Global agave syrup market is evaluated at US$103.027 million for the year 2019 growing at a CAGR of 3.95% reaching the market size of US$129.948 million by the year 2025.Agave syrupMarket will grow at a decent rate in the coming years. The syrup is formed from the nectar of the agave plant that acts as a sweetener and is obtained naturally. It is then commercially manufactured from various agave species. The syrup has a higher amount of fructose than simple plain sugar. The syrup has a lots of benefits that is healthier and nutritious for a human body. It is an organic sweetener that is being used as a replacement for sugar. The syrup provides 78 calories per tablespoon and is a rich source of vitamin B and vitamin C. It is also a richer source of some of the nutrients like manganese, calcium and potassium. It is similar and resembles honey The agave plant is primarily grown in Mexico and South Africa.
Demand for Healthy sweetener products
Due to the rise in income among consumers and with the substantial rise in the number of health-conscious people worldwide, the demand for Agave syrupwill continue to surge. Agave syruppopularity will continue to soar among consumers despite its higher price range. Consumers are shifting away from processed and refined food products. There has been a substantial increase in the knowledge and awareness of a consumer regarding the harmful artificial preservatives, flavours and colours. The consumers are diversifying their purchasing options, when it comes to food and beverage products. Technology has been playing an imperative role in enhancing the awareness and knowledge among the consumers. A consumer can now locate the source of the food to ensure safety of the product. Consumer demands and preferences have been constantly changing with time. There are a lot of people that are suffering from various harmful diseases and are not comfortable with artificial sweeteners. This has led to the surge in the demand for agave syrup, which is a natural sweetener. Furthermore, the key market players are investing a substantial capital into the research and development of the new agave products. Agave syrup acts as anti-inflammatory and anti-oxidant sweetener. It has a lower glycemic value as compared to other sweeteners and prevents problems like insulin resistance and metabolic syndrome.
Expanding Retailing Business
Currently, store-based retail business have the majority of the share in the global Agave syrupmarket. Supermarkets and convenience stores are surging the retail growth of Agave syrup-based products. Online retail is also gaining a lot of traction. With a substantial number of users engaged on the internet and with surge in the demand for smartphones, online retail will generate a significant growth in the coming years.
Impact of Coronavirus on the global Agave syrupmarket
Coronavirus has a significant impact in the global Agave syrupmarket. With the government worldwide imposing lockdowns to combat the pandemic and with the trade restrictions, the supply chain has been disrupted that will hold the expansion of the market for the next few months. Contingency strategies have been adopted by companies and manufacturers to reduce the impact of CVID-19 pandemic. With the reduction in income and revenues, consumers tend to purchase only ‘essential goods and services.’
Asia Pacific will register a significant growth
Asia Pacific holds the majority of the global market share and is followed by North America and Europe. Mexico is the major exporter of agave plant and nectar followed by South Africa. China has a significant and substantial share in the Agave syrupmarket, the reason is because of the surge in the number of health-conscious consumers in Asia Pacific. USA has a higher diabetic and obesity rate that is surging the demand for Agave syrupproducts. North America will register a major and significant higher than any other region. Europe will also register a substantial growth because of the changing consumer preferences. Asia Pacific will hold the majority market share in the future.
There are some of the major players in the Agave syrupindustry: Dandy Lions Limited Maretai Organics, Malt Products Corporation, Clarks Nekutli Agave Nectar, Pura Foods Ltd, The Groovy Food Company, Wholesome Sweeteners. These key player are investing a lot of capital in the research and development. Furthermore, major players are focusing on collaborations with the local industry, acquiring small companies to enhance their production capacity, continues to improve their distribution channel by mergers and joint ventures. Companies are also working on providing innovative flavours to the customers. With the collaboration with the local players, major companies have a chance to penetrate the local market with their innovative products and respected portfolio.