The global agar market size is slated to register significant growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is predicted to surpass a valuation of US$ 292 million in 2023. It is projected to hit a valuation of US$ 478.4 million by 2033. The market is expected to expand at a CAGR of 5% from 2023 to 2033.

Agar is derived from the polysaccharide agarose, which forms the supporting structure in the cell walls of agarophytes belonging to the Rhodophyta (Red algae) phylum. Gracilaria, gelidium, and gelidiella which are a genus of red algae, are cultivated commercially for the production of agar. Commercial cultivation of gracilaria was initially carried out using gracilaria chilensis, which is a red seaweed originating from the southern coast of Chile. Gelidium seaweed is primarily harvested on the western coast of Morocco, the southern coast of Portugal, and the northern coast of Spain. While gracilaria species are widely present in cold waters such as the southern coast of Chile and the Atlantic coast of Canada. However, some species have adapted to the tropical waters of Indonesia and Thailand.

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Key Countries Covered : United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, etc..

What are the Key Drivers Promoting Market Growth?

  • Wide range of applications in the food and beverage industry.
  • The growing use of agar in foods and drinks touted as healthier alternatives are influenced by the putative health advantages.
  • Its adaptability encourages innovation in product creation by giving producers a variety of ways to include agar in their formulations and expand their product lines.
  • Agar is now widely used as a viable substitute for gelatin in a variety of culinary items due to the rising demand for vegetarian and vegan dietary choices.

What are the Foreseen Growth Opportunities?

  • Expansion by targeting emerging markets.
  • Expansion of the food industry and changing consumer preferences.
  • Africa, the Middle East, and Latin America are all full of conceivable growth opportunities.
  • Huge potential for the agar industry is created by the expanding popularity of plant-based diets and the rise in people embracing vegetarian and vegan lifestyles.

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Competitive Landscape

The agar market is very competitive, and several significant rivals use different tactics to hold onto their market positions and promote development. To fulfill the changing expectations of customers and industries, the key players in the agar market place a strong emphasis on ongoing product development and innovation. They make R&D investments to improve the features, applications, and quality of agar-based goods. By being ahead of the competition in terms of product offers, they are able to stand out from the competition.

Recent Developments Observed by FMI:

  • In February 2023, Thermo Fisher Scientific Inc., a global leader in providing scientific services, announced the release of Brilliance GBS Agar for the detection of Group B streptococci (GBS) during pregnancy. With the use of its own InhibigenTM technology, the new agar is made to simplify the testing process for clinical technicians, provide more accurate findings, and speed up patient treatment.
  • In July 2021, The Tripura Agar Wood Policy 2021, developed by Tripura’s state government in India, called for doubling agarwood plantations by 2025. The state might potentially earn Rs 2,000 crore from the agar trade.

Agar Market Segmentation

By Form:

  • Food & Beverages
    • Bakery
    • Confectionery
    • Dairy
    • Canned Meat/Poultry Products
    • Beverages
    • Sauces, Creams, & Dressings
    • Others
  • Bacteriological
    • Culture Media
    • Microbiology
  • Technical Applications
    • Cosmetology
    • Medical Applications
  • Others

By Form:

  • Splits
  • Powders

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • The Middle East & Africa
  • Japan

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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