Agave Syrup Market Size, Share and Global Trend By Product Type (Dark Agave Syrup, Light Agave Syrup, Raw Agave Syrup, Amber Agave Syrup), By Application (Confectionery, Bakery, Dairy, Beverages, Others) By Distribution Channel (Supermarkets/Hypermarkets, Retail Stores, Online Stores, Others), and Regional Forecast, 2024-2032

The demand for agave syrup is projected to grow in the forthcoming years, due to increasing incidences of diabetes, obesity, and other cardiovascular diseases. Increased prevalence of the aforementioned diseases is encouraging people to consume natural ingredients, such as agave syrup and products made with them, in place of sugar and other conventional sweeteners. Agave syrup melts very easily with a number of beverage types, hence it is of great importance for beverage manufacturers, this fact is further expected to boost the market demand for agave syrup.

Key companies operating in the global agave syrup market are focusing on product launches and development of products that can serve multiple applications to maintain their market prominence. Susana Sweeteners, The idea Company, Dandy Lions Limited, and Steviva Ingredients are some of the key companies performing in the global agave syrup market.

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Agave syrup is obtained by processing agave nectar, which is obtained from several agave species, such as Agave salmiana and Agave tequilana. Agave syrup is thicker than honey and is sweeter than it. The low glycemic index of agave syrup makes the product beneficial for patients suffering from diabetes. Fructose percentage is high in agave syrup and the product has various organic compounds within it, such as hydroxybutanone, propionaldehyde, and vanillin.

High sweetening intensity of agave syrup, coupled with a neutral and pleasant taste offered by the product is propelling its utilization in the production of food & beverage products, hence expected to fuel the growth of agave syrup market during the forecast years. Increasing demand for food products containing natural ingredients by consumers, due to rising health consciousness is expected to drive the growth of the market in the forthcoming years.

The amount of fructose intake through agave syrup should be limited as it may induce insulin resistance and can result in liver problems. The negative health impacts of consumption of unregulated amount of agave syrup, coupled with stringent regulations on the commercialization of food ingredients is expected to restrain the growth of agave syrup market during the forecast period.

Key Players Covered

Some of the major companies that are present in the global agave syrup market are Ciranda Inc., Dandy Lions Limited, Susana Sweeteners, Maretai Organics, Global Goods Inc., The idea Company, American Beverage Marketers, Malt Products Corporation, Dipasa USA, Madhava Natural Sweeteners, and Wholesome Sweeteners, Inc. among the other players operating in the global agave syrup market.

SEGMENTATION

On the basis of product type, the global agave syrup market has been segmented into dark agave syrup, light agave syrup, raw agave syrup, and amber agave syrup. Light agave syrup segment is projected to hold the major market share in the global agave syrup market, owing to wide incorporation of the product in food products such as baked goods, beverages, sauces, dairy products, and others. Light agave syrup has a neutral flavor profile and is potentially helpful in balancing blood glucose levels in diabetic patients, hence an upsurge in its demand is anticipated during the forecast period.

On the basis of application, the global agave syrup market has been segmented into confectionery, bakery, dairy, beverages, and others. The beverage segment is projected to witness a steep rise during the forecast period, due to an increased usage of agave syrup in beverages to bring a sweet and pleasant taste in the drink. The escalation in demand for low-calorie sweetening agent or sweetener in beverage product, due to rising health consciousness among consumers is expected to further drive the segment’s growth in the upcoming years.

Regional Analysis

The Asia Pacific is anticipated to hold the major market share and grow at a rapid pace during the forecast period, owing to increasing recognition and utilization of agave syrup as a food flavoring agent. Food & beverage industry in the Asia Pacific is witnessing a crucial rise, due to the rapidly rising population of the region, which in turn is expected to boost the growth of agave syrup market. Global agave syrup market in Europe, followed by North America is expected to rise at a significant pace in the forthcoming years, due to increasing demand for ready to drink beverages in the region.

Key Industry Developments

• In December 2018, a popular US brand Sipp Sparkling Organics launched Sipp Infusions that are low-sugar and low-calorie sparkling water. The brand launched Sipp Infusions in three exotic flavors pineapple breeze, strawberry, and cucumber, and the ingredients include monk fruit extract, organic agave syrup, and juice from concentrate.
• In July 2016, The Groovy Food Company introduced a novel 750ml bottle for their organic mild & amber agave nectar for use in restaurants and bars.