Agave Nectar Market Earnings Margins, Value Of Production & Consumption Demand Figures 2023 to 2033
The agave nectar market is expected to expand from US$ 2,06,024.0 million in 2023 to US$ 3,78,776.4 million by 2033. The demand for agave nectar is anticipated to have an effective CAGR of 6.3% from 2023 to 2033 compared to the CAGR of 2.5% from 2018 to 2022.
There has been a tectonic movement towards clean-label,
natural, organic, and healthy food products, and this pattern is predicted to
continue in the years to come. Consumer preferences are rapidly shifting
towards a healthier and organic lifestyle. This shift plays an important role
in the growing surge of demand for natural sweeteners like agave syrup.
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A low glycemic index of agave nectar attracts consumers
seeking an alternative to traditional sweeteners like refined sugar, owing to
the increasing health consciousness of consumers. The increase in demand for
diabetic-friendly sweeteners due to the continuous increase of diabetic cases
worldwide leads to an increase in demand for agave nectar, a natural sweetener
with a lesser impact on blood sugar levels. In the food service industries and
kitchens, agave nectar is commonly used in Mexican and Latin American cuisines.
This, along with the increase in the mixology trend, leads to an increase in
demand for agave nectar.
Agave nectar is predominantly derived from the blue weber
species of agave plants that take several years to cultivate and harvest. This
limits the regular supply of agave, thereby posing a restraint on the growth of
the agave nectar market. Honey, maple syrup, coconut sugar, artificial
sweeteners, and alternative low-calorie sweeteners pose serious competition to
agave nectar. Lack of consumer awareness about the health risks caused by
artificial sweeteners and limited knowledge about the availability of natural
and organic alternatives impacts market growth.
The high fructose level in agave nectar can wreak havoc on
metabolic health and may contribute to insulin resistance and type 2 diabetes
if not consumed in moderation. This hinders the growth of the market for agave
nectar.
The versatility of agave nectar as a sweetener has led to
its increased use in a wide range of food products like bakery products such as
coffee cakes, waffles, pancakes, and scones. Marketing efforts and increased
product awareness about agave nectar and its applications can help increase
demand and market penetration.
A notable trend observed in the market is seeking organic
and non-genetically modified organism (non-GMO) products. This trend has also
captivated the agave nectar market, where consumers demand organic and non-GMO sweeteners.
Some other commonly observed trends in the market are the rise of several
e-commerce sites, market expansion and diversification, clean labels, and
natural positioning, among others.
Key Takeaways
•
Agave nectar market spending in the United
States is estimated to have a share of 23.7% in 2023.
•
The agave nectar market in the United Kingdom is
anticipated to exhibit a CAGR of 5.7% through 2023.
•
With a CAGR of 23.3% over the forecast period,
India is predicted to develop in the agave nectar market.
•
In 2022, Japan had a 6.0% share of the agave
nectar market globally.
•
The agave nectar market in China is expected to
increase, registering a CAGR of 2.9% over the forecast period.
•
Germany accounted for 4.7% of the global agave
nectar market in 2022.
Competitive Landscape
Dominant players in the agave nectar market are increasing
their competitive edge by developing promotional strategies, product
development, and diversification and formulating new marketing strategies. They
are highlighting the product’s nutritional value and sustainability aspect to
generate greater demand. FMI expects these players to launch new products to
strengthen their foothold in the agave nectar market during the forecast
period.
Wholesome Sweeteners, Madhava Natural Sweeteners, NOW Foods,
Nekutli Agave Nectar, Madhava Agave Farms, The Groovy Food Company, and Wildly
Organic are operating as the key players in the agave nectar market.
These companies offer a diversified range of agave nectar
options and emphasize their commitment to quality and purity. These brands
focus on ethically sourced and sustainable sweeteners for their consumers. The
market is dynamic, with new players emerging and existing players expanding
their product offerings to cater to evolving consumer preferences.
Recent Developments
•
In March 2023, the new Spicy Agave Sweetener,
manufactured from organic agave that has been combined with Hatch and Guajillo
chilies, was released by Monin Americas.
•
The Whole Earth Brands holds the North American
organic sweetener brand Wholesome Sweeteners Incorporated. The purchase
improved Whole Earth's brand recognition among customers and catered to a
sizable international clientele.
Key Segments Profiled
in the Agave Nectar Market Survey
By Type:
- Light
- Amber
- Raw
- Dark
By Form:
- Powder
- Liquid
By Application:
- Bread
- Cakes
- Pastries
By Distribution Channels:
- Supermarket
- Online
Stores
- Retail
Stores
By Region:
- North
America
- Latin
America
- Asia
Pacific
- Middle
East and Africa
- Europe
Information Source:
https://www.futuremarketinsights.com/reports/agave-nectar-market
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