A sugar replacement includes a mixture of agave inulin and agave fructose. The agave inulin forms from 40 to 90 percent by weight of the sugar replacement. The agave fructose forms a remainder (10 to 60 percent by weight) of the sugar replacement. The sugar replacement has reduced calories and glycemic index compared to sugar. The sugar replacement can have its sweetness adjusted so that it is a one to one replacement for sugar. This is particularly useful when the sugar replacement is being used in baking recipes. Baked goods and caramels using the sugar replacement have qualities like those using sugar. The sugar replacement can be used to make chocolates.