Wilmington, Delaware, May 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Sweetener Market by Type (Sucrose, Starch Sweeteners and Sugar Alcohol, High Intensity Sweeteners), Application (Bakery and Cereal, Beverages, Dairy, Processed Food, Confectionery, Table Top Sweetener), and Distribution Channel (Supermarket and Hypermarkets, Departmental Stores, Convenience Stores, Online Store, Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "sweetener market" was valued at $88.1 billion in 2023, and is estimated to reach $154.6 billion by 2035, growing at a CAGR of 4.9% from 2024 to 2035.
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The growth of the sweetener market is influenced by several prime determinants that shape its trajectory and expansion. Firstly, shifting consumer preferences towards healthier lifestyles and increased awareness of the adverse effects of excessive sugar consumption have been key drivers. Consumers are increasingly seeking alternatives to traditional sugar that offer reduced calorie content or are perceived as more natural. This has led to a surge in demand for low-calorie sweeteners, such as stevia and monk fruit extract, as well as natural sweeteners like honey and agave syrup. Additionally, rising incidences of lifestyle diseases such as obesity and diabetes have heightened the demand for sugar substitutes, further propelling market growth.
Secondly, regulatory initiatives aimed at curbing sugar consumption and promoting healthier dietary choices have significantly influenced the sweetener market. Governments worldwide are implementing measures such as sugar taxes, mandatory labeling of sugar content, and regulations on advertising sugary products. These regulations have encouraged food and beverage manufacturers to reformulate their products with alternative sweeteners to meet changing consumer preferences and regulatory requirements. Moreover, technological advancements and innovations in sweetener formulations have expanded the market by enhancing taste profiles, improving product stability, and reducing production costs. As a result, the sweetener market is poised for continued growth, driven by evolving consumer behaviors, regulatory interventions, and ongoing product innovation.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2035 |
| Base Year | 2023 |
| Market Size in 2022 | $88.1 Billion |
| Market Size in 2032 | $154.6 Billion |
| CAGR | 4.9% |
| No. of Pages in Report | 445 |
| Segments Covered | Type, Application, Distribution Channel, And Region |
| Drivers | Increasing Health Consciousness and Demand for Low-Calorie Alternatives |
| Rising Prevalence of Lifestyle Diseases Like Obesity and Diabetes. | |
| Growing Adoption of Natural Sweeteners. | |
| Opportunities | Rising Demand for Natural and Organic Sweeteners. |
| Emerging Markets in Asia-Pacific And Latin America. | |
| Innovations In Sugar Reduction Solutions. | |
| Restraints | Negative Perceptions Associated with Artificial Sweeteners. |
| Fluctuating Prices of Raw Materials. |
The sucrose segment to maintain its leadership status during the forecast period
By type, the sucrose segment held the highest market share in 2023, accounting for nearly three-fourths of the global sweetener market revenue, and is estimated to maintain its leadership status during the forecast period. However, the high-intensity sweeteners segment is projected to manifest a significant CAGR of 6.4% from 2023 to 2032.
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The beverages segment to maintain its leadership status during the forecast period
By application, the beverages segment held the highest market share in 2022, accounting for more than one-fourth of the global sweetener market revenue, and is estimated to maintain its leadership status during the forecast period. Additionally, the table top sweetener segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032.
The supermarket and hypermarkets segment to maintain its leadership status during the forecast period
By distribution channel, the supermarket and hypermarkets segment held the highest market share in 2022, accounting for more than one-third of the global sweetener market revenue, and is estimated to maintain its leadership status during the forecast period. Additionally, the online store segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific has the highest market share in terms of revenue in 2022, accounting for nearly half of the global sweetener market revenue. In addition, the Middle East and Africa region is expected to witness the fastest CAGR of 6.3% from 2023 to 2032.
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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