The new report by Expert Market Research titled, ‘Global Agave Syrup Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global agave syrup market, assessing the market based on its segments like types, natures, 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.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4%
As more individuals seek healthy alternatives to refined sugar, the global market for agave syrup is likely to rise. Organic agave syrup has a low glycemic index and is reported to provide additional health benefits, such as prebiotic fibres, improved intestinal transit, lower cholesterol, and no gluten. The demand for agave syrup is predicted to rise as a result of these perceived advantages. Agave syrup is expected to see profitable opportunities across the globe as a result of the growing demand for clean label products.
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The growing demand for bakery products, such as coffee cakes, waffles, pancakes, bread rolls, and others, is one of the key drivers for the growth of the agave syrup market. The increase in demand for transparency and rising lifestyle diseases, along with increasing consumer awareness, has increased the demand for food labels. Therefore, the producers focus specifically on the label claims and the agave syrup present as a very striking product with these claims.
Industry Definition and Major Segments
Agave is a genus of plants that can be found in abundance in Mexico and the Southwest United States. Tequila is made from agave as well. Agave syrup or nectar (made from the sap of the agave plant) is a popular sugar replacement. Agave in its natural state, free of chemicals and high fructose corn syrup, is referred to as organic agave (HFCS). The low glycemic index (GI) and low-calorie count of organic agave makes it appealing.
By type, the market is segmented into:
- Light Agave Syrup
- Dark Agave Syrup
By nature, the market is classified into:
- Organic
- Conventional
By distribution channel, the market is divided into:
- Hypermarkets and Supermarkets
- Convenience Stores
- Online Channels
- Others
By application, the market is segmented into:
- Bakery
- Beverages
- Confectionery
- Others
By function, the market is classified into:
- Emulsifiers
- Sweeteners
- Flavour Enhancers
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
Agave syrup manufacturers are making advancements in order to provide consumers with healthier options by offering a wide variety, thereby raising product awareness. As a result, the agave syrup market is expected to rise rapidly over the forecast period. Consumers are increasingly seeking preventive healthcare as a result of rising health issues linked to poor dietary choices and growing health concerns. Demand for natural or organic and clean label products is rapidly increasing, particularly in the United States and European markets, as a result of a shift in customer preference for natural and healthier products. The increasing demand for natural sweeteners is thus anticipated to be a key driver of the use of agave syrup.
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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