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Agar Market Set to Reach US$ 478.4 Million by 2033, Driven by Increasing Demand and Application Expansion | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
8 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Agar Market is Grown by Application in Cosmetics and Personal Care Products Industries. FMI Analysts Predict Market Valuation to Surpass US$ 478.4 Million by 2033. The study presents insights on market dynamics and trends in all seven regions, which are expected to influence the current nature and future status of the global agar market over the forecast period
NEWARK, Del, May 31, 2023 (GLOBE NEWSWIRE) -- The global agar market size is anticipated to cross a valuation of US$ 292 million in 2023. It is slated to attain a valuation of US$ 478.4 million by 2033. The market is anticipated to progress at a CAGR of 5% from 2023 to 2033.
Agar demand is predicted to expand due to consumers' growing interest in natural and clean-label products. Agar fits very nicely with this trend because it is a natural substance made from seaweed. By adding agar to a variety of foods and non-food goods, manufacturers may take advantage of the trend for cleaner, more transparent ingredient lists. The expansion of the agar market is likely to be fuelled by ongoing technical developments and product innovation.
Agar extraction and processing techniques, as well as their functional qualities, are susceptible to enhancement via research and development. Additionally, new product forms that better meet the demands of different markets can be created. The applications of agar may be further expanded by innovation in fields like controlled-release formulations, taste masking, and encapsulating technologies.
Agar powder may be conveniently stored in sealed containers to ensure its quality and avoid moisture absorption. In comparison to other forms, such as agar strips or flakes, the compact packing of agar powder takes up less room and is simpler to keep. This makes handling and storing the product easier for producers, distributors, and customers. Because of its small weight and excellent packing, agar powder is more economical and logistically advantageous for import and export operations. Due to its lighter weight as compared to other agar varieties, it is economically viable for global trade. These factors are beneficial for the market’s expansion in the long run.
Key Takeaways from Agar Market:
The global agar industry size expanded at a CAGR of 2.1% from 2018 to 2022.
In 2018, the global market size stood at US$ 258.6 million.
The market size stood at US$ 281 million in 2022.
The powder segment captured 55.6% of market shares in 2022.
The food and beverage application held 34.6% shares in the global market.
In 2022, the United States captured 28.9% shares in the global market.
In 2022, China captured 5.5% shares in the global market.
In 2022, India captured 6.7% shares in the global market.
In 2022, Japan captured 4.2% shares in the global market.
Recent Developments Observed by FMI:
Thermo Fisher Scientific Inc., a pioneer in offering scientific services, has announced the introduction of Brilliance GBS Agar for the detection of Group B streptococci (GBS) during pregnancy. The new agar is created with its unique InhibigenTM technology to make testing easier for clinical professionals, deliver more reliable results, and quicken patient treatment.
The Tripura Agar Wood Policy 2021, created in July 2021 by the state government of Tripura in India, is intended for tripling agar wood plants by 2025. The agar trade has the potential to bring in Rs 2,000 crore for the state.
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
