Agave Syrup Market Analysis: Light agave segment is estimated to account for more than 54.2% share of the market by 2018 end, which is expected to remain consistent by 2026
Agave syrup continues to witness lucrative opportunities across various regions on the backdrop of increasing demand for clean label food products. The demand for clean label food has been witnessing substantial growth, globally, in the past few years. Increasing consumer awareness regarding the health benefits of products containing natural ingredients such as agave syrup and strong support from key industry stakeholders for development of such products is the major factor promoting the demand for clean label ingredients, such as those produced without any use of additives, chemicals, and artificial ingredients, and minimally processed. IDEAA Company launched its new line of agave syrup – a range of clean label and organic sweeteners for food manufacturers to fulfill demand for clean label food products.
Increasing health problems are linked to poor dietary choices. Rising health problems among children and adults have shifted the preference of consumers to pay more attention towards food products such as sugar and calories. Owing to the change in consumer preference seeking healthier and natural products, the demand for products such as natural sweeteners including agave syrup, is increasing at a higher pace.
A recent PMR study pegs the agave syrup market to record an expansion of 6.7% CAGR over the forecast period (2018-2026). Agave syrup continue to witness increased traction in food & beverage industry. They are characterized by significantly lower calories than sugar. Agave syrup is incorporated in beverages, confectionery, baked products, dairy products, and other processed food. The global agave syrup market is growing at a reasonable rate and is expected to continue the same degree of growth during the forecast period. Increasing demand for healthy and low-calorie food products contributes to the growth of the agave syrup market.
Agave Syrup Analysis, by Product type
By type, the agave syrup market is segmented into light and dark. The light agave syrup segment is likely to be the most attractive segment in the forecast period owing to its wide application in food and beverages. This inherited property makes it useful in maintaining blood glucose levels of diabetic patients over the conventional sweeteners. Increasing population demand for natural products has shown downfall in artificial low calorie syrup as compared to the natural syrup.
Agave Syrup Analysis, by Application
On the basis of application, the agave syrup market can be segmented into bakery, beverages, confectionery, and others. The beverages segment is estimated to account for a significant revenue share of 63.5 % in 2017 and is expected to register significant growth rate during the forecast period. Growing demand for low calorie sweetener in beverages and growing consumer consciousness for calorie intake is driving use of agave syrup in beverage industry.
Agave Syrup Analysis, by Function
By function, the agave syrup market is segmented into emulsifier, sweetener, and flavor enhancers. The sweetener segment is likely to be the most attractive segment in the forecast period due to the higher use rate of agave syrup in processed food and beverages.
Agave Syrup Analysis, by Distribution Channel
On the basis of distribution channel, the agave syrup market is segmented into direct and indirect. Indirect segment is further sub-segmented into store-based retailing and e-Retailers. Amongst these sub-segments, the store-based retailing is anticipated to occupy a significant market share of 90.8% in 2017. The e-Retails sub-segment is expected to register high growth rate during the forecast period.
Agave Syrup Analysis, by Region
Asia-Pacific and Europe are the prominent market for agave syrup globally gaining market share of more than 50%. Asia-Pacific market is anticipated to grow at significant rate of 6.4% over the forecast period. Increasing focus on R&D in the existing product line to manufacture superior products such as organic agave syrup, which is natural or plant derived, is expected to showcase lucrative growth. Increasing adoption of ready to drink beverages in developed countries, especially, in APAC and European region have boosted the market growth in these regions.
This report provides forecast and analysis of the global agave syrup market. It provides historical data from 2013 along with estimated data for 2018, and forecast data up to 2026 in terms of revenue (US$ Mn). The report also includes macroeconomic indicators along with an outlook on agave syrup for the global market. It includes drivers and restraints of the global agave syrup market and their impact on each region during the forecast period. The report also comprises the study of current issues with consumers and opportunities for agave syrup products. It also includes supply chain analysis.
In order to provide users of this report with a comprehensive view of the market, we have included detailed competitor analysis and strategic overview. The dashboard provides a detailed comparison of agave syrup manufacturers on parameters such as total revenue, product offerings, and key strategy. The study encompasses market attractiveness analysis by product type, by function, by application, by distribution channel, and by region.
The report includes agave syrup market company profiles and the revenue generated from the companies across North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. By product type, the global agave syrup market is segmented as light and dark. By function, the market is segmented as emulsifier, sweetener and flavor enhancer. Furthermore, by application, the global agave syrup market is segmented as bakery, beverages, confectionery, and others. By distribution channel, the market is segmented as direct and indirect. For the calculation of revenue collection of average regional prices were obtained through primary quotes from numerous agave syrup manufacturers, retailers, and distributors. All key end users have been considered and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Country demand patterns have been considered while estimating the market for various end users of agave syrup in the different regions. Top-down approach has been used to estimate the agave syrup market by countries. Global market numbers by product type have been derived using the bottom-up approach, which is cumulative of each country’s demand. The market has been forecast based on constant currency rates.
In addition, it is vital to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.
Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global agave syrup market.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, and Hoover’s, company annual reports_bk_01_01_2020 and publications.
The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major companies operating in the global Agave Syrup market are The IIDEA Company, Malt Products Corporation, Swanson Health Products Inc., Loving Earth Pty Ltd, Domino Foods Inc., Vita Foods Products, Inc., Nature’s Agave, Inc., NOW Health Group, Inc., Groovy Food Company Ltd, The Colibree Company, Inc., The American Beverage Marketers, Madhava Natural Sweeteners, Global Goods Inc., The Simple Syrup Co., SunOpta Inc. and Natura BioFoods
Global Agave Syrup market – By Product Type
Global Agave Syrup market – By Function
Global Agave Syrup market – By Application
Global Agave Syrup market – By Distribution Channel
Global Agave Syrup market – By Region