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Agave Syrup: Market Outlook

The agave syrup is produced from the agave nectar, a sweetener that is naturally produced and commercially extracted from many agave species, such as Agave salmiana and Agave tequilana.  The syrup derived from the agave is smoother and sweeter than the honey. Agave is an organic sweetener that has been used as a sugar substitute for several years. The syrup is made up of two sources of vitamins, such as vitamin B and vitamin C, which are lacking in sugar. Owing to the flavouring and sweetening properties of agave syrup, it is commonly used in the manufacture of tequila.

Agave syrup expected to see profitable opportunities across globe as a result of growing demand for clean label products. The growing demand for bakery products, such as coffee cakes, waffles, pancakes, bread rolls and others, is a key driver for the growth of the agave syrup market.

Business prospects for agave syrup are rising as a result of the growing bakery industry. Agave syrup is a great source of several nutrients, such as manganese, potassium and calcium, which is extremely used in the food sector.

The use of agave syrup as a sweetener has also raised its demand and use. The use of agave syrup adds sweetness to food products, and powdered agave sugar is also commonly used as a topping for coffee cakes, oatmeal, crumb cakes & others. Developments are being made by the manufacturers of agave syrup in order to offer consumers with healthier options by having a wide variety, thus increasing the awareness of the product. Thus, the agave syrup market will experience robust market growth over the forecast period

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Due to a change in customer preferences for natural and healthier products, demand for products such as natural sweeteners, including agave syrup, is growing at a very high rate

Increasing health issues related to poor dietary choices and growing health concerns among consumers is pushing consumers towards preventive healthcare. Owing to a shift in customer preference for natural and healthier products, demand for items such as natural or organic and clean label products is growing at a rapid pace especially in the U.S. and European markets. The increasing demand for natural sweetener is thus anticipated to be a key driver of the use of agave syrup.

Increasing consumer awareness about health benefits of products that contain organic ingredients including agave syrup and massive support from key industry participants for the production of these products is important factor in increasing the market for clean label ingredients such as those manufactured without the use of chemicals, additives and artificial ingredients. Consumers opt for clean labelling products. The increase in demand for transparency and rising lifestyle diseases has increased the demand for food labels. Therefore, the producers focus specifically on the label claims and the agave syrup present as a very striking product with these claims.

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Agave Syrup Market Segmentation

On the basis of product type, agave syrup can be segmented as:

  • Dark
  • Light

On the basis of raw material, agave syrup can be segmented as:

  • Red Agave
  • Black Agave
  • Sugar Agave

On the basis of application, agave syrup can be segmented as:

  • Food Processing Industry
    • Breakfast Cereals
      • Bakery Products
      • Cakes
      • Bread
      • Others
    • Confectioneries
    • Dairy & Frozen Dessert Products
      • Ice creams
      • Yogurt
      • Others
    • Snacks
    • Salads
    • Beverages
  • Food Service Providers
  • Retail/ Household

On the basis of function, agave syrup can be segmented as:

  • Emulsifier
  • Flavour Enhancer
  • Sweetener

On the basis of distribution channel, agave syrup can be segmented as:

  • B2B
  • B2C
    • Hypermarkets / Supermarkets
    • Convenience Store
    • Retail Store
    • Online Retailing
    • Other Retailer

Global Agave Syrup Market: Key players

Some of the key players operating in the agave syrup market including, Wholesome Sweeteners, Dandy Lions, Pura Foods Ltd., Maretai Organics, Malt Products Corporation, The Groovy Food Company, Sisana Sweetener, Steviva Ingredients, Nekutli Agave Nectar, Madhava Sweeteners, Dipasa USA & others.

  • In 2017. Hain Celestial Inc., acquired CLARKS UK Ltd., a maple syrup and natural sweetener brand in the United Kingdom. The strength of the Clarks brand puts Hain Celestial Inc., in a strong position to capitalize on the growing consumer trends toward more natural and healthier foods.

Global Agave Syrup Market: Regional Analysis

Asia Pacific is anticipated to dominate the agave syrup market, which is followed by Western Europe & North America. Increasing demand for a natural flavouring agent for many types of food products, growing demand end-user industries, and rising population are factors attributing to the growth of the agave syrup market in the Asia-Pacific region. Besides, increased acceptance of RTD beverages in developing countries, specifically in the European and Asia Pacific regions, has boosted growth for agave syrup market in these regions.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Agave Syrup Market