Market Size of North America Agar Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.61 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Agar Market Analysis
North America agar market is projected to grow at a CAGR of 4.61% during the forecast period, 2020 - 2025.
- Increasing demand for natural ingredients coupled with the rising inclination of consumers towards vegan/vegetarian products are factors expected to support the growth of the North American agar market over the forecast period. The increasingly health-conscious populace is showing more inclination toward healthier substitutes.
- Agar owing to its ability to absorbs glucose in the stomach draws the attention of manufacturers willing to formulate weight-managing food products. The product passes through the digestive system quickly and inhibits the body from retaining and storing excess fat, thereby aiding in weight loss.
North America Agar Industry Segmentation
North America agar market is segmented by form into strip, powder, and others. Additionally, the study focusses on the revenues generated through food and beverages, pharmaceuticals, and other applications. By geography, the market covers country-level analysis of developed economies like the United States, Canada, and Mexico.
| Form | |
| Strip | |
| Powder | |
| Others |
| Application | |||||||
| |||||||
| Pharmaceuticals | |||||||
| Other Applications |
| Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Agar Market Size Summary
The North American agar market is experiencing growth driven by the increasing demand for natural ingredients and a rising consumer preference for vegan and vegetarian products. This trend is supported by a health-conscious population seeking healthier food substitutes. Agar's unique property of absorbing glucose in the stomach has attracted manufacturers interested in developing weight-management food products, as it aids in weight loss by preventing the retention and storage of excess fat. The confectionery industry is the largest consumer of food-grade agar, utilizing its multifunctional properties to enhance the organoleptic perception and texture of products like candies and chocolates. This has led to significant investments in research and development by manufacturers aiming to innovate and expand their product offerings.
The United States holds a dominant position in the North American agar market due to its large consumer base and high consumption levels. The growing vegan population in the country is shifting consumers from animal-based gelatin to plant-sourced agar, further propelling market growth. Agar's health benefits, such as improving bone health, reducing anxiety, and maintaining heart health, also contribute to its increasing popularity. The market is characterized by fragmentation, with numerous regional and global players focusing on clear-label and organic agar products. Companies are employing strategies like mergers, acquisitions, joint ventures, and new product launches to strengthen their market presence. Key players in the market include Agarmex, S.A. de C.V., Hispanagar S.A., Gelita AG, and Merck KGaA.
North America Agar Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Industry Attractiveness - Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Form
-
2.1.1 Strip
-
2.1.2 Powder
-
2.1.3 Others
-
-
2.2 Application
-
2.2.1 Food and Beverage
-
2.2.1.1 Bakery & Confectionary
-
2.2.1.2 Beverage
-
2.2.1.3 Meat Products
-
2.2.1.4 Dairy Products
-
2.2.1.5 Other Food and Beverages
-
-
2.2.2 Pharmaceuticals
-
2.2.3 Other Applications
-
-
2.3 Geography
-
2.3.1 United States
-
2.3.2 Canada
-
2.3.3 Mexico
-
2.3.4 Rest of North America
-
-
North America Agar Market Size FAQs
What is the current North America Agar Market size?
The North America Agar Market is projected to register a CAGR of 4.61% during the forecast period (2024-2029)
Who are the key players in North America Agar Market?
Agarmex, S.A. de C.V., Hispanagar S.A. , Gelita AG and Merck KGaA are the major companies operating in the North America Agar Market.
