Agave Syrup Market - Trends, Growth and Forecasts (2018 - 2023)
The agave syrup market is expected to attain a CAGR of 5.2% during the forecast period (2018–2023). Agave syrup is derived from agave nectar, which is a sweetener commercially produced from several species of agave, including Agave tequilana (blue agave) and Agave salmiana. Agave syrup has higher sweetness intensity and viscosity, compared to honey. Veganism, as a concept, has led consumers to seek alternatives to honey. Agave syrup is a suitable substitute of honey for vegan consumers. The quick-melting trait of agave syrup makes it a popular choice of product for many beverage manufacturers. The distinct characteristics associated with agave syrup distinguishes it from natural sweeteners and other syrups available in the market. It doesn’t have a bitter after taste like stevia, and it contributes to Maillard reaction, thus conferring the golden brown appearance to the product.
Widening Application Spectrum for Agave Syrup
The global agave market is driven by the widespread application of agave syrup across different segments of the processed food industry. The agave syrup is widely utilized in bakery products, like waffles, cakes, pancakes, bread rolls, bun, cake, and cookies, to name but a few. Apart from bakery, agave syrup also finds extensive application in the beverage industry. In fact, agave syrup contains certain volatile compounds, like hydroxybutanone, vanillin, and propionaldehyde, which aid in the alcoholic fermentation process utilizing agave syrup, thereby conferring a distinct flavor profile to the final product.
Agave syrup has also been incorporated into dairy products, like ice creams, and due to its high intensity, viscosity, and quick-melt characteristics, it provides a suitable alternative to sugar. It is also one of the popular honey-substitutes available in the market. However, the long-term consumption of agave syrup is linked with insulin resistance that increases the risk of diabetes. Thus, the general and oral health concerns act as a restraint to the market.
The global agave syrup market is segmented on the basis of type, application, and region. The agave syrup market based on type consists of light agave syrup, amber agave syrup, dark agave syrup, and raw agave syrup. Out of all the types, light agave syrup exhibits neutral flavor profile, and thus is widely incorporated in a variety of food products, such as sauces, baked goods, beverages, etc. The major applications of agave syrup are: bakery, confectionery, beverages, dairy, and others. The beverage segment is expected to grow faster owing to its widespread use. In beverages, agave syrup is known to provide pleasant sweetness without affecting the mouth-feel or juiciness of a product.
Asia-Pacific Dominates the Agave Syrup Market
The Asia-Pacific region in expected to lead the global agave syrup market, followed by Europe and North America. The growing demand for agave syrup as a flavoring agent in various food products has provided further fillip to the global agave syrup market.
January 2018: Tacoma-based Moctezuma’s Mexican Restaurant has launched its own line of orange liqueur for its margaritas using dark agave nectar from Mexico.
The major players include - SISANA, CIRANDA INC., STEVIVA INGREDIENTS, THE IIDEA COMPANY, NEKUTLI AGAVE NECTAR, DANDY LIONS LIMITED, MARETAI ORGANICS, WHOLESOME SWEETENERS, MADHAVA NATURAL SWEETENERS, COLIBREE COMPANY, DIPASA USA, GLOBAL GOODS INC., amongst others.
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