.1.3 Others
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5.2 By Application
- 5.2.1 Food and Beverage
- 5.2.1.1 Bakery & Confectionary
- 5.2.1.2 Beverage
- 5.2.1.3 Meat Products
- 5.2.1.4 Dairy Products
- 5.2.1.5 Others
- 5.2.2 Pharmaceuticals
- 5.2.3 Other Applications
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5.3 By Geography
- 5.3.1 China
- 5.3.2 Japan
- 5.3.3 India
- 5.3.4 Australia
- 5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Position Analysis
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6.3 Company Profiles
- 6.3.1 Meron Group
- 6.3.2 Agarindo Bogatama
- 6.3.3 MSC Co Ltd
- 6.3.4 Merck KGaA
- 6.3.5 HISPANAGAR
- 6.3.6 Norevo GmbH
- 6.3.7 Gelita AG
- 6.3.8 Industrias Roko S.A.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Agar Industry Segmentation
The Asia-Pacific agar market is segmented by form and application. Based on form, the market is segmented into strip, powder, others. Based on the application, the market is segmented into food and beverage, pharmaceuticals, other applications. The food and beverage segment is further classified into meat products, bakery, confectionery, snacks/instant noodles, dairy, beverage, other food, and beverages. Based on geography, the study provides an analysis of the agar market in India, China, Japan, Australia, and Rest of Asia Pacific.
| By Form | Strip | |
| Powder | ||
| Others | ||
| By Application | Food and Beverage | Bakery & Confectionary |
| Beverage | ||
| Meat Products | ||
| Dairy Products | ||
| Others | ||
| By Application | Pharmaceuticals | |
| Other Applications | ||
| By Geography | China | |
| Japan | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific |
APAC Agar Market Research FAQs
What is the current Asia-Pacific Agar Market size?
The Asia-Pacific Agar Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Agar Market?
Meron Group, Agarindo Bogatama, MSC Co Ltd, Merck KGaA, HISPANAGAR and Norevo GmbH are the major companies operating in the Asia-Pacific Agar Market.
What years does this Asia-Pacific Agar Market cover?
The report covers the Asia-Pacific Agar Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Agar Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Agar Industry Report
Statistics for the 2024 Asia-Pacific Agar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Agar analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
