New York, April 04, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Blue Agave Market was valued at USD 9.6 billion in 2022 and is anticipated to reach approximately USD 15.5 billion by 2032. It is estimated that this market will register a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2023 to 2032. Mexican agave, also known as blue agave, has greenish-grey sword-like leaves with a spiny margin and is commonly cultivated for the production of tequila and sometimes also grown as ornamentals.
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Key Takeaway:
- By Type, in 2022, the organic blue agave segment has generated the largest revenue share 2022.
- By Application, the food and beverages segment generated the largest revenue share of 48% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 34.3%.
- Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.
Some species of agave contain a sap that is fermented to produce alcoholic drinks. Many of the members are also known as desert plants and they are important for fibers obtained from their leaves. Many of the members are also known as desert plants, and they are important for fibers obtained from their leaves.
Factors affecting the growth of the blue agave market.
Several factors can affect the growth of the blue agave market. Some of these factors include:
- Increasing use in bakery products: Blue agave nectar is 1.5 times sweeter than sugar, and its cost is also less; therefore, blue agave nectar has large demand in bakery products to add extra sweetness and flavors.
- High health benefits: Blue agave nectar is rich in nutrition, and it is used to treat health problems such as weak digestion, stomach inflammation, and constipation; due to this, agave syrup and agave nectar have high demand in the pharmaceutical industry.
- Growing demand for making cocktails and drinks: Agave syrup is widely used in making cocktails and drinks as it is a natural sweetener and has no side effects.
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Top Trends in Blue Agave Market
Blue agave manufacturers are increasingly focused on product innovation and differentiation as they are steadily moving toward consolidation through mergers & acquisitions, joint ventures, and collaborative partnerships. Consumers worldwide are shifting towards natural sweeteners due to the adverse health effects of synthetic sweeteners. Also, increasing numbers of supermarkets and online retail stores offer a wide variety of blue agave products and provide doorstep services; due to this, blue agave products have great demand in the global market. Blue agave nectar is used as an alternative sweetener in the food and beverages industry which has surged demand for blue agave in the market.
Market Growth
Population growth, individual purchasing power, increasing consumer preference, and effective distribution channels are expected to boost global market growth during the forecast period. Market growth is propelled by increasing demand for natural sweetener products in the food and beverage industry, and the increased preference of consumers for a variety of flavors. These are some of the key factors that are expected to drive the growth of the target market.
Regional Analysis
The blue agave market was dominated by North America, which acquired the most significant revenue share of 34.3% in 2022. The growth of the bakery industry and increasing demand for snacks and baked goods resulted in the growth of the blue agave market in the North America Region. In North America, the advancements in R&D facilities and the technological adoption rate is greater results in new product innovations.
Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to increasing consumers’ preference for natural sweeteners and snacks, other products, and large applications in the foods and beverage industries. Increasing consumer preference for natural sweeteners in food products and high consumption of bakery products is expected to support the growth of the market.
Competitive Landscape
Several blue agave market companies are concentrating on expanding their existing operations, and demand R&D facilities. Some of the major key players in blue agave markets are San Marcos Growers, Wholesome Sweeteners Inc., DIPASA, Madhava Natural Sweeteners, Colibree Company, Global Goods, The Groovy Food Company, and Other Key Players.
Recent Development of the Blue Agave Market
- In 2022, Wholesome Sweeteners Inc., the blue agave company, launched its Organic Raw Blue Agave 44 sweetener in the market.
- In 2021, DIPASA, the blue agave products manufacturing company, introduced Sweet Organic Blue Agave Syrup which contains a low glycemic value and is easily absorbed in the body.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 9.6 billion |
| Market Size (2032) | USD 15.5 Billion |
| CAGR (from 2023 to 2032) | 5.1% |
| North America Revenue Share | 34.3% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global blue agave market is driving as a result of rising consumer awareness of the health advantages of natural products made without the use of chemicals, additives, or artificial substances. The need for natural sweeteners in the food and beverages industries and consumers’ inclination towards natural products are driving the growth of the blue agave market. Growing consumer awareness of the health benefits of agave syrup as it replaces honey and sugar is the main factor for market growth. Blue agave Market is also driving because agave nectar is a natural substitute for artificial sweeteners and refined sugars that are less viscous than sugar.
Market Restraints
Lack of awareness regarding the consumption of agave nectar is the main restraining factor for market growth. Overconsumption of agave nectar leads to liver damage, which has a negative impact on market growth. The environmental impact on blue agave production is an important reason for the negative impact on market growth.
Market Opportunities
With a high number of applications of blue agave products in the healthcare industries, and food & beverages industries, the rising investment in this industry is expected to create lucrative growth opportunities in the market. The rapidly increasing geriatric population, increasing demand for agave products, rising per capita incomes, and increasing awareness among individuals regarding the benefits of blue agave nectar are driving the need to enhance the use of natural sweeteners.
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Report Segmentation of the Blue Agave Market
Type Insight
Based on type, the organic blue agave segment is dominant in the market with the largest market share and is expected to continue its dominance during the forecast period. The growth of the segment is propelled by high benefits and as a good alternative for the other sweeteners. Organic Agave nectar has a low glycemic index, making it an ideal sweetener for versatility is the primary factor for the growth of the segment.
Application Insight
Based on Application, the food and beverages segment was dominant in the market with the largest market share in 2022. Blue agave nectar has a major application in cooking, such as it is used as a sweetener in jams, jellies, raw foods, and ice creams. Agave nectar is used in poultry and meat products and salty foods to add flavor to food. Granulated agave sugar is mostly used as a topping in breadcrumb cakes, coffee cakes, oatmeal, etc., which has a positive impact on the growth of the market.
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Market Segmentation
By Type
- Organic
- Conventional
By Application
- Food and Beverages
- Pharmaceuticals
- Nutraceuticals
- Others
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- San Marcos Growers
- Wholesome Sweeteners Inc.
- DIPASA
- Madhava Natural Sweeteners
- Colibree Company
- Global Goods
- The Groovy Food Company
- Other Key Players
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