Sweet Trends: Navigating the Dynamics of the Agave Syrup Market
As per Future Market Insights (FMI), the global agave syrup market is currently valued at US$ 571.1 million in 2033 and it is expected to attain a valuation of US$ 1,092.4 million by 2033. Global sales of agave syrups are likely to soar at a healthy CAGR of 6.7% during the forecast period from 2023 to 2033.
The global agave syrup market is expanding due to the growing use of these products in baking, confectionery, and beverage applications. Thus, shifting consumer preferences towards sugar substitutes should increase demand for agave syrup.
Sugar’s harmful effects have led to a continuing desire for sugar substitutes. For more than 14 years, agave has been utilised as an organic sugar substitute. Twenty times more sweetness can be obtained from 100 g of agave than from sugar or honey.
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Agave syrup contains two vitamins, vitamin C and vitamin B, both of which are sugar-free. Agave syrup is commonly used in tequila manufacturing due to its sweetening and flavoring qualities. As a result, increased tequila consumption will eventually boost the demand for agave syrup.
In the past few years, there has been a significant increase in worldwide demand for clean-label foods. This is due to increasing consumer awareness about the health benefits of products containing natural ingredients.
Key Takeaways from the Agave Syrup Report:
The global agave syrup industryis expected to reach a valuation of US$ 1,092.4 million by 2033.
Global demand for agave syrup is likely to soar at 7% CAGRover the forecast period.
Based on product type, light agave syrup segment is estimated to reach a valuation of US$ 1 million by 2033.
By application, beverages segment is expected to hold a market share of 3% during the projection period.
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Who is Winning?
Malt Products Corporation, Groovy Food Company Ltd, The IIDEA Company, Swanson Health Products Inc., Madhava Natural Sweeteners, Loving Earth Pty Ltd, Domino Foods Inc., SunOpta Inc., Vita Foods Products, Inc., Nature’s Agave, Inc., Global Goods Inc., NOW Health Group, Inc., The Colibree Company, Inc., The American Beverage Marketers, The Simple Syrup Co., and Natura BioFoods are key agave syrup and its product manufacturers listed in the report.
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Agave Syrup Market by Category
By Product Type :
Light
Dark
By Function :
Emulsifier
Sweetener
Flavor Enhancer
By Application :
Bakery
Beverages
Confectionery
Others (Marinades, Salads)
By Distribution Channel :
Direct
Indirect
Store-based Retailing
Online Retail
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