The new report by Expert Market Research titled, ‘Global Agave Syrup Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global agave syrup market, assessing the market based on its segments like types, nature, distribution channels, applications, functions, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 4%
The growing demand for low-calorie products and natural substitutes for sugar is driving the market growth for agave syrup. The rising cases of diabetics and the need for a healthier alternative is further bolstering the agave syrup industry. The increasing use of agave syrup in bakery and confectionery food products are augmenting the market growth. This is because of the rising inclination of people towards ready-to-eat foods with clean label ingredients and a low glycemic index. In addition, the growing awareness about the health benefits of agave syrup, such as the reduced risk of cardiovascular diseases, is leading to the steady growth of the agave syrup industry. The hassle-free international delivery of agave syrup through various distribution channels are also contributing to the expansion of the market.
Industry Definition and Major Segments
Agave is a desert plant that is indigenous to Latin America and the Southern United States. The extract of this plant is used to commercial produce agave syrup (also called agave nectar). It comprises approximately 80% fructose and 20% glucose. The agave syrup is sweeter than plain sugar because of its high fructose content and has low impacts on blood glucose levels.
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The agave syrup industry, by type, is bifurcated into:
- Light Agave Syrup
- Dark Agave Syrup
Based on nature, the market is classified into:
- Organic
- Conventional
On the basis of distribution channel, the market is divided into:
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Channels
- Others
Based on application, the market is segmented into:
- Bakery
- Beverages
- Confectionery
- Others
On the basis of function, the market is categorised into:
- Emulsifiers
- Sweeteners
- Flavour Enhancers
The regional markets of agave syrup include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Rising government initiatives, particularly in Mexico, that promote the cultivation of agave as a means of soil, water, and environmental conservation is leading to the development of the agave syrup industry. The efforts taken by the leading industry players in launching healthy products in order to expand their company portfolios are also contributing to the growth of the agave syrup industry. For instance: The Agave Sweetener Company offers organic agave syrup that has an exceptional flavour and is rich in inulin, making it a prebiotic functional sweetener. The product’s benefits include organicity, low glycemic index, and 25% sweeter than sugar. The ongoing research activities to identify the health benefits of the agave syrup are expected to augment the agave syrup industry in the forecast period.
Key Market Players
The major players in the market are The IIDEA Company, The Agave Sweetener Company, Best Ground International, Noushig, Inc. (Amoretti), Malt Products Corporation, NBF Distribution Inc., and Sisana Sweeteners, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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