Agave Syrup Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 187.24 Million |
| Market Size (2029) | USD 246.22 Million |
| CAGR (2024 - 2029) | 5.63 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Agave Syrup Market Analysis
The Agave Syrup Market size is estimated at USD 187.24 million in 2024, and is expected to reach USD 246.22 million by 2029, growing at a CAGR of 5.63% during the forecast period (2024-2029).
- The diabetic population in the world mainly drives the market. Alongside this, the health consciousness of consumers and the urge to stay fit and active adds to the demand for agave syrup in the market. The growing awareness regarding the negative health effects of sugar has led to the increasing demand for a natural sugar substitute. Growing consumer awareness about the rising cases of obesity and diabetes has propelled customers toward natural and simple ingredient products, thus driving the demand for agave syrups.
- According to several research studies, agave syrup has a low glycemic index that does not raise blood sugar levels and guards against metabolic syndrome and insulin resistance. The global agave syrup market is expanding due to rising knowledge of the benefits of agave syrup for human health and its role in promoting diabetes patients' wellness.
- According to research articles by ACS Food Science & Technology published in 2023, Blue Agave syrup is a healthy alternative to sugar since it is 1.5 times sweeter than sugar and possesses sweetening qualities (56% fructose). Also, innovations with new product formulations have further fueled the market's growth. Consumers are more focused on new product formulation varieties and clean-label solutions. However, the decreased availability of sugar substitutes and the development of artificial sweeteners have shifted consumers' preferences toward artificial sweeteners. This factor has been restraining the market's growth potential.
Agave Syrup Market Trends
Increasing Obese and Diabetic Population in the World
- The rise in the number of diabetic individuals worldwide is driving the agave syrup market. Agave syrup has a low glycemic index, which helps maintain the blood sugar level, thus being helpful to the diabetic population. Moreover, it helps in enhancing metabolism and also improves heart health. Vitamin B6 in agave helps control morning sickness in pregnant women, while its folate helps build the child's nervous system. The consumption of sugar is decreasing consistently owing to the increasing number of people with diabetes worldwide.
- According to the International Diabetes Federation (IDF), the number of people with diabetes accounted for 537 million globally in 2021. The 2022 National Diabetes Statistics Report was recently made available by the Centers for Disease Control and Prevention (CDC). According to this study, more than 130 million adults in the United States had diabetes or prediabetes. The increasing diabetes population drives the agave syrup market further.
- Sugar consumption increases weight as it immediately upsurges blood sugar. The growing health consciousness among individuals and their focus on maintaining a healthy lifestyle led to the market's growth. People are more focused on staying fit than obese, which helps propel the demand for agave syrup.
- To make people aware of the rising number of diabetics and the launch of new labels and products released in this market, many businesses have been initiating awareness campaigns. For instance, the Better Choices for Life campaign, which aims to educate consumers, was announced and launched by The American Diabetes Association (ADA) in March 2021. The program aims to educate customers about ADA claims and product brand labeling. In the program's current iteration, the association provides awareness of products in food and nutrition, health and wellness, and diabetes management. These awareness programs and health-conscious consumers aware of Agave health benefits act as a major driving factor in this market.
Asia Pacific Holds Significant Share in the Market
- The Asia-Pacific region accounts for the largest share of the agave syrup market owing to the increased demand for agave syrup as a flavoring agent in several food products, including baked goods, confectioneries, dairy products, and various beverages. Agave syrup is mostly used as a sweetener by people who deal with diabetic conditions and obesity. The low glycemic index in agave syrup is known to control the blood sugar level, helping diabetic patients.
- The presence of a significant portion of the diabetic population in the world marks the Asia-Pacific region. According to International Diabetes Federation (IDF), the number of diabetics in Western Pacific and Southeast Asia reached 296 million in 2021. Also, with the increasing Internet penetration in the region, the online market for purchasing food products, including agave syrup, has seen rapid growth in the last few years, attracting a few vertical specialists like Amazon, Walmart, etc. The decrease in sugar consumption and increase in the diabetic population drives the market for agave syrup in the Asia-Pacific region.
- Additionally, since agave is produced from a plant, many people who live vegan lifestyles use it as a substitute for honey. For instance, according to Hana Bank and Korea Vegan Union stats, there were approximately 2.5 million vegans in South Korea as of 2021. According to the Vegan Society article, approximately 65,000 products from more than 2,500 companies are officially enrolled globally, including 18,000 food and drink items and 25,000 cosmetics and toiletries.
- The Vegan Society registered 16,439 products with The Vegan Trademark in 2021. Their product registrations have increased by more than 82% during the past five years. The Vegan Trademark is present in around 87 countries worldwide. In a 2021 global poll by National Sanitation Foundation (NSF), 88% of food industry professionals anticipated increased demand for plant-based products. According to 74% of respondents, plant-based diets are preferred by consumers because they lead better lifestyles, and 60% claimed they do so for environmental reasons. Also, according to the Green Queen article, Asia is the world's top three vegan-friendly travel destinations, while Thailand, South Korea, and Taiwan are among the top three nations in the ranking. Therefore, this region's increasing vegan products and consumer preferences are major market drivers.
Agave Syrup Industry Overview
The global market for agave syrup is highly competitive and fragmented, owing to the presence of large regional and domestic players in different countries. The major players in the market include Malt Products Corporation, Sisana Sweeteners, Maretai Organics Australia, Hain Daniels Group, and The IIDEA Company. The major companies have been focused on strategies such as mergers, acquisitions, and partnerships, which help them acquire new product lines and expand their presence globally. Moreover, the key players have constantly focused on product innovation and new product development, which help them boost their brand presence among consumers and cater to a large customer base across the globe.
Agave Syrup Market Leaders
-
Malt Products Corporation
-
Sisana Sweeteners
-
Maretai Organics Australia
-
Hain Daniels Group
-
The IIDEA Company
*Disclaimer: Major Players sorted in no particular order
Agave Syrup Market News
- March 2023: Monin Americas announced the release of their brand-new Spicy Agave Sweetener, made from organic agave specially blended with Hatch and Guajillo chiles.
- July 2021: Global Organics Ltd., a supplier of sustainable, certified organic, and fair trade ingredients, launched its new Organic Wild Salmiana Agave Syrup, solving the problem of price fluctuation and product adulteration associated with the product.
- February 2021: Whole Earthe Brands Inc., a global plant-based food and sweetener company, completed its accretive acquisition of all issued and outstanding capital stock of WSO Investments Inc. The latter is the holding company of Wholesome Sweeteners Incorporated, a North American organic sweetener brand. The acquisition boosted Whole Earthe's brand presence among consumers and catered to a large global customer base.
Agave Syrup Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
-
4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Type
- 5.1.1 Light Agave Syrup
- 5.1.2 Dark Agave Syrup
-
5.2 Category
- 5.2.1 Organic
- 5.2.2 Conventional
-
5.3 Distribution Channel
- 5.3.1 Hypermarkets/Supermarkets
- 5.3.2 Convenience/Grocery Stores
- 5.3.3 Specialty Stores
- 5.3.4 Online Retail Stores
- 5.3.5 Other Distribution Channels
-
5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.1.4 Rest of North America
- 5.4.2 Europe
- 5.4.2.1 Spain
- 5.4.2.2 United Kingdom
- 5.4.2.3 Germany
- 5.4.2.4 France
- 5.4.2.5 Italy
- 5.4.2.6 Russia
- 5.4.2.7 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 Rest of Asia-Pacific
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East and Africa
- 5.4.5.1 South Africa
- 5.4.5.2 United Arab Emirates
- 5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Positioning Analysis
-
6.3 Company Profiles
- 6.3.1 Malt Products Corporation
- 6.3.2 Hain Daniels Group
- 6.3.3 Sisana Sweeteners
- 6.3.4 The IIDEA Company
- 6.3.5 Maretai Organics Australia
- 6.3.6 Ciranda Inc.
- 6.3.7 Dandy Lions Limited
- 6.3.8 Suzannes Specialties Inc.
- 6.3.9 Dipasa USA Inc.
- 6.3.10 American Beverage Marketers
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. ABOUT US
** Subject To AvailablityAgave Syrup Industry Segmentation
Agave syrup is a sweetener prepared commercially from different species of agave. It has a low glycemic index, which helps control blood sugar levels.
The global agave market has been segmented by type, category, distribution channel, and geography. By type, the market is segmented into light agave syrup and dark agave syrup. By category, the market has been segmented into organic and conventional. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience/grocery stores, specialty stores, online retail stores, and other distribution channels. Further, by geography, the segmentation includes North America, Europe, Asia-Pacific, South America, and Middle-East and Africa.
For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| Type | Light Agave Syrup | |
| Dark Agave Syrup | ||
| Category | Organic | |
| Conventional | ||
| Distribution Channel | Hypermarkets/Supermarkets | |
| Convenience/Grocery Stores | ||
| Specialty Stores | ||
| Online Retail Stores | ||
| Other Distribution Channels | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | Spain |
| United Kingdom | ||
| Germany | ||
| France | ||
| Italy | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | South Africa |
| United Arab Emirates | ||
| Rest of Middle-East and Africa |
Agave Syrup Market Research FAQs
How big is the Agave Syrup Market?
The Agave Syrup Market size is expected to reach USD 187.24 million in 2024 and grow at a CAGR of 5.63% to reach USD 246.22 million by 2029.
What is the current Agave Syrup Market size?
In 2024, the Agave Syrup Market size is expected to reach USD 187.24 million.
Who are the key players in Agave Syrup Market?
Malt Products Corporation, Sisana Sweeteners, Maretai Organics Australia, Hain Daniels Group and The IIDEA Company are the major companies operating in the Agave Syrup Market.
Which is the fastest growing region in Agave Syrup Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Agave Syrup Market?
In 2024, the Asia-Pacific accounts for the largest market share in Agave Syrup Market.
What years does this Agave Syrup Market cover, and what was the market size in 2023?
In 2023, the Agave Syrup Market size was estimated at USD 177.26 million. The report covers the Agave Syrup Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Agave Syrup Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Agave Syrup Industry Report
Statistics for the 2024 Agave Syrup market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Agave Syrup analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
