Enjoy complimentary customisation on priority with our Enterprise License!
The agave syrup market size is projected to increase by USD 58.88 million, at a CAGR of 6.11% between 2023 and 2028. The APAC agave syrup market is surging, propelled by the rising demand for natural emulsifiers and low-fat ingredients, fueling a robust growth rate. Agave syrup, known for its benefits, is increasingly used in various markets such as baked goods, confectionery, dairy, and beverages, aligning with global consumer trends towards healthier consumption. The convenience of agave syrup adds to its appeal, driving consumption patterns. Market analysis indicates promising forecasts, with emerging markets like Indonesia, Taiwan, and India presenting growth opportunities. Market players are strategically launching new agave syrup varieties to meet evolving consumer preferences and capitalize on the prevailing trends.
The market shows an Accelerated CAGR during the forecast period.
To get additional information about the market report, Request Free Sample
Growing preference for natural sweeteners is the key factor driving market growth. Agave syrup is considered healthier than regular sugar or artificial sweeteners as they are derived from plant-based sources and consist of low calories. The increase in the prevalence of diabetes, obesity, blood pressure, and other chronic diseases drives the demand for naturally derived sweeteners. Too much sugar in the diet can contribute to problems such as obesity, diabetes, and tooth decay. Two-thirds of the US population are either overweight or obese. Obesity is considered one of the preventable diseases and the major driver of healthcare costs in the US.
Moreover, people who drink sugar-sweetened beverages and consume diets of high-added sugar tend to promote the development of obesity and type-2 diabetes. Such factors are driving the popularity of agave syrup, which is marked as a natural diabetic-friendly sweetener that does not spike blood sugar levels. The rising concerns regarding weight management and obesity surge the demand for agave syrup as a sweetener as it contains potentially fewer calories compared with traditional sugars, aligning with weight management. Hence, the growing preference for natural sweeteners drives the growth of the market during the forecast period.
Packaging innovations of agave syrup is the primary trend shaping market growth. Packaging plays a significant role in agave syrup sales in terms of retaining the flavor, taste, product quality, color, texture, and shelf life. Many major companies are collaborating with packaging manufacturers to develop advanced packaging technology for their products to expand their consumer base. The packaging of any product is a brand extension of the product and is an important factor in the consumer buying decision.
Furthermore, aligning with market trends and analysis, extending the shelf life of the final product is an important criterion for retaining the attributes of the final product. Therefore, market players are increasingly focusing on factors such as quality, wet strength, and durability of packaging materials to retain the quality of their agave syrup products. Thus, such factors are expected to propel the growth of the market during the forecast period.
The availability of substitutes for agave syrup is a challenge that affects market growth. The substitutes for agave syrup include honey, maple syrup, date syrup, and high-fructose corn syrup, among others. The availability of these varieties of sweetener options as substitutes negatively affects the consumer preference for agave syrup. Consumers might choose alternatives based on taste preferences and dietary considerations or based on the perceived health benefits provided by the substitutes. The price sensitivity among the substitute products acts as the major factor impeding factor for the market growth.
Further, the effective marketing and promotion of substitutes in terms of taste, health benefits, or versatility can shift the consumer's interest toward the substitute products. Moreover, regional and cultural influences, such as the availability of substitutes that align with regional tastes and preferences, negatively impact the demand for agave syrup. Hence, the availability of substitutes for agave syrup will impede the growth of the market during the forecast period.
Conventional agave syrup is made from conventional agave, which is cultivated using chemical fertilizers to promote the growth of agave plants. Conventional farming practices may also include the use of genetically modified agave plants. Conventional agave syrup is often more widely available in mainstream grocery stores compared with organic versions. Increased accessibility can contribute to higher demand, especially in areas with limited access to organic products. Further, conventional agave syrup does not need to adhere to the strict certification standards required for organic products. Hence, the conventional segment is expected to grow and fuel global agave syrup market growth during the forecast period.
The market share growth by the emulsifier segment will be significant during the forecast period. Emulsifiers are ingredients with a chemical composition with two ends, one end is oily, while the other end is water. This property makes an oil and water suspension, which is a homogeneous liquid majorly used as a food-binding agent. Emulsifiers are commonly used in the baking and confectionery industry to improve texture and shelf life. The increasing demand for ready-to-drink (RTD) and the growing consumption of natural and diabetic-friendly sweeteners are driving the growth of the global agave syrup market.
The emulsifier segment was valued at USD 99.94 million in 2018.
For a detailed summary of the market segments Request for Sample Report
Additionally, consumers are becoming aware of the different types of food emulsifiers and their uses. There has been a significant rise in the demand for agave food emulsifiers in various food and beverage industries, which increases the demand for agave syrup. In addition, the emulsifiers are also common in cosmetic and skincare formulations to blend oil and water-based ingredients. Agave syrup is used in cosmetic products, emulsifiers help to ensure the stability and smooth texture of the product. Thus, such factors are driving the growth of the emulsifier segment in the global agave syrup market during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period
Get a glance at the market share of various regions View the PDF Sample
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The APAC agave syrup market thrives on the popularity of natural emulsifiers and low-fat ingredients, with a growing demand for agave syrup in various food sectors. Providers have entered the market due to increased demand for food emulsifiers in APAC's F&B industries. In China, India, and Japan, rising preferences for processed RTE and low-fat foods drive heightened agave syrup usage.
Moreover, rising demand for natural sweeteners, coupled with health concerns, fuels the popularity of agave syrup. While Westernization boosts consumption, emerging markets like Indonesia and India offer growth potential, despite low awareness. Vendors seize opportunities by launching new agave syrup varieties, expanding their presence in the evolving APAC region. Thus, such factors are expected to drive the growth of the agave market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Ciranda Inc., Dandy Lions Ltd., Dipasa USA Inc., Global Goods Inc., Histon Sweet Spreads Ltd., Madhava Ltd., Malt Products Corp., NOW Health Group Inc., Sisana Sweeteners EU BV, Tate and Lyle PLC, The Groovy Food Co., The Hain Celestial Group Inc., ASR Group International Inc., Best Ground International, Colibree Co, Naturalever de Mexico, Natures Agave Inc, and The Tierra Group
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market research and growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Agave Syrup Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.11% |
Market Growth 2024-2028 |
USD 58.88 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.61 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Thailand, The Netherlands, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Beverage Marketers, Archer Daniels Midland Co., Ciranda Inc., Dandy Lions Ltd., Dipasa USA Inc., Global Goods Inc., Histon Sweet Spreads Ltd., Madhava Ltd., Malt Products Corp., NOW Health Group Inc., Sisana Sweeteners EU BV, Tate and Lyle PLC, The Groovy Food Co., The Hain Celestial Group Inc., ASR Group International Inc., Best Ground International, Colibree Co, Naturalever de Mexico, Natures Agave Inc, and The Tierra Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.