Global sweeteners market set to hit $97 billion mark by 2030, according to latest studies
A new international study has placed the global sweeteners market to expand to $97.57 billion by 2030, with CAGR growth of 2.4% from this year, according to figures from Grand View Research, writes Neill Barston.
According to its analysis, the upward market curve has been driven by an increasing range of applications being developed within the sector – including healthier options and sugar replacements within the confectionery sector.
As the research group noted, the sucrose type segment led the market in 2021 owing to its wide application in the food & beverages, pharmaceuticals, cosmetics, and personal care products industries, easy availability, and low costs.
Furthermore, it noted that the liquid form segment is expected to grow at a lucrative rate of 2.9% over the forecast period as the liquid form offers more solubility and flexibility for use in a broad scope of applications.
In terms of market share, Asia Pacific dominated, claiming over 30.0% in 2021, with the increasing application of sweeteners in various food products in economies such as China and India is a key factor contributing to the growth of the food and beverage industry in the region.
According to Grand View Research, an Increasing health consciousness among consumers in emerging economies is expected to accelerate the market growth during the forecast period. The growth of honey and artificial sweeteners is majorly attributed to rising health consciousness among consumers to encourage healthier and more nutritious food around the globe. In addition to this, the rising inclination towards natural products is propelling the growth of the market.
Increasing frequency of diseases occurring due to unhealthy lifestyles has resulted in the growing demand for nutrient-rich food, which is anticipated to drive the market over the forecast period. Low-calorie sweeteners such as high-intensity sweeteners, polyol sweeteners, and rare sugar are anticipated to witness substantial growth over the forecast period owing to their increasing applications and health benefits.
The growing prevalence of diseases associated with high sugar consumption has increased the demand for low- or no-calorie sweeteners. Low-calorie sweeteners contain very few calories but have a high intensity of sweetness per gram than high-calorie sweeteners such as table sugar, fruit juice concentrates, and corn syrup. They are widely used in various beverages and foods such as frozen desserts, yogurt, candies, baked goods, chewing gum, breakfast cereals, gelatins, and puddings.
Rising awareness regarding obesity and cardiovascular diseases is expected to limit the demand for fatty foods and food with added high fructose corn syrup (HFCS) and sucrose, which are considered high-calorie sweeteners. This factor is anticipated to positively support the growth of high-intensity sweeteners such as stevia, aspartame, and fat replacers such as whey protein and starch.
Europe is witnessing an increased demand for cakes, pastries, bread-based products, and beverages, which is driving the demand for sweeteners. Further, increasing health-conscious population is expected to support sales of healthy food and beverages, along with healthy sweeteners in Europe.