Agave Syrup: Market Outlook
The agave syrup is produced from the agave nectar, a sweetener that is naturally produced and commercially extracted from many agave species, such as Agave salmiana and Agave tequilana. The syrup derived from the agave is smoother and sweeter than the honey. Agave is an organic sweetener that has been used as a sugar substitute for several years. The syrup is made up of two sources of vitamins, such as vitamin B and vitamin C, which are lacking in sugar. Owing to the flavouring and sweetening properties of agave syrup, it is commonly used in the manufacture of tequila.
Agave syrup expected to see profitable opportunities across globe as a result of growing demand for clean label products. The growing demand for bakery products, such as coffee cakes, waffles, pancakes, bread rolls and others, is a key driver for the growth of the agave syrup market.
Business prospects for agave syrup are rising as a result of the growing bakery industry. Agave syrup is a great source of several nutrients, such as manganese, potassium and calcium, which is extremely used in the food sector.
The use of agave syrup as a sweetener has also raised its demand and use. The use of agave syrup adds sweetness to food products, and powdered agave sugar is also commonly used as a topping for coffee cakes, oatmeal, crumb cakes & others. Developments are being made by the manufacturers of agave syrup in order to offer consumers with healthier options by having a wide variety, thus increasing the awareness of the product. Thus, the agave syrup market will experience robust market growth over the forecast period
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Due to a change in customer preferences for natural and healthier products, demand for products such as natural sweeteners, including agave syrup, is growing at a very high rate
Increasing health issues related to poor dietary choices and growing health concerns among consumers is pushing consumers towards preventive healthcare. Owing to a shift in customer preference for natural and healthier products, demand for items such as natural or organic and clean label products is growing at a rapid pace especially in the U.S. and European markets. The increasing demand for natural sweetener is thus anticipated to be a key driver of the use of agave syrup.
Increasing consumer awareness about health benefits of products that contain organic ingredients including agave syrup and massive support from key industry participants for the production of these products is important factor in increasing the market for clean label ingredients such as those manufactured without the use of chemicals, additives and artificial ingredients. Consumers opt for clean labelling products. The increase in demand for transparency and rising lifestyle diseases 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.
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Agave Syrup Market Segmentation
On the basis of product type, agave syrup can be segmented as:
- Dark
- Light
On the basis of raw material, agave syrup can be segmented as:
- Red Agave
- Black Agave
- Sugar Agave
On the basis of application, agave syrup can be segmented as:
- Food Processing Industry
- Breakfast Cereals
- Bakery Products
- Cakes
- Bread
- Others
- Confectioneries
- Dairy & Frozen Dessert Products
- Ice creams
- Yogurt
- Others
- Snacks
- Salads
- Beverages
- Breakfast Cereals
- Food Service Providers
- Retail/ Household
On the basis of function, agave syrup can be segmented as:
- Emulsifier
- Flavour Enhancer
- Sweetener
On the basis of distribution channel, agave syrup can be segmented as:
- B2B
- B2C
- Hypermarkets / Supermarkets
- Convenience Store
- Retail Store
- Online Retailing
- Other Retailer
Global Agave Syrup Market: Key players
Some of the key players operating in the agave syrup market including, Wholesome Sweeteners, Dandy Lions, Pura Foods Ltd., Maretai Organics, Malt Products Corporation, The Groovy Food Company, Sisana Sweetener, Steviva Ingredients, Nekutli Agave Nectar, Madhava Sweeteners, Dipasa USA & others.
- In 2017. Hain Celestial Inc., acquired CLARKS UK Ltd., a maple syrup and natural sweetener brand in the United Kingdom. The strength of the Clarks brand puts Hain Celestial Inc., in a strong position to capitalize on the growing consumer trends toward more natural and healthier foods.
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Global Agave Syrup Market: Regional Analysis
Asia Pacific is anticipated to dominate the agave syrup market, which is followed by Western Europe & North America. Increasing demand for a natural flavouring agent for many types of food products, growing demand end-user industries, and rising population are factors attributing to the growth of the agave syrup market in the Asia-Pacific region. Besides, increased acceptance of RTD beverages in developing countries, specifically in the European and Asia Pacific regions, has boosted growth for agave syrup market in these regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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