The Global Agar Market Expected To Grow At A CAGR Of Over 4.9% Between 2016 To 2020

Date: 2016-09-18

The Global Agar market is expected to grow at a CAGR of 4.9% between 2016 to 2020. Increasing demand for natural ingredient coupled with rising inclination of consumers towards halal/kosher products are factors expected to support the growth of global agar market over the forecast period. Increasing usage of agar powder for cosmetic and medicinal purposes is likely to fuel growth of the market over the next few years.

The global agar market is segmented on the basis of application which includes: food & beverages, bacteriological applications, technical applications and others (agriculture). In 2015, of these segments, food & beverages segment dominated the market in terms of value and volume, and is expected to remain dominant over the forecast period. Food & beverages segment is further sub segmented as bakery, confectionery, dairy, canned meat/poultry products, beverages, sauces, creams & dressings, dietetic products and others. In addition bacteriological is further sub-segmented as culture media and microbiology. Technical application is sub-segmented as cosmetology and medical applications. The technical application segment is expected to expand at the highest CAGR in terms of value during the forecast period.

Food and beverage industry is the largest segment which are preferring agar as a thickener and stabilising agent and is expected to account for over 84.2% value share in 2016. Moreover, food and beverage segment is expected to reach 9,216.8 tonnes in 2016–an increase of 1.5% over 2015.

Western Europe has been estimated to dominate the overall market in terms of value in 2015. Market in the region is expected to expand at a CAGR of 5.2 % over the forecast period. In terms of consumption, Western Europe is the largest consumer with the total consumption estimated at 3,012.7 tonnes in 2015. Among all the regions, APEJ is predicted to observe robust growth over forecast period 2016–2026.

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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520



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