Customers are demanding healthy food with additional nutrition contents, as the easy availability of health and nutrition information is blurring the lines of what types of products are required to maintain health. Agave syrup, being a natural plant-based product, consists of nutrients such as vitamin C, vitamin B, potassium, calcium, and selenium, all of which are beneficial to health. Growing demand for low-calorie sweeteners in beverages has led to increased application of agave syrup by manufacturers involved in the beverage industry, thus boosting the sales of agave syrup. In recent years, the global agave syrup market has witnessed substantial growth, and this trend is anticipated to continue over the forecast period of 2020–2030, at a significant CAGR of 6%.
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Key Takeaways from Agave Syrup Market Study
- Rising inclination of consumers toward plant-based food and plant-based diets, coupled with growing trend of veganism in countries such as the U.S., the U.K., Germany, France, Spain, the Netherlands, and others, is boosting the growth of the global agave syrup market. Agave syrup is a vegan alternative to honey, thus proving to be a hit among vegan consumers.
- Demand for agave syrup is highest for beverage applications in the food & beverage industry, with 50.2% value share, as agave syrup is a base ingredient for making alcoholic beverages along with application in different smoothies, energy drinks, and juices. Agave syrup is also sweeter than sugar, which saves cost for manufacturers, thus finding increased applications in the beverage industry.
- By distribution channel, the business to business segment holds a prominent share of 73.6%, owing to increasing demand from manufacturers involved in making natural products with natural and health beneficial ingredients for application in alcohol, protein shakes, probiotics and prebiotics, ice cream, beverages, confectionery, bakery, pharmaceuticals, and cosmetic products.
- Europe accounts for the highest market value share of 28.7% in the global agave syrup market, due to increasing awareness of organic and natural food products and growing number of retail chains offering the same. Government support for organic products in Europe is also a key factor contributing to market growth in this region.
- The market is facing production and supply chain issues due to restrictions, as only the production of essential commodities is being permitted as a result of the global COVID-19 pandemic. Growth of the market has thus been affected to some extent, with recovery expected in the fourth quarter of 2020.
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Global Agave Syrup Market: Competitive Landscape
Leading manufacturers in the global agave syrup market space are launching new and innovative products to cater to increasing demand from health-conscious consumers
- In 2018, The iidea Company introduced ‘Green Agave Syrup’, which offers an exquisite taste and health benefits to customers.
In addition, key players in the global agave syrup landscape are focusing on partnerships with distributors to increase the supply of their products in local as well as international markets.
- In 2019, DOMINO FOODS INC. joined the ArrowStream’s Supplier Network to tap new business opportunities and sales contacts.
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