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Agave Nectar Global Market Report 2021: COVID-19 Growth And Change

Agave Nectar Global Market Report 2021: COVID-19 Growth And Change

  • September 2021
  • 175 pages
  • ID: 6152586
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the agave nectar market are Whole Earth Brands, Pura Foods Ltd., Malt Products Corporation, The Groovy Food Company, Sisana Sweetener, Domino Foods Inc, The IIDEA Company, Madhava Foods, The Agave Sweetener Company, Nekutli, The Tierra Group, and LOC Industries Inc.

The global agave nectar market is expected to grow from $178.87 million in 2020 to $194.55 million in 2021 at a compound annual growth rate (CAGR) of 8.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $296.44 million in 2025 at a CAGR of 11.1%.

The agave nectar market consists of sales of agave nectar by entities (organizations, sole traders, and partnerships) that are commercially produced from several species of agave, including agave tequilana and agave salmiana.Agave nectar is a sweetener used as a natural substitute for artificial sweeteners and refined sugars.

It has a low glycemic index, which does not cause high blood glucose and helps prevent problems such as metabolic syndrome and insulin resistance.

The main types of agave nectar are light agave nectar and dark agave nectar.The lighter agave nectar grades are flavor neutral, complementing the natural flavors of coffee, tea, fruit drinks, bakery items, fresh fruits, fruit smoothies, salad dressings jams and jellies, ice cream, yogurts, and other prepared meals without changing their flavor.

The different functional types include emulsifier, sweeteners, flavor enhancers and are made available to customers through various distribution channels such as supermarkets, online stores, retail stores, others. It is used in bakeries, beverages, confectionery, and others.

Asia Pacific was the largest region in the agave nectar market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The introduction of biodegradable agave-based straws is an emerging trend in the agave nectar market.Major companies operating in the agave nectar sector are focused on introducing biodegradable agave-based straws as an alternative to conventional plastic straws.

For instance, in December 2019, Jose Cuervo, a US-based producer of tequila launched biodegradable agave-based straws which will decompose up to 200 times faster than regular plastic.The new straws, which are made from an agave bio-based composite, substitute around a third of the polymers utilized in conventional straw manufacture and may be fed by microorganisms to completely biodegrade under landfill settings within one to five years.

The agave-based straws have a mouthfeel and texture comparable to regular plastic straws, with a natural, organic tan hue created by the agave fibers.

In December 2020, Whole Earth Brands, a US-based company that focuses on consumer transition towards natural alternatives, plant-based, clean label, and non-sugar products acquired Wholesome Sweeteners, Inc. for $180 million-plus an earnout. This acquisition will help Whole Earth Brands to enhance its competitive position and expand consumers’ access to delicious foods. Wholesome Sweeteners, Inc. is a US-based manufacturer of organic sweeteners, including sugar, honey, agave, allulose, and other liquid products.

Increasing awareness of fitness among people coupled with a surge in the number of health-conscious consumers is expected to drive the market for agave nectar during the forecast period.Consumers are moving towards maintaining good health through various diets including keto, vegan, and fitness training including gyms.

Agave nectar is a tasty natural sweetener that can be substituted for high-glycemic and refined sugars by dieters, diabetics, and health-conscious cooks in proportion.According to a new survey conducted in 2021 by biotechnology company Gelesis, 60% of Americans desire to feel healthier and 51% want to reduce weight by exercising and modifying their diets including attempting to eat more plant-based foods.

Therefore, the increasing awareness of fitness among people and the growing number of health-conscious consumers propels the growth of the agave nectar market.

The countries covered in the agave nectar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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