Market Snapshot:
Agar tea is obtained from agarwood tea which is th leaves of aquilaria. The agar tea is dry and caused which are sold sachet packs or bags for drinking tea, and it has an aromatic scent with numerous health benefits. This tea is also known as oud tea and is used for making expensive essences, carved tablets, and other things. Agar tea is one of the natural herbal teas which can be included for daily consumption as it consists of anti-arthritic, anti-inflammatory, antioxidant, etc properties beneficial for health.
Highlights from Agar Tea Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Vendors profiled in the report are AgarHarvest (Thailand), Shan Er Food Sdn Bhd (Malaysia), Agarvina Co. Ltd. (Vietnam), Gaharu Technologies Sdn Bhd (Hoga) (Malaysia), Vanadurgi Agarwood India Ltd. (India) and Horrison Resources (Hong Kong).
Geographic Breakdown and Segment Analysis
The Global Agar Tea market presents a comprehensive analysis of the Agar Tea market by end-user/application (Beverages, Cosmetics, Medicines and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Agar Tea industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Agar Tea market
Analyst at AMA have segmented the market study of Global Agar Tea market by Type, Application and Region.
Influencing Trend:
The popularity of Agar Tea Among Asian Countries
Market Growth Drivers:
Increasing Demand for Health Benefits Containing Tea Range and Growing Anti-inflammatory Problems Among People
Challenges:
Allergy-Related Risks with Consumption of Agar Tea to Some People
Restraints:
Problems with the Decreasing Plantation of Agarwood Tea
Opportunities:
Surging Demand for Agar Tea in Comics and Medicines Application because of its Health Benefits
Market Developments Activities:
On 31st August 2020, Upon conducting a rigorous market potential and opportunities assessment, Horrison Resources has decided to narrow down its focus on the global tea market and wellness industry. The global tea market is expected to rise to over 73 billion dollars by 2024 whilst the wellness industry is a trillion-dollar market and one of the world's largest and fastest-growing industries.
On 14th May 2020, Horrison Resources Inc. announced the completion of the agreement as of March 1, 2020, to acquire 1,000 Aquilaria (also known as Agarwood) trees from Mr. Nee Seng, Yap as part of its effort to combine long term financial growth of the company and to tackle the climate crisis.
Regulatory Insights:
"Agarwood is a protected species under the Indian Forest Act, 1927, and is a scheduled tree species under the Wildlife Protection Act, 1972. The latest IUCN estimates say “deforestation has led to an 80% population decline for the species over the past 150 years.” Legal international trade in agarwood is regulated through a system of permits by the Convention on International Trade in Endangered Species of Wild Fauna and Flora or CITES, but illegal and/or unsustainable trade is placing a burden on continuing supplies of agarwood."
Agar Tea market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Target Audience
Agar Tea Producers, Agar Tea International Traders, Agar Tea Distributors and Suppliers, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others