Agave Nectar Market Demand, Industry Trends and Forecast to 2032
Agave Nectar Market Demand, Industry Trends and Forecast to 2032

Agave Nectar Market Share, Size, Trends, Industry Analysis Report, By Type (Light, Amber, Raw, Dark); By Form; By Application; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032

  • Published Date:Oct-2023
  • Pages: 116
  • Format: PDF
  • Report ID: PM3859
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Outlook

The global agave nectar market was valued at USD 172.70 million in 2022 and is expected to grow at a CAGR of 5.7% during the forecast period.

Agave nectar, also known as agave syrup, is a sweetener obtained from agave plant sap. It has a mild sweetness and is used as an alternative to traditional sweeteners like honey or sugar. It possesses a lower glycemic index, which is a major factor driving its use in various cuisines. The study published in Science Direct revealed the scientific uses of agave nectar in treating and preventing various diseases, including obesity, diabetes, colorectal cancer, overweight, and brain protection properties.

Agave Nectar Market Size

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These studies will hasten the creation of new functional food products to meet the needs and expectations of customers. Agave fructans enhance taste, color, texture, sweetness, and other sensory qualities. Agave fructans are excellent components for a variety of applications, including encapsulated and snack products, baked goods, dairy products, beverages, and fruit preserves, due to their high solubility and compatibility with many cuisines.

Agave Nectar Market Size

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Industry Dynamics

Growth Drivers

Rising demand for agave nectar as a natural sweetener

Agave syrup has been a staple of traditional Mexican medicine for thousands of years, but the contemporary world is just now catching up. Due to rising consumer demand for plant-based, healthful ingredients, this natural sweetener has recently attracted interest in the food supplement and food industries. A study published in the Journal of Medicinal Food demonstrated how agave nectar reduced the health issues connected to obesity. Rising health consciousness among individuals is creating new growth opportunities for agave nectar, as new cuisines are shaping up with healthy sweeteners such as agave nectar. A study published in the National Library of Medicine found the existence of antioxidant properties present in agave nectar. It improves the shelf life of agave nectar owing to its antioxidant and moisture retention abilities. It is increasing its demand in the food industry as it is known for its natural preservative.

Report Segmentation

The market is primarily segmented based on type, form, application, distribution channel, and region.

By Type

By Form

By Application

By Distribution Channel

By Region

  • Light
  • Amber
  • Raw
  • Dark

 

  • Powder
  • Liquid

 

 

  • Bread
  • Cakes
  • Pastries

 

 

  • Super Markets
  • Online Stores
  • Retail Stores

 

 

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Type Analysis

Light segment is projected to experience the fastest growth in the study period

The light segment registered the fastest growth in the market. Consumers are actively looking for healthier alternatives to conventional sweeteners like refined sugar as they become more health conscious. Because it has a lower glycemic index and a less significant effect on blood sugar levels than dark agave nectar, light agave nectar is frequently seen as a healthier alternative. In addition, compared to some other sweeteners, light agave nectar has undergone less processing.

Natural and minimally processed goods are becoming more and more popular with consumers, and light agave nectar suits this preference. Light agave nectar is adaptable for a variety of culinary uses due to its mild flavor. It can be used in beverages, baking, and cooking without dramatically changing the dish's flavor profile. This is fueling its addition in the various products in the food and beverage industries.  

By Form Analysis

Liquid segment accounted for the largest market share in 2022

The liquid segment holds the largest market share for the market in the study period. Agave nectar in liquid form is practical and simple to utilize in a variety of culinary applications. Due to its pourability, it may be quickly and readily added to foods, drinks, and other items without the need for additional preparation.

Furthermore, the fluidity of liquid agave nectar makes it adaptable for a variety of uses. It can be added as a topping to pancakes and sweets, used as a sweetener in smoothies and tea, used as a component in sauces, dressings, and baked products, and can also be used as a sweetener. Moreover, agave nectar's liquid nature mixes easily with other ingredients, guaranteeing a uniform distribution of sweetness throughout the food or beverage. Liquid agave nectar meets consumer demands for natural, healthier alternatives to refined sugars, which will increase market demand for it in the coming years.

By Application Analysis

Bread segment is expected to hold the largest revenue share during the forecasted years

The bread segment is projected to witness a larger revenue share in the coming years. Manufacturers are stepping forward to renovate products according to consumer preferences. Rising awareness about natural sweeteners among consumers is driving demand for agave nectar in various food items. Producers are using natural sweeteners in place of processed sugar to attract a larger consumer base. Due to its various qualities, like its low glycemic index, higher concentration of sweet than refined sugars, and natural preservation abilities, it is used in bread. As more producers adopt agave nectar rather than processed sugars, the demand for agave nectar will increase in the forecast period.

By Distribution Channel Analysis

Online segment is projected to register the higher growth over the estimated period

The online segment is expected to have higher growth than other segments in the study period. With the help of online retailers, consumers with specialized dietary requirements and health-conscious shoppers can more easily locate and buy agave nectar, driving its demand as it will increase the global outreach of the product. Furthermore, the asymmetry of information about various products in the marketplace is leading to lower awareness, which reduces the chance of purchase. Customers can learn more about the advantages and uses of agave nectar from the extensive product information, nutritional information, and usage advice offered by online retailers. This is driving the product's expansion to a wider audience and driving its demand in the future.

By Regional Analysis

APAC dominated the global market with highest growth rate in the study period

APAC is expected to have a higher growth rate for the market. Growing consumer awareness about natural sweeteners and the side effects of artificial sweeteners is driving the growth and demand for agave nectar in this region. According to industry estimates, tabletop sweeteners market in India in March 2022 was worth over USD 60 Mn, with a CAGR of 8–10%. The demand for natural sweeteners like agave nectar may rise as a result of consumers' growing interest in sugar substitutes and healthier sweetening options in regions like India. Customers looking for alternatives to table sugar and artificial sweeteners may find agave nectar appealing as a natural and healthy sweetener. This is driving the expansion of agave nectar in this region.

North America witnessed a larger revenue share in the market. Countries in this region are witnessing higher demand for products with natural ingredients like agave nectar rather than traditional refined sugars. Additionally, the Mexican government and AS manufacturers have developed regulations that forbid the use of any component, sugar, or food additive that originates from sources other than agave plants in the production of any commercial AS.

Compared to other conventional sweeteners, AS is a good source of minerals, vitamins, and polyphenols because of its nutritional value. The presence of the largest producers is widening the expansion of the agave nectar market in this region. Rising government initiatives to safeguard the use of agave nectar in the production process are creating new growth potential for the market in the coming years.

Competitive Insight

The Agave Nectar Market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.

Some of the major players operating in the global market include

  • Loving Earth
  • Malt Products
  • Tierra
  • Sisana Sweeteners
  • Nature's Agave
  • Ciranda
  • Florida Crystals
  • Domino Foods
  • The Groovy Food Company

Recent Developments

  • In July 2023, the manufacturer of organic Agave in the Raw introduced Organic Hot Agave in The Raw to present a new flavor to its customers. Hot Agave combines the agave nectar's sweetness with the spice of chili & jalapenos.
  • In May 2023, Ciranda, a supplier of natural products, expanded its product line with new reduced sugar syrups. The flavors in this line include Agave and tapioca. Applications of these syrups include confections, gummy supplements, frozen desserts, and more.

Agave Nectar Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 181.88 billion

Revenue forecast in 2032

USD 300.06 billion

CAGR

5.7% from 2023 - 2032

Base year

2022

Historical data

2019 - 2021

Forecast period

2023 - 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Type, By Form, By Application, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.