Properties of agave syrup make it suitable for use in a number of food and beverages. In baked goods, and functional beverages in particular, the use is growing and that is leading to its higher demand. Besides, it is now being used in cocktails, coffee, and tea. As per TMRR, this is set to drive the global agave syrup market on a high growth curve over the forecast period of 2019 to 2029. A growing health conscious population is enabling a robust CAGR in the market over the stated period.
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One of the biggest demands for the syrup comes from diabetics who can’t have sugar and this provides a better alternative. World over, it is important to note, that incidence of diabetes is growing. While, part of it are genetic reasons, the others are external environmental. The latter contains reasons of poor lifestyle choices such as sedentary living and poor diets. Obesity too is playing a significant role in the growth of demand for agave syrup. Cases of obesity are increasing for similar reasons.
Over the next few years, therefore, demand for the product is set to go up while opportunities will present themselves to market players, proactive and actively seeking out growth avenues. These will be ready to be tapped into and will also help the players consolidate their market position while at the same time improve their revenue share.
The moderately fragmented global agave syrup market is marked by presence of players who are known for their focus and innovation. Such names that are setting new market growth benchmarks are Maretai Organics Australia, Malt Products Corporation, Sisana Sweeteners, Hain Daniels Group (Clarks UK Ltd), and The iidea company, among other. Improving upon product quality and focusing upon innovation hold a special place in the landscape of global agave syrup market.
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