Market Trends of Agave Syrup Industry
Increasing Obese and Diabetic Population in the World
- The rise in the number of diabetic individuals worldwide is driving the agave syrup market. Agave syrup has a low glycemic index, which helps maintain the blood sugar level, thus being helpful to the diabetic population. Moreover, it helps in enhancing metabolism and also improves heart health. Vitamin B6 in agave helps control morning sickness in pregnant women, while its folate helps build the child's nervous system. The consumption of sugar is decreasing consistently owing to the increasing number of people with diabetes worldwide.
- According to the International Diabetes Federation (IDF), the number of people with diabetes accounted for 537 million globally in 2021. The 2022 National Diabetes Statistics Report was recently made available by the Centers for Disease Control and Prevention (CDC). According to this study, more than 130 million adults in the United States had diabetes or prediabetes. The increasing diabetes population drives the agave syrup market further.
- Sugar consumption increases weight as it immediately upsurges blood sugar. The growing health consciousness among individuals and their focus on maintaining a healthy lifestyle led to the market's growth. People are more focused on staying fit than obese, which helps propel the demand for agave syrup.
- To make people aware of the rising number of diabetics and the launch of new labels and products released in this market, many businesses have been initiating awareness campaigns. For instance, the Better Choices for Life campaign, which aims to educate consumers, was announced and launched by The American Diabetes Association (ADA) in March 2021. The program aims to educate customers about ADA claims and product brand labeling. In the program's current iteration, the association provides awareness of products in food and nutrition, health and wellness, and diabetes management. These awareness programs and health-conscious consumers aware of Agave health benefits act as a major driving factor in this market.
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Asia Pacific Holds Significant Share in the Market
- The Asia-Pacific region accounts for the largest share of the agave syrup market owing to the increased demand for agave syrup as a flavoring agent in several food products, including baked goods, confectioneries, dairy products, and various beverages. Agave syrup is mostly used as a sweetener by people who deal with diabetic conditions and obesity. The low glycemic index in agave syrup is known to control the blood sugar level, helping diabetic patients.
- The presence of a significant portion of the diabetic population in the world marks the Asia-Pacific region. According to International Diabetes Federation (IDF), the number of diabetics in Western Pacific and Southeast Asia reached 296 million in 2021. Also, with the increasing Internet penetration in the region, the online market for purchasing food products, including agave syrup, has seen rapid growth in the last few years, attracting a few vertical specialists like Amazon, Walmart, etc. The decrease in sugar consumption and increase in the diabetic population drives the market for agave syrup in the Asia-Pacific region.
- Additionally, since agave is produced from a plant, many people who live vegan lifestyles use it as a substitute for honey. For instance, according to Hana Bank and Korea Vegan Union stats, there were approximately 2.5 million vegans in South Korea as of 2021. According to the Vegan Society article, approximately 65,000 products from more than 2,500 companies are officially enrolled globally, including 18,000 food and drink items and 25,000 cosmetics and toiletries.
- The Vegan Society registered 16,439 products with The Vegan Trademark in 2021. Their product registrations have increased by more than 82% during the past five years. The Vegan Trademark is present in around 87 countries worldwide. In a 2021 global poll by National Sanitation Foundation (NSF), 88% of food industry professionals anticipated increased demand for plant-based products. According to 74% of respondents, plant-based diets are preferred by consumers because they lead better lifestyles, and 60% claimed they do so for environmental reasons. Also, according to the Green Queen article, Asia is the world's top three vegan-friendly travel destinations, while Thailand, South Korea, and Taiwan are among the top three nations in the ranking. Therefore, this region's increasing vegan products and consumer preferences are major market drivers.
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