Agave Syrup Market

Agave Syrup Market Outlook (2023 to 2033)

The Market for Agave Syrup can be expected to expand at a value based CAGR of 6.2% and show an increase in revenue from US$ 595.0 Million to around US$ 1106.5 Million by 2033.

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Agave Syrup Consumption Analysis (2018 to 2022) Vs. Market Estimations (2023 to 2033)

The demand for natural sweeteners has substantially increased in recent years, owing to rising prevalence of various diseases and allergies related to artificial sweeteners. Agave syrup is emerging as a healthy alternative for applications in the food processing industry.

Agave syrup is said to have a low glycemic index, which does not cause high blood glucose and helps prevent problems such as metabolic syndrome and insulin resistance. Increased awareness regarding these benefits of agave syrup for human health along with supporting wellness in diabetic patients is aiding the growth of the global agave syrup market.

Agave syrup has sweetening properties with 56% fructose, and is 1.5 times sweeter than sugar, which makes it a healthy substitute for sugar.

The global agave syrup market has witnessed significant growth in the historical period registering a CAGR of ~6.1% in the historical period and is valued at US$ 595.0 Million in 2023.

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What are the Key Trends in the Market for Agave Syrup?

“Growing Demand for Clean Label Products”

Increase in awareness regarding the harmful effects of added colors, flavors, and preservatives has led to consumers demanding transparency. Hence, there is a strong push from consumers demanding more information about the food that they consume. With the help of technology, consumers are tracing the journey of the food, from the source to consumption, to ensure safety. Customers today read the labels on packaging more than ever to check for the ingredients.

• For instance, Madhava Ltd. offers agave syrup certified as clean label to ensure the syrup is free from toxins and contaminants.

“Demand for Natural Sweeteners Promoting Sales of Agave Syrup”

The way consumers perceive natural food ingredients can be seen in their purchasing patterns, which are changing continuously with time. The adequacy of natural products and their health benefits is the most affecting factor for the expansion of the natural sweeteners market. Customer preferences have been influenced by natural sweeteners - the reason being - the increasing population suffering from various diseases and being allergic to synthetic sweeteners, which has a positive impact on the natural sweeteners market, such as agave syrup, thus, driving the growth of the agave syrup market.

“Health Benefits Associated with Agave Syrup to Drive Market Growth”

Consumers’ today demand for products that have health benefits and are conscious when it comes to selecting food products for consumption. Agave syrup said to have many health benefits such as helping patients suffering from various diseases. Agave syrup said to have low glycemic index, which does not cause high blood glucose rise and helps preventing problems such as metabolic syndrome and insulin resistance.

Agave Syrup contains prebiotic fiber that helps improve the intestinal transit and promotes healthy intestinal flora, which improves the absorption of nutrients and digestive capacity for humans. Agave syrup supposedly contains insulin, lack of which is a major cause of type 1 diabetes. Agave syrup if consumed as a natural sweetener can help maintain the insulin level of the body and help diabetic patients.

• According to WHO, diabetes is one of the major causes of death amongst the population, with around 422 Mn people suffering from diabetes, worldwide.

“Increased Application of Agave Syrup in Different Industries to Mark Opportunity for Increased Sales”

Companies are shifting their focus to broadening applications, producing items to capture both the domestic and foreign markets with the same product line that may be used for numerous applications.

Agave Syrup is used for different applications in the food and beverage industry in products such as jellies, fruit jams, spreadable creams, popsicles, chewing gum, chocolate, cookies, cakes, bread, cereals with fruit and granola, as well as snack and energy bars along with products including coffee drinks, juices, smoothies, energy drinks, and tequila. Agave syrup has anti-microbial properties with the ability to be used as a natural antiseptic for wounds hence it has applications in the pharmaceutical industry and can be used in the cosmetic industry for facemasks and oils as it has properties to reduce wrinkles while increasing elasticity in hair products. The increased sales potential for agave syrup producers is brought about by the possibility of portfolio diversification with the same product.

• The Agave Sweetener Company provides Agave syrup for applications in industries such as confectionery, jams, beverages, baking, cereals, granolas, dairy industry, and pharmaceutical industries.

“High Product Prices Slowing Market Growth”

The maturation cycle for the blue agave plant is seven years, which makes it difficult for the producers to keep up with the increased demand, thus, making agave syrup expensive. With the decreased supply of the blue agave plant, agave syrup lies on the higher end of the price scale, which may push potential customers away towards other alternatives that are easily available and affordable such as honey, stevia extracts, and monk fruit extracts.

The availability and supply of the blue agave plant, which is the basic raw material for making agave syrup, keeps on fluctuating and eventually affects the prices of agave syrup, thus proving to be a restraining factor for market growth.

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Country-Wise insights

What is the Demand Outlook in Europe Region Agave Syrup Market?

Europe accounts for the highest market value share with ~26.5% during the forecast period due to increased awareness of organic and natural food products and an increased number of retail chains offering the same. The Government support for organic products in Europe is also a key factor contributing towards the growth of natural and organic products in this region.

Why does the Agave Syrup Market in the Asia-Pacific Region Have Such Great Potential?

Countries in South Asia and East Asia such as India, and China are anticipated to witness considerable market growth of around ~6.5% and ~7.1% and the increasing demand for agave syrup, owing to the awareness of health benefits such as natural, free from chemicals, and others. Moreover, these are next potential markets for manufacturers that are involved in constant research & development for innovating agave syrup with added flavors for increased application in the food & beverage industry.

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Category-Wise insights

What is the Overall Market Approach on Light Agave Syrup during the Forecast Period?

The market value for light agave syrup is expected to holds the market share of ~ 56.1% during the forecast period owing to the increased demand of ascorbic acid in the healthcare and pharmaceutical industry. This is attributable to its unique properties, and mild and distinct flavor, which is useful for household purposes and delicate dishes and beverages. So, the global market for light agave syrup is anticipated to grow at the highest market value during the forecast period.

Competitive Dashboard

Leading manufacturers in the global agave syrup market space are carrying out various partnerships and collaboration to gain synergy benefits and increase production capacity for high market share. Players in the agave syrup market are targeting their product offerings especially toward the foods and beverage industry, owing to the rising demand of natural and organic products in non-traditional regions as well as increased application of agave syrup in the beverage industry.

• In 2019, Domino Foods Inc. joined the ArrowStream’s Supplier Network to augment the supply of its products in local as well as international markets. ArrowStream is a foodservice supply chain technology company that helps clients capitalize on data to improve their business with its network of over 200 chain restaurant operators and 7,000 foodservice suppliers. This is expected to enable Domino Foods to expand its business opportunities and sales contacts.
• In 2018, The iidea Company launched two new products to increase its product offering for the agave syrup. With the increasing number of the customers demanding agave syrup, the company introduced Green Agave Syrup, which offers exquisite taste and health benefits to customers.
• The organic agave syrups provided by the Agave Sweetener Company are produced through a thermal hydrolysis process that transforms the sap of the blue agave plant into syrup.
• The company processes the agave sap at varying temperatures and for varying durations. These finished products find applications in various industries.
• The Groovy Food Company provides organic agave syrups in 12 flavors to cater to the increasing demand for products with unique flavors. The added flavors are natural and there are no chemicals involved in manufacturing. Thus, the company’s customers are provided with natural and organic flavored syrups for different applications.
• Nature’s Agave launched a new line of dry sweeteners under the brand GoSweet. The GoSweet line combined organic ingredients to create a blended formula including monk fruit, organic stevia, and organic agave syrup, which is manufactured by the company.

Agave Syrup Industry Report Scope

Agave Syrup Industry Research by Category

By Product Type:

• Light
• Dark

By Nature:

• Organic
• Conventional

By Function:

• Emulsifiers
• Sweeteners
• Flavor Enhancers

By Application

• Bakery
• Beverages
• Confectionery
• Retail

By Distribution Channel

• Business to Business
• Business to Consumer
  • Hypermarket/Supermarket
  • Convenience Store
  • Specialty Stores
  • Online Retail

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa