Agave Syrup Market Size
The Global Agave Syrup Market size USD 643.48 million in 2022 and is projected to witness lucrative growth by reaching up to USD 1,039.88 million by 2030. The market is growing at a CAGR of 6.3% during the forecast period (2024-2031).
Agave syrup is a sweetener that is commercially obtained from a variety of several agave species, which includes Agave salmania, and Agave tequilana. The syrup is made by extracting and filtering the juice from the core of the agave plant, then heating it to break down the complex sugars into fructose.
It has a sweetness similar to honey, but thinner consistency and a more neutral taste. It is most commonly used as a natural sweetener in various foods and beverages, including baked goods, sauces, and drinks. The main reason for using agave syrup as a sweetener is that it has a lower glycemic index compared to other sweeteners like white sugar, meaning it doesn’t cause spikes in blood sugar.
Agave Syrup Market Summary
| Metrics | Details |
| CAGR | 6.3% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Product Type, Form, Application, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | North America |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics and Trends
Rising Demand for Natural Sweeteners Associated with Their Benefits
Many consumers are becoming more health conscious and are looking for alternatives to traditional sweeteners like sugar and high fructose corn syrup, which have been linked to various health issues such as obesity, diabetes and heart disease.
Agave syrup is considered a natural sweetener, and it has a lower glycemic index compared to sugar, which means it does not cause spikes in blood sugar levels. The benefits of natural sweeteners like agave syrup are becoming more widely recognized. Agave syrup is known to be sweeter than sugar, which means less of it is needed to achieve the same level of sweetness.
The demand for organic and non-GMO products is on the rise, and this trend has spilled over into the sweetener market. Agave syrup is often labeled as organic and non-GMO, which makes it a popular choice for consumers who are looking for natural and sustainably sourced ingredients.
A Limited Supply of Agave Syrup to the Market
The production of agave syrup is dependent on the availability of mature agave plants, which have a long growth cycle and take several years to mature. This means that the supply of agave syrup is limited by the number of agave plants that are currently available for harvest.
The demand for agave syrup has grown due to its popularity as a natural sweetener, and as a result, the supply of agave plants has not been able to keep up with the demand. This agave plant shortage led to higher prices and processing is restricted to agave syrup. Additionally, there are also challenges in the harvesting and production of agave syrup.
The process of harvesting agave plants is labor-intensive, and the production of agave syrup requires specialized equipment and processing methods, which will hamper the market growth during the forecast period.
Market Segment Analysis
The Global Agave Syrup Market is segmented based on product type, form, application, distribution channel, and region.
Light Agave Syrup Holds the Largest Market Share
Light agave syrups have a mild neutral flavor that does not overpower other ingredients in recipes. It is similar in taste to honey but is less thick and viscous. It has a low glycemic index, which means it does not cause a rapid spike in blood sugar levels as table sugar does.
Light agave syrup has also lower carbohydrates and calories than honey or maple syrup, making it the most popular choice for people. It is versatile and can be used in a variety of recipes, including baked goods, marinades, cocktails, and dressings.
The production of light agave syrup is more sustainable and environmental-friendly. Thus, due to these properties, it is expected that light agave syrup will witness a surge in the market in the forecast period.
Market Geographical Analysis
North America Witnessed Unexpected Growth in the Market of Agave Syrup
The market of agave syrup is being developed due to the increase in demand for packaged food products in the major economic regions such as North America, Europe, and Asia-Pacific. The rising trend of the consumers of North America being more health conscious manipulates them to go for better alternatives to table sugar.
The agave plants are mainly produced in the North American region. So, conventionally the market of agave syrup is rising gradually in that region. As the trend of carbonated drinks is increasing in the U.S. region so agave syrup is being used by many manufacturers as a better alternative to table sugar.
Key Market Companies
The major global players include Best Ground International, NBF Distribution Inc., Sisana Sweeteners, The Agave Sweetener Company, Noushig Inc. (Amoretti), Malt Products Corporation, The IIDEA Company, Dandy Lions Limited, Steviva Ingredients, Maretai Organics Australia.
Key Developments
- In 2021, Global Organics Ltd. launched a new Organic Wild Salmiana Agave Syrup to solve product price fluctuation and product adulteration.
- In 2021, WSO Investments Inc. has been completely acquired by Whole Earthe Brands Inc., a global plant-based food and sweetener company.
- In 2019, The IIDEA company launched two new products to meet the increasing demand of customer demand. They introduced Green Agave Syrup which is exquisite in taste and offers health benefits to customers.
Why Purchase the Report?
- To visualize the global agave syrup market segmentation based on product type, application and distribution channel to understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous agave syrup market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Agave Syrup Market Report Would Provide Approximately 61 Tables, 63 Figures and 250 Pages.
Target Audience 2023
- Manufacturers/Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
