Global Agave Syrup Market is Expected to Foresee Significant Growth During the Forecast Period. Asia-Pacific to Witness the Highest Growth

The global Agave Syrup market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5.5% during the forecast period (2021-2027).

Agave syrup is a popular sweetener derived from several different species of the agave plant. The syrup has sweetening properties with 56% fructose and is also 1.5 times sweeter than sugar, which makes it a healthy sugar substitute. Also, it is hailed as a healthy alternative to regular sugar. Added sugar is one of the most controversial ingredients in the modern diet. It has been associated with many serious diseases, including obesity, heart disease, diabetes, and cancer. Part of the problem is that most people consume way too much sugar without knowing it. Fortunately, there are many ways to sweeten foods without adding sugar. Sugar substitutes are chemical or plant-based substances used to sweeten or enhance the flavor of foods and drinks. Natural sugars have a wide range of applications in industries such as food processing, pharmaceuticals, and personal care, among others, resulting in increased demand for natural sweeteners

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Increasing cases of obesity especially among young children are the major driving factor for the increased adoption of natural sweeteners as table sugar alternatives. As per World Atlas, in 2019, 38 million children below the age of five were either obese or overweight. Moreover, obesity is responsible for close to 5 million deaths annually, or 8% of the global deaths in 2017, representing a 3.5% increase from 4.5% in 1990. However, the proportion varies across different continents. In 2017, over 15% of the deaths were attributed to obesity across North Africa, Eastern Europe, Latin America, and Central Asia because of its high prevalence. Furthermore, natural sweeteners are sweeter than sugar and are fewer calories. Therefore, a very small amount of them is sufficient. For instance, Agave syrup is about one-and-a-half times sweeter than sugar. Similarly, monk fruit is 250 times sweeter than table sugar and has zero calories.

Moreover, a growing number of supermarkets and hypermarkets are supporting market growth due to the easy accessibility of products to consumers. The total number of supermarkets in the United States increased from 38,015 in 2015 to 38,307 in 2018. Furthermore, the Supermarket/hypermarket chains from other regions are focused on expanding their geographical reach and offering a wide range of products, which is helping in the market growth. For instance: Germany based supermarket chain announced to invest US$ 500 million and open around 50 stores in the United States.

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The COVID19 has resulted in a profound re-evaluation of the advantages and costs of agave syrup. The COVID-19 pandemic has disrupted the supply chain worldwide. This has had a profound impact on agave syrup. The rising spread of the virus led to strict lockdown restrictions across many countries around the globe. The supply chain and logistics were harmed as a result of the closing of borders across numerous countries. For instance, according to RetailNext in 2020, 32% of global merchants had a minor impact, while only 12% of retailers globally experienced severe disruption as a result of the pandemic. It has resulted in significant disruptions to businesses and economic activities globally and is expected to have a short-term negative impact on the agave syrup market due to limited or non-availability of raw material transport and disruption in service providers. This aspect led to a decrease in the growth rate of the natural sweeteners market.

Based on the type, the market is fragmented into light agave syrup and dark agave syrup. The dark agave segment grabbed XX% market share in 2020. Moreover, the market of this segment would reach USD XX Mn by 2027. The dark syrup is used as a sweetener in cakes, waffles and has a vanilla taste and aroma. According to the American Bakers Association, the US bakery industry is a huge business, making up 2.1% of the gross domestic product.

Based on the category, the market is fragmented into organic and conventional. The organic segment grabbed the major market share and dominated the market in 2020. The robust growth can be attributed to snowballing health awareness among consumers and growing demand for non-GMO and vegan-based food products. The rapid proliferation of clean labels such as preservative-free, natural, non-GMO, and organic ingredients will boost segmental growth

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Additionally, the report provides detailed initiatives that are being taken in the field of agave syrup. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. Asia-Pacific region dominated the market and grabbed major market share in 2020. As consumers are becoming more health-conscious, the demand for low sugar drinks and low-calorie content is increasing. Due to this even the industry producers are opting for sugar alternatives like agave syrup and propelling the Asia Pacific agave syrup industry forward

Global Agave Syrup Market Segmentation

Market Insight, by Type

• Light agave syrup
• Dark agave syrup

Market Insight, by Category

• Organic
• Conventional

Market Insight, by Application

• Bakery
• Dairy & Frozen Dessert Products
• Confectionery
• Retail/ Household
• Others

Market Insight, by Distribution Channel

• Hypermarkets/Supermarkets
• Convenience store
• Online channels
• Others

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Spain
  • Italy
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Cargill Incorporated
• Archer Daniels Midland Company
• Tate & Lyle PLC
• Dupont
• Ajinomoto Health & Nutrition North America, Inc.
• PureCircle Ltd.
• Roquette Freres
• Kawarlal & Co.
• Hain Celestial Inc.
• Pura Foods Ltd