Increased investments and advancements in the hospitality and tourism sector have led to an increase in the demand for agave nectar by the food industry. Over the past five years, the hospitality industry has witnessed great interest in the region due to its diversity and natural resources. Most of its popularity can be awarded to the government’s commitment to promoting the hospitality and tourism sector by creating a favorable climate for FDI by foreign players and countries like China that are looking for an alternative for the U.S. due to the continuing cold war.
The World Economic Forums Travel and Tourism Competitiveness Index report listed six Latin American countries among the top 50 as the most competitive countries worldwide. Chile experienced a 6.4% increase in European tourists and a 33.9% rise in Chinese tourists’ arrival in the year2017.
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COVID-19 Impact Analysis
COVID-19 pandemic has severely affected global trade. International orders have been sealed while economies and international organizations are looking for an easy way out. The number of cases has been high in countries such as the U.S, Canada, and Mexico, which are also the major shareholders in the agave nectar market. The prevailing situation, coupled with disruption in supply chains, will further affect the procurement cycle to a large extent and increase the prices for the products that use agave nectar. Furthermore, companies have lowered production capacities due to a falling demand curve.
Agave nectar is derived from plants, and the pandemic has affected the agriculture market equally, thereby hampering the market further. Since agave nectar is a consumer product and its consumption is largely dependent on the consumption power of the end-user, the ongoing situation has reduced consumer spending, which is estimated to have a considerable impact on the market growth.
Agave Nectar Market: Segmentation
Central and South America and the Caribbean
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