Rise in penetration of quick service restaurants and fast-food chains and increase in the consumption of soft drinks and fruit juice concentrates drive the growth of the global sweetener market.
PORTLAND, Ore., Oct. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Sweetener Market by Type (Sucrose, Starch Sweeteners and Sugar Alcohol, High Intensity Sweeteners), by Application (Bakery and Cereal, Beverages, Dairy, Confectionery, Table Top Sweetener, Others), by Distribution Channel (Supermarket and Hypermarkets, Departmental Stores, Convenience Stores, Online Store, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global sweetener industry generated $82.3 billion in 2021, and is anticipated to generate $130.6 billion by 2031, witnessing a CAGR of 4.6% from 2022 to 2031.
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Prime determinants of growth
Rise in penetration of quick service restaurants and fast-food chains and increase in the consumption of soft drinks and fruit juice concentrates drive the growth of the global sweetener market. However, the high manufacturing costs of sugar alcohols restricts the market growth. Conventional chemical procedures demand severe temperatures and expensive chromatographic purification stages, resulting in a poor end product yield. Moreover, Manufacturers in the sweetener industry are continuously investing in R&D to expand their product portfolios and market presence, which is presenting new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global sweetener market, owing to temporary closure of sweeteners manufacturing firms during the lockdown.
- Many countries had considered sweeteners as a non-essential item in the crisis of the pandemic. The government's action affected customers since they were unable to purchase items during the government-mandated closure, thus affecting customer demand for the products.
- Furthermore, due to limitations on the functioning of restaurants, bars, and geographically specialized sales channels, government-enacted stay-at-home directives had significantly limited end-consumer's ability to buy certain food or beverage commodities in the United States and other markets.
The sucrose segment to maintain its leadership status throughout the forecast period
Based on type, the sucrose segment held the highest market share in 2021, accounting for around three-fourths of the global sweetener market, and is estimated to maintain its leadership status throughout the forecast period, owing to its wide usage and increasing availability in the market at a low cost. However, the high-intensity sweeteners segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031, owing to the increased demand for high-intensity sweeteners as it has a low-calorie content.
The table top sweetener segment to witness fastest growth rate
Based on category, the table top sweetener segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031. This is owing to the increased usage of table top sweetener as it is easy to use and mixes directly with the food. The others segment held the highest market share in 2021, contributing to more than one-third of the market. The report analyzes segments including bakery & cereal, beverages, dairy, and confectionery.
The supermarket and hypermarkets segment to maintain its lead position during the forecast period
Based on distribution channel, the supermarket and hypermarkets segment accounted for the largest share in 2021, contributing to more than two-fifths of the global sweetener market, and is projected to maintain its lead position during the forecast period. This is owing to the increased availability of sweeteners in the hypermarkets around the globe. However, the online store segment is expected to portray the largest CAGR of 6.5% from 2022 to 2031, owing to the increased association of the internet and e-shopping with consumers in developing regions.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global sweetener market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 5.3% from 2022 to 2031. This is owing to the high consumption of sucrose by the population, and the higher availability of sweeteners in different variants. The report also analyzes North America, Europe, and LAMEA region.
Leading Market Players: -
- Ajinomoto Co, Inc.
- Archer Daniels Midland Company
- Associated British Foods Plc
- Cargill, Incorporated
- Celanese Corporation
- DuPont de Nemours, Inc.
- Ingredion Incorporated
- Kerry Group
- Roquette Freres
- Südzucker Group
- Tate and Lyle Plc
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The report provides a detailed analysis of these key players of the global sweetener market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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