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.
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 | |||||||
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| Pharmaceuticals | |||||||
| Other Applications |
| By Geography | |
| China | |
| Japan | |
| India | |
| Australia | |
| Rest of Asia-Pacific |
Asia-Pacific Agar Market Size Summary
The Asia-Pacific agar market is experiencing significant growth, driven by the increasing popularity of vegan diets and the functional benefits of agar as a plant-based food ingredient. Its cost-effectiveness and versatility in various processed foods, particularly in bakery and confectionery products, are key factors contributing to its expansion. Agar's applications extend to confectionery, dairy, desserts, bakery, meat products, and beverages, with the confectionery segment being the most prominent. The nutritional benefits of agar, such as its high fiber, calcium, and iron content, have also led to its incorporation in the pharmaceutical and functional food and beverage industries, further propelling market growth in the region.
The Asia-Pacific region holds the largest share of plant-based consumers globally, influenced by cultural and religious practices, particularly in Southeast Asia. Countries like China, with its substantial seaweed production, offer a cost-effective alternative to gelatin, enhancing agar's application in food products. The region's advancements in seaweed farming have improved agar yield and quality, supporting market growth. India is anticipated to witness the highest growth rate due to the rising demand for vegan products, with agar being used in various food applications. The market is highly fragmented, with numerous domestic and international players, and strategies like new product development and capacity expansion are crucial for success.
Asia-Pacific Agar Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Form
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2.1.1 Strip
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2.1.2 Powder
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2.1.3 Others
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2.2 By Application
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2.2.1 Food and Beverage
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2.2.1.1 Bakery & Confectionary
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2.2.1.2 Beverage
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2.2.1.3 Meat Products
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2.2.1.4 Dairy Products
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2.2.1.5 Others
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2.2.2 Pharmaceuticals
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2.2.3 Other Applications
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2.3 By Geography
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2.3.1 China
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2.3.2 Japan
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2.3.3 India
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2.3.4 Australia
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific Agar Market Size 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.
