Agar Market Size to grow by USD 38 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Agar Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The global packaged foods and meats market encompasses vendors engaged in food processing to ensure food safety and increase shelf life. According to Technavio, the market's size is determined by the consolidated revenue generated by these participants. It does not include manufacturers of food processing machinery or producers of packaged beverages, including alcoholic and non-alcoholic varieties. Key growth drivers for the global packaged foods and meats market include the health benefits associated with consuming minimally processed foods, such as vegetables, which are rich in essential nutrients like potassium, dietary fiber, folate (folic acid), vitamin A, and vitamin C. - The Agar Market is experiencing significant growth, fueled by the Rising demand for dairy products. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Rising demand for dairy products
  • Wide use in combination with pectin for confectionery products
  • Price fluctuations
  • Threat of substitution from other food ingredients
• Growth Projections

The market size is estimated to grow by USD 38 million, at a CAGR of 3.2% during the forecast period. 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 demand for agars in various forms, such as powder and strips, by selling them under their proprietary brands. This trend is significantly contributing to the expansion of the global agar market. Major retailers, including Alibaba, are tapping into this growth by offering private-label agars to manufacturers of confectionery and baked goods, as well as individual consumers, who are increasingly seeking gluten-free alternatives. Over the past decade, the private-label product segment has experienced significant growth in both reach and size.

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• Regional Insights

Agar, a red algae derivative, is a vital ingredient in the food and pharmaceutical industries. Its demand is surging due to its health benefits and applications in various sectors. The global agar market is projected to grow at a significant CAGR, driven by increasing demand from the food industry for its use as a gelling agent, and from the pharmaceutical sector for its role in medication production. Agar's versatility and unique properties make it an indispensable commodity in these industries.

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