Sweeteners Market: Introduction
A recent study published by Transparency Market
Research on the sweeteners market includes global industry analysis and
opportunity assessment for 2020-2030. The global sweeteners market is expected to be valued at ~US$ 489 Bn in 2020,
which is projected to rise at a CAGR of 4%, to reach US$
731 Bn by 2030.
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Increasing Demand for Plant-based
Sweeteners Augmenting Market
The rising demand for plant-based sweeteners or
products improves prospects for companies that seek to sustain their position
in the consolidated sweeteners market. The use of stevia, molasses, honey, palm
sugar, coconut sugar, monk fruit, and other plant-based sweeteners in beverages
and packaged food is expected to increase the market’s reach in existing
regions as well as penetrate deeper into untapped markets worldwide.
Furthermore, new product offerings, especially in the developed countries such
as US, where stevia is recognized as GRAS product, is likely to boost the
stevia market in the near future, thereby supporting growth of the global
sweeteners market.
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Increasing Consumer Expenditure
on Healthcare Boosting Sales of Natural Sweeteners
The cost of healthcare has increased at a rate as
fast as general inflation, mainly due to the widespread research and
development activities in the pharmaceutical industry.
According to the Australian Institute of Health and
Welfare, an estimated US$ 185.4 Bn was spent on health goods
and services in Australia in 2017–18, equating to an average
of approximately US$ 7,485 per person.
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Urbanization and Changing
Lifestyles Boost Demand for Natural Food Ingredients
Increasing consumer demand for natural and healthy
food is a key factor driving the adoption of specialty ingredients in food
& beverages sector, as these offer benefits such as extended shelf life,
stability, and texture, along with offering healthier properties to the end
product. This scenario has led manufacturers to focus on development of
initiatives to offer natural products to consumers, and hence players in the
food & beverages industry are substituting chemical ingredients with
natural and specialty ingredients with an aim to improve their sales and
increase their customer base.
