Latest News- Agar Market: Powders is expected to lead the Product Type segment during 2024-2028

The Agar Market is being driven by Rising demand for dairy products

The Agar Market is expected to grow at a CAGR of 3.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 38 million. In the dynamic world of retail, private-label agars have emerged as a lucrative business opportunity for global retailers. These retailers are capitalizing on the growing demand for agars by manufacturing and selling them under their own brands, either in powder or strip forms. Notable retailers, including China's Alibaba, have expanded their private-label product offerings to cater to the confectionery and baked goods industries, as well as individual consumers. This strategic move not only enhances their profitability but also contributes significantly to the expansion of the global agar market. The private-label agar segment has experienced remarkable growth in the last decade, with retailers seizing the chance to meet the increasing consumer demand for gluten-free confectioneries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Powders
  • Flakes
  • Sheets
• Application
  • Food and beverages
  • Pharmaceuticals
  • Others
• Geography
  • Europe
    • Germany
    • UK
    • France
  • North America
    • US
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for dairy products
• Wide use in combination with pectin for confectionery products
• Focus on increasing production capabilities

However, the market also witnesses some limitations, which are as follows:

• Price fluctuations
• Threat of substitution from other food ingredients
• Stringent regulations on applications of agar

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Market Scope in Agar Market Research Report

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Research Analysis Overview

Agar, a gelatin-like substance derived from red algae seaweeds such as Gracilaria chilensis and Gelidium, serves various industries with its gelling properties. It's used as a vegan alternative to gelatin in bacteriological culture media, cosmetics, medicine, dentistry, and clarifying agent in wine. Agar's thickening ability is utilized in pastries, meringues, cakes, buns, and wrapping materials. Its long shelf life makes it a preferred stabilizer for non-stick icing. In confectionery, agar acts as a versatile ingredient, enhancing texture and functionality.

Market Research Overview

The Agar-agar market, a segment of the global packaged foods and meats industry, encompasses vendors engaged in the production and processing of Agar-agar, derived from red algae seaweeds such as Gelidium and Gracilaria. Agar-agar's gelling properties make it a popular ingredient in various formulations and dry blends, including vegan alternatives to gelatin, used in food, pharmaceuticals, and nutraceuticals. The market's growth is driven by increasing consumer preference for plant-based, minimally processed ingredients, contributing to healthier diets. Key applications include appetite suppressants, weight loss, and digestive health supplements, as well as bone health support. Technavio projects the global Agar-agar market to expand significantly due to its versatile uses and health benefits, with potential opportunities in the pharmaceutical and nutraceutical sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/