Agave syrup is made from agave nectar which is a kind of natural sweetener that is commercially manufactured from various species of agave which includes Agave salmiana and Agave tequilana also called as blue agave. Agave syrup is more viscous and is sweeter than honey. Agave syrup consists of fructose and glucose. Agave syrup consists of a range of volatile organic compounds which includes hydroxybutanone, vanillin and propionaldehyde. Agave syrup is widely used as toppings for various bakery products such as waffles, cakes, pancakes, bread rolls, and French toast. Agave syrup is also used for flavoring a wide range of food products such as hot cereal, ice cream, sausages, fruit juices, corn fritters, baked beans, baking powder, fresh donuts and baked apples. Agave syrup is also used as an alternative to honey in wine mead. Agave syrup is often used as a substitute for honey and sugar based food products. Agave syrup is also used as an alternative to honey by most vegan consumers. Agave syrup melts quickly and hence it is used as a sweetener for most of the beverages such as iced tea and others.
Global Agave syrup: Market Segmentation
The global Agave syrup market is segmented on the basis of raw material, application, distribution channel, and region. The Agave syrup market is segmented on the basis of raw material which includes the red Agave, the black Agave, and the sugar Agave. Agave syrup made from sugar Agave is used widely for flavoring a variety of food products. The global Agave syrup market is segmented on the basis of application in which Agave syrup is used as a flavoring agent in bakery products such as baking powder, waffles, pancakes, French toast and oatmeal. Granulated Agave sugar is used as a topping on coffee cake, oatmeal, grapefruit or crumb cake. The global Agave syrup market is segmented on the basis of distribution channel such as online stores, retail stores, and super/hyper market. Hence, the global Agave syrup market is expected to significantly increase the revenue contribution over the forecast period.
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Global Agave syrup Market: Regional Outlook
Geographically, the global Agave syrup industry can be divided by major regions which include North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global Agave syrup market followed by Europe and North America. Increasing demand for Agave syrup as a flavoring agent in various food products, has strengthened the growth of global Agave syrup market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
Global Agave syrup Market: Growth Drivers
The global Agave syrup market driving factors are increasing demand for baking foods such as pancakes, waffles, bread rolls and coffee cake. Increasing opportunities in bakery industry is also another factor in driving the Agave syrup market along with rising in the production of Agave syrup as it contains an abundant amount of minerals such as manganese, potassium, and calcium. Agave syrup is also used as a natural sweetener in various food products which is another major factor driving the global Agave syrup market.
Many Agave syrup producers are providing healthier product offerings based on the increasing demand for Agave syrup as a flavoring agent in a variety of food products. Hence, the global Agave syrup market is expected to observe robust growth over the forecast period.
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Global Agave syrup Market: Key Players
Some of the key players identified across the value chain of the global Agave syrup market include
Nekutli Agave Nectar, Dandy Lions Limited, Pura Foods Ltd., Maretai Organics, The Groovy Food Company, Malt Products Corporation, Wholesome Sweeteners, Clarks and others. The companies are expected to expand their business by enhancing their product portfolio in global Agave syrup market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global Agave syrup market till 2025.