Global Agave Syrup Market Size, Share, Opportunities, COVID-19 Impact, And Trends, By Type (Organic, Non-Organic), By Industry (Food, Beverage, Others), By Distribution Channel (Offline (Hypermarkets, Others), Online), And By Geography - Forecasts From 2022 To 2027

The global agave syrup market was evaluated at US$97.051 million for the year 2020, growing at a CAGR of 4.09%, reaching the market size of US$128.471 million by the year 2027. 

The agave syrup market 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. Syrup has a higher amount of fructose than simple plain sugar. Syrup has many healthier and more nutritional benefits for the human body. It is an organic sweetener that is being used to replace sugar. The syrup provides 78 calories per tablespoon and is a rich source of vitamins B and vitamin C. It is also a richer source of some the nutrients like manganese, calcium, and potassium. It is similar to 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 the substantial rise in the number of health-conscious people worldwide, the demand for agave Agave syrup will continue to surge. Despite its higher price range, Agave syrup's popularity will continue to soar among consumers. Consumers are shifting away from processed and refined food products. There has been a substantial increase in the knowledge and awareness of consumers a consumer regarding the harmful effects of artificial preservatives, flavours, and colours. Consumers are diversifying their purchasing options for food and beverage products. Technology has been playing an imperative role in enhancing awareness and knowledge among consumers. A consumer can now locate the source of the food to ensure the product's safety. Consumer demands and preferences have constantly been changing with time. Many people suffer from various harmful diseases and are not comfortable with artificial sweeteners. This has led to the surge in demand for agave syrup, a natural sweetener.

Furthermore, the key market players invest substantial capital into researching and developing new agave products. Agave syrup acts as an anti-inflammatory and antioxidant sweetener. It has a lower glycemic value than other sweeteners and prevents problems like insulin resistance and metabolic syndrome.

Market Frontrunners

Based on type, the market is segmented between light and dark agave syrup products. Dark syrup Agave products have the majority of the market share, followed by light agave Agave syrup products. Dark syrup is used as a sweetener in cakes and waffles and has a vanilla taste and aroma. Light agave has a neutral aroma and a milder state. It is used in baked goods, desserts, and beverages because of its milder taste.

Based on the end-user, the market is segmented between food, beverage, and pharmaceutical-based agave pharmaceuticals-based Agave syrup products. The food industry holds the majority of the share in the market because of its use as a natural sweetener in various bakery products. It easily blends well with beverages without reducing their bulkiness, is highly soluble, and acts as a sweetener. Agave syrup is used to make tequila-based alcoholic beverages.

The Expanding Retail Business Expanding Retailing Business

Currently, store-based retail businesses have the majority share in the global agave Agave syrup market. Supermarkets and convenience stores are boosting the retail growth of agave syrup-based products. Online retail is also gaining much traction. With a substantial number of users engaged on the internet and the surge in smartphone demand, online retail will generate significant growth in the coming years.

The Impact of Covid-19 on the Global Agave Syrup Market 

Businesses have been severely hindered by the spread of COVID-19, which has resulted in rigorous lockdowns across many regions. Shipping and trade restrictions, distribution network disruption, and a halt in production are all factors that have adversely impacted the food industry. Agave syrup is primarily used by food manufacturers to make various products. As a result, the agave syrup market has seen a drop moderately over the next two to three quarters. Consumers adapted to online retail networks; as a result, boosting sales of various foods and beverages, which include agave syrup. Furthermore, the World Health Organization advised limiting sugar energy intake to less than 5% of total energy intake, which may have contributed to market growth over the forecasted period.

The Asia- Pacific region will register significant growth.

The 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 plants and nectar, followed by South Africa. China has a substantial share in the agave syrup market. Then the reason is because of the surge in the number of health-conscious consumers in the Asia Pacific. The USA has a higher diabetes and obesity rate, which is surging the demand for agave syrup products. Because of changing consumer preferences, North America will register significantly higher than any other region. North America will register a major and significantly higher than any other region. Europe will also register substantial growth because of the changing consumer preferences. The Asia Pacific will hold the majority of the market share.

Developments

Feburary 2021

Whole Earth Brands, Inc., an international food company empowering better health by offering access to high-quality plant-based sweeteners, flavour enhancers, and other foods throughout a diverse portfolio of trusted brands and delicious items, announced the completion of the accretive acquisition of all of the issued and outstanding capital stock of WSO Investments, Inc.

May 2021

With its newly announced Organic Wild Salmiana Agave Syrup, Global Organics Ltd., a provider of sustainable, certified organic, and fair trade ingredients, has settled the twin problems of varying prices and product impurity. The low glycemic index and density of sweetness found in other agaves make Global Organics' wild agave syrup an outstanding binding, sweetener, and browning operative.

Competitive Analysis

Some of the major players in the agave syrup industry are Dandy Lions Limited, and There are some of the major players in the Agave syrup industry: Dandy Lions Limited, Maretai Organics, Malt Products Corporation, Clarks Nekutli Agave Nectar, Pura Foods Ltd, The Groovy Food Company, Wholesome Sweeteners. These key players are investing much capital in research and development. Furthermore, major players are focusing on collaborations with the local industry, acquiring small companies to enhance their production capacity, and continuing to improve their distribution channels through mergers and joint ventures. Companies are also working on providing innovative flavours to customers. Major companies have a chance to penetrate the local market with their innovative products and respected portfolios through collaboration with the local players. With the collaboration with the local players, major companies have a chance to penetrate the local market with their innovative products and respected portfolio.

Global Agave Syrup Market Scope:

Market Segmentation:

• By Type
  • Organic
  • Non-Organic
• By Industry
  • Food
  • Beverage
  • Others
• By Distribution Channel
  • Offline
    • Hypermarkets
    • Others
  • Online
• By Geography
  • Americas
  • Europe Middle East and Africa
  • Asia Pacific

Frequently Asked Questions (FAQs)

Q1. What will be the agave syrup market size by 2027?
A1. The global agave syrup market is expected to reach a total market size of US$128.471 million by 2027.

Q2. What is the size of the global agave syrup market?
A2. Agave Syrup Market was valued at US$97.051 million in 2020. 

Q3. What are the growth prospects for the agave syrup market?
A3. The agave syrup market is expected to grow at a CAGR of 4.09% during the forecast period.

Q4. What factors are anticipated to drive the agave syrup market growth?
A4. Due to the rise in income among consumers and the substantial rise in the number of health-conscious people worldwide, the demand for Agave syrup will continue to surge.

Q5. Which region holds the largest market share in the agave syrup market?
A5. The Asia Pacific holds a significant share of the agave syrup market and is followed by North America and Europe.