In North America, the Agar Agar Prices fluctuated throughout the Q1 of 2023, supported by conflicting market sentiments. A decline in prices was seen in the first quarter of 2023 due to downstream businesses' reduced demand, particularly that of the food industry and laboratories, caused by the ongoing global pandemic. Since there are many available items, prices have decreased. The supply is also sufficient to meet demand from customers. Price increases were also seen in the second month of the quarter as a result of low inventory and increased customer demand in Q1's second half, despite the fact that decreased ingredient costs and a drop in demand have recently caused price reductions.
Agar Agar's price in the Asia-Pacific region fluctuated throughout the first quarter of 2023 as a result of unstable raw material prices. During the first half of Q1, when demand from end-use industries like food and emulsion reduced, Agar Agar's price dropped in China. Agar agar's price decline has been made worse by the dealers' massive inventory. However, due to tight supply conditions in the local market and an increase in demand from end-use industries in China, guar gum prices increased in the final month of the first quarter of 2023. Agar Agar prices for FOB Xiamen in March, around the conclusion of Q1, were estimated to be around USD 13740/MT.
In Europe, the Agar Agar Price fluctuated throughout the Q1 of 2023 due to unpredictable market dynamics. Price increases were evident in the first month of the first quarter of Q1 as a result of the Russia-Ukraine conflict, which changed the tone of the world markets. In the second month of the quarter, prices in the second half of Q1 began to fall, supported by a persistent price rise that reduced demand. Additionally, costs rose in the final month of the quarter as a result of high input costs, rising raw material costs, and a drop in agar agar culture. As a result, during the quarter, the product's price changed.
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