The global agave syrup market is expected to have robust growth in the coming years. According to projections, the market is estimated to reach a value of USD 571.1 million by 2023, indicating a year-over-year growth rate of 5.4%.
Over the projection period from 2023 to 2033, global sales of agave syrups are set to rise at a compound annual growth rate (CAGR) of 6.7%. Total market value at the end of 2033 is expected to reach USD 1,092.4 million.
Key Trends Listed by Future Market Insights (FMI) :
Agave syrup, also referred to as maguey syrup, is a yellow to brownish-colored liquid sweetener that is extracted from the concentrated sap of the spiky agave plant’s leaves. It is heated to convert the starch-containing inulin into fructose, then concentrated to obtain a syrupy form. Its cost is more than sugar, but it is also considerably sweeter than sugar.
Agave syrup is used as a substitute for corn syrup in candy formulations, such as vegan caramels and chocolates. Since it is a liquid, it can be used as a good sweetener for beverages such as cocktails, coffee, and tea instead of traditional syrups.
Owing to the flavoring and sweetening properties of agave syrup, it is commonly used in the manufacture of tequila and other beverages.
Agave syrup is emerging as an ideal alternative to sugar and honey due to its low glycemic index, prebiotic effect, and sweeter nature. This natural sweetener is being widely used in applications such as beverages, bakery, and confectionery.
Rising prevalence of health problems such as dental caries, obesity, and comorbidities like type 2 diabetes, hypertension, and cancer is prompting people and food manufacturing companies to reduce sugar in food products. This is putting sugar substitutes such as agave syrup into the limelight.
Several countries (such as the United Kingdom) have previously enacted public health strategies for tackling various health conditions, which include more formidable rules for food labeling and increased taxes on products high in sugar. This is also supporting expansion of the target market.
As per the research study, agave syrup is low in glycemic index and doesn’t add to blood sugar levels. It also prevents metabolic syndrome and impaired insulin sensitivity.
Increasing health consciousness among consumers and awareness about the negative health effects of sugar are expected to propel demand for substitute products such as agave syrup. Similarly, rising applications of this vegan-friendly sweetener in plant-based foods will fuel market expansion.
Another key factor that will uplift agave syrup demand is the consumer's increasing desire for natural and simple ingredient products as a result of the rise in obesity and diabetes cases.
To meet the growing demand for sugar substitutes, companies are launching new agave syrups in the market. For instance, Ciranda recently launched three new agave and tapioca-based syrups. The new syrups are aimed to help CPG brands and product developers create new products that fulfil consumer demand for less sugar diets.
| Attributes | Key Insights |
|---|---|
| Estimated Global Agave Syrup Market Size (2023E) | USD 571.1 million |
| Projected Market Value (2033F) | USD 1,092.4 million |
| Value-based CAGR (2023 to 2033) | 6.7% |
| Top 3 Countries’ Value (2033) | USD 387.9 million |
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According to the Future Market Insights (FMI) analysis, global agave syrup sales grew at a CAGR of 5.4% historically from 2018 to 2022. For the next ten years, the worldwide market for agave syrups is forecast to progress at 6.7% CAGR.
The worldwide agave syrup industry is projected to witness a positive growth trajectory as a result of the increasing demand for clean-label products.
Growing demand for bakery products, such as coffee, cake, waffle, pancake, bread rolls, and others, is a key factor driving growth in the global agave syrup market.
Growth potential of agave syrup industry is rising as a result of the growing bakery sector. Agave syrup is a rich source of nutrients such as calcium, potassium, and manganese. As a result, it is being widely used in the food sector.
Agave syrup’s use as a sweetener has also resulted in its demand and sales. Agave syrup incorporates sweetness into food products. The powder form of agave is also commonly used as a dressing and topping for coffee, cakes, oatmeals, crumb cakes & so on.
Developments are in process by the manufacturers of agave syrups to offer consumers a sweet and healthier option. They are also using intensive advertisements to educate people about the benefits of using sugar alternatives such as agave syrups. Thus, the agave syrup industry will experience robust market growth over the forecast period.
| Region | North America |
|---|---|
| Country | United States |
| CAGR | 6.3% |
| BPS Analysis | -44 |
| Market Value (2033) | USD 95.2 million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR | 5.6% |
| BPS Analysis | 47 |
| Market Value (2033) | USD 41.6 million |
| Region | Europe |
|---|---|
| Country | Germany |
| CAGR | 4.2% |
| BPS Analysis | -147 |
| Market Value (2033) | USD 40.6 million |
| Region | Asia-Pacific |
|---|---|
| Country | India |
| CAGR | 8.0% |
| BPS Analysis | 107 |
| Market Value (2033) | USD 146.5 million |
| Region | Asia-Pacific |
|---|---|
| Country | China |
| CAGR | 7.6% |
| BPS Analysis | 11 |
| Market Value (2033) | USD 146.1 million |
| Region | Asia-Pacific |
|---|---|
| Country | Australia & New Zealand |
| CAGR | 8.2% |
| BPS Analysis | 38 |
| Market Value (2033) | USD 29.7 million |
Increasing Bakery and Confectionery Consumption Driving Up Agave Syrup Sales in China
As per Future Market Insights’ (FMI) analysis, China agave syrup market is expected to reach a valuation of around USD 146.1 million by 2033. It will therefore hold a prominent value share of 40.2% in the East Asia market.
China is one of the key markets for agave syrups globally. As per the research study by FMI, China is likely to remain one of the most profitable markets for agave syrup manufacturers during the forecast period.
China held around 39.7% share of the East Asia market in 2022. This market share is anticipated to further increase in the coming years, which is symbolic of the prominent scope for extension it will offer to agave syrup manufacturing companies.
One of the prominent factors driving China agave syrup industry is the rising production and consumption of bakery & confectionery items.
Confectionery markets produce a wide range of sugar-based and delicious food items such as caramels, toffees, biscuits, lollipops, chocolates, candies, and many more. To make their product tasty as well as healthy, companies use agave syrups as sweeteners.
Sugar-free confections have grown in popularity in the past few years as a result of various reasons. These include rising obesity rates, an increase in diabetes patients, growing health and nutritional concerns, and changing lifestyles.
Agave syrup is projected to rise in popularity across China in the future years as customers seek sugar-free alternatives. Subsequently, the growing westernization and urbanization along with an improved understanding of the health benefits of agave syrups will bode well for the market.
Shift Towards Sugar Alternatives Fueling Demand for Agave Syrups in the United States
According to Future Market Insight’s analysis, the United States agave syrup market size is projected to increase from USD 53.1 million in 2023 to USD 95.2 million by 2033. Over the projection period, sales of agave syrups in the United States are likely to soar at 6.3% CAGR.
Rising concerns about negative health effects associated with sugar and increasing need for substitute products are key factors driving the United States agave syrup industry.
It is estimated that Americans on average consume 34 teaspoons of sugar per day. This sugar intake equals approximately 500 calories. Per person, this sugar intake adds up to more than 45.3 kg for a year.
The consumption of sugar has experienced high growth during the past 10 years, which has led to health concerns. A study involving more than 8000 sub-studies found that significantly higher risks were directly related to the consumption of high-added sugar which results in negative health outcomes.
Agave syrup’s main advantage is that it has a low glycemic index (GI), especially when compared to other popular sweeteners. Table sugar has a GI of around 63, honey has a GI of 58, and maple syrup has a GI of 54.
Agave syrup, on the other hand, has a GI ranging from 10 to 27. Thanks to its considerably lower glycemic index than other sweet substances, agave syrup is becoming one of the most commonly used sugar alternatives across the United States.
Principal Consultant
Demand Remains High for Light Agave Syrup in the Market
Based on product type, demand is expected to remain high for light agave syrup during the assessment period. As per Future Market Insights, with a market share of around 55.3%, the light agave syrup segment is projected to reach a valuation of USD 618.1 million in 2033.
Agave syrup’s lighter grades are taste-neutral, complementing the natural flavors of tea, coffee, fruit drinks, fruit smoothies, salad dressings, baked goods, fresh fruits, ice cream, jams and jellies, yogurts, and different prepared dishes. This is in stark contrast to malt barley syrup, bee honey, and other natural sugar replacements, which do affect flavor of the food they sweeten.
A hint of sweetness is provided by light agave syrup. It is well-known for being quite neutral and mild. This makes it an excellent choice for use as a sweetener in sweets and baked products.
While cooking sauces, certain individuals often use a little bit of mild agave syrup instead of sugar. As a result, light agave syrup demand is expected to rise rapidly during the assessment period.
Beverages to Remain the Most Remunerative Application of Agave Syrups
The beverage segment is expected to dominate the target market with a share of around 69.3% in 2023. As per the latest analysis, beverages segment is likely to reach a market value of USD 777.8 million by the end of 2033. Hence, it will remain the most lucrative application for agave syrups.
Agave syrup, often known as agave syrup, is a natural sweetener that is extensively used in beverages. It is used to sweeten a wide variety of beverages, including cocktails, coffee, and tea, in place of sugar, simple syrup, honey, and molasses.
Agave syrup has a distinct taste. It is sweeter than sugar and tastes almost like honey. It does, however, have a more neutral flavor and is thinner than honey. Agave syrup, a vegan alternative to honey, lacks the unpleasant flavor of artificial sweeteners.
The simple syrups resemble lighter grades. Because the taste is practically transparent, they are great for lightly flavored drinks like vodka and Rosangel margarita.
Amber agave syrup has a richer taste, similar to honey. This grade is the most popular and may be blended into practically any cocktail, including ones with strong tastes like dulce de tequila and many fruity margaritas.
The darkest syrup is similar to pale molasses and can be used sparingly in cocktails. It's an excellent coffee sweetener and a good substitute in the few cocktails that call for maple syrup. Owing to these applications of agave syrups, the beverage segment is the dominant application segment in the market.
Leading manufacturers of agave syrups are forming multiple alliances and collaborations to create synergies and boost production capacity in order to obtain a large market share. Because of the expanding demand for natural & organic goods as well as the increased use of agave syrup in the beverage sector, companies are directing their product offerings, particularly toward the food & beverage sector.
For instance :
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| Attribute | Details |
|---|---|
| Estimated Value in 2023 | USD 571.1.6 million |
| Forecast Value in 2033 | USD 1,092.4 million |
| Anticipated Growth Rate (2023 to 2033) | 6.7% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Volume (MT) and Value (USD Million) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
| Key Market Segments Covered | Product Type, Function, Application, Distribution Channel, and Regions |
| Key Companies Profiled | Malt Products Corporation; The IIDEA Company; The Agave Sweetener Company; Soviia Agave; The Tierra Group; Grupo Solave; Nature’s Agave, Inc.; Nobazul - Agave Syrup Solutions; DelphiOrganic; The Colibree Company, Inc.; The American Beverage Marketers; Madhava Natural Sweeteners; Global Goods Inc.; The Simple Syrup Co. |
The market is valued at USD 571.1 million in 2023.
Malt Products Corporation, IIDEA Company, and Agave Sweetener Company are the key market players.
The market is estimated to reach USD 1,092.4 million in 2033.
Growing demand for low-calorie products drives agave syrup sales.
The light segment is likely to remain preferred through 2033.
1. Executive Summary 2. Market Overview 3. Market Dynamics 4. Global Market - Pricing Analysis 5. Value Chain Analysis 6. Global Market Demand (in Value (USD Million) and Volume (MT) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 7.1. Light 7.2. Dark 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function 8.1. Emulsifier 8.2. Sweetener 8.3. Flavor Enhancer 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 9.1. Bakery 9.2. Beverages 9.3. Confectionery 9.4. Others (Marinades, Salads) 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 10.1. Direct 10.2. Indirect 10.2.1. Store-based Retailing 10.2.2. Online Retail 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia 11.6. Oceania 11.7. Middle East & Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Country-level Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Malt Products Corporation 21.2. The IIDEA Company 21.3. Swanson Health Products Inc. 21.4. Loving Earth Pty Ltd 21.5. Domino Foods Inc. 21.6. Vita Foods Products 21.7. Nature’s Agave, Inc. 21.8. NOW Health Group, Inc. 21.9. Groovy Food Company Ltd 21.10. The Colibree Company, Inc. 21.11. The American Beverage Marketers 21.12. Madhava Natural Sweeteners 21.13. Global Goods Inc. 21.14. The Simple Syrup Co. 21.15. SunOpta Inc. 21.16. Natura BioFoods 21.17. Other Players (On Additional Request) 22. Assumptions and Acronyms Used 23. Research Methodology
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Agave Syrup Market
