The Rising Star: Agave Syrup's Meteoric Surge in the Market
As per Future Market Insights (FMI), the global agave syrup market It is anticipated to reach a valuation of US$ 1,092.4 million by 2033 from its current worth of US$ 571.1 million in 2033. Agave syrup sales are predicted to rise globally between 2023 and 2033 at a robust CAGR of 6.7%.
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.
Growing demand for clean-label products is prompting companies to use items such as agave syrups in their products. This in turn will boost the target market during the assessment period.
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.
The United States agave syrup market is projected to reach a valuation of US$ 95.2 million by 2033.
Agave syrup sales in China are likely to rise at 6% CAGR through 2033.
India agave syrup industry is poised to expand at around 0% CAGR during the assessment 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.
These key companies are committed to expanding their portfolios by introducing new products. They are also showing interest in employing strategies such as partnerships, mergers, acquisitions, etc. to gain profits. For instance,
Recently, Global Organics Ltd. unveiled Organic Wild Salmiana Agave Syrup to meet rising end user demand.
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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)
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