Agave Syrup Market: Current Analysis and Forecast (2021-2027)

Report Description

The Global Agave Syrup is Expected to Display an Elevated CAGR of ~5.5% over the forecast period (2021-2027)

The increasing prevalence of obesity among individuals has been the major reason causing a shift in the preference of consumers towards natural sweeteners such as agave syrup. For instance, as per WHO, in 2019, an estimated 38.2 million children under the age of 5 years were overweight or obese. Once considered a high-income country problem, overweight and obesity are now on the rise in low- and middle-income countries, particularly in urban settings. Similarly, in Africa, the number of overweight children under 5 has increased by nearly 24% percent since 2000. Almost half of the children under 5 who were overweight or obese in 2019 lived in Asia.

Moreover, the surging prevalence of obesity and cardiac diseases has led to a surge in demand for natural and low-calorie ingredient-based food products among consumers such as agave syrup. According to a National Diabetes Statistics Report, published by the US Department of Health & Human Services in 2020, 10.5% of the US population had diabetes in 2018, 13.0% of all US adults had diabetes, 2.8% of all US adults met laboratory criteria for diabetes were not aware of or did not report having diabetes, and 21.4% of all US adults were diagnosed with diabetes.

Government agencies, such as American Heart Association (AHA) and American Diabetes Association (ADA), stated that non-nutritive sweeteners (NNS), when used cautiously, may aid in reducing total energy intake and assist with weight loss/control while providing beneficial effects on related metabolic parameters. The growth of this market is mainly driven by factors, such as rising demand for functional food products, growing prevalence of diabetes & obesity, and surging demand for natural sweeteners. However, stringent government regulations and adverse health effects associated with sugar substitutes are expected to restrain the growth of this market to some extent soon.

Household disposable income Net, Annual growth rate (%), By Selected Countries, 2017 – 2019

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, etc, are some of the prominent players operating in the Agave Syrup market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst type, dark agave syrup segment holds the major share”

Based on the type, the market is fragmented into light agave syrup and dark agave syrup. The dark agave syrup segment grabbed XX% market share in 2020. The growing demand for cake and pastries among millennium coupled with the surging health awareness among consumers about the health benefits of natural sweeteners is leading to the growth of this segment. However, the light agave syrup would witness significant CAGR dunging in the forthcoming years.

“Amongst category, organic segment to grab considerable market share”

Based on the category, the market is fragmented into organic and conventional. The conventional segment grabbed  XX% market share and captured USD XX Mn market. However, the organic segment would witness the highest CAGR during the forthcoming years owing to the growing consumer awareness about the benefits of organic and clean label products

“Amongst application, confectionery segment to grab considerable market share in forthcoming years”

Based on the Application, the market is fragmented into bakery, dairy & frozen dessert products, confectionery, retail/ Household, and Others. The confectionery segment grabbed XX% market share in 2020. The most used sweeteners, sucrose, dextrose (glucose), and corn syrups, are fundamental in producing confectionery items such as hard candy, caramel, taffy, chewing gum, chocolate, and gum candies. In addition to their function in these items, they are widely used worldwide because they are low in cost, readily available, and easy to use during processing.

“Amongst distribution channel, hypermarkets/ supermarkets segment to grab considerable market share in forthcoming years”

Based on the Distribution Channel, the market is segmented into Hypermarkets/Supermarkets, Convenience stores, Online Channels, and Others. The hypermarkets/ supermarkets segment grabbed the major market share and dominated the market

“Asia Pacific represents one of the largest markets of Agave Syrup market”

For a better understanding of the market adoption of the Agave Syrup Market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific region constitutes a major market for the Agave Syrup Market industry and generated revenue of USD XX Million in 2020 owing to the emerging demand for Agave Syrup from the bakery and confectionery.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Agave Syrup Market were the three major steps undertaken to create and analyze the demand for Agave Syrup across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Agave Syrup market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Agave Syrup through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Agave Syrup market, we conducted a detailed secondary analysis to gather historical market insights and share for the type, category, application, and distribution channel for major regions. Major segments included in the report are type and category. Further region and country-level analyses were conducted to evaluate the overall adoption of Agave Syrup across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Agave Syrup. Further, we conducted factor analysis using dependent and independent variables such as the rising disposable income, rising demand for low sugar Dairy Products, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Agave Syrup industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Agave Syrup market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Agave Syrup across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Agave Syrup market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Agave Syrup market. Data was split into several segments sub-segments post studying various parameters and trends in the areas of type, category, application, and distribution channel of the Agave Syrup market.

Main Objective of the Agave Syrup Market Study

The current & future market trends of Agave Syrup were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Agave Syrup in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, category, application, and distribution channel
• Define and analysis of the regulatory framework for the Agave Syrup industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Agave Syrup market for the major countries
• The major region studied in the report includes North America, Europe, Asia- Pacific, and the Rest of the World.
• Company profiles of the Agave Syrup market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry