Global sweeteners market forecast for near $30 billion upturn over four years
Latest industry research has forecast that the global sweeteners market is set to experience a period of continued expansion in value from $115billion last year, to $144 billion by 2028, writes Neill Barston.
The study, from ResearchAndMarkets.com has indicated that compound growth in the market could reach 4.6%, amid an extension of applications for table sugar and alternatives across the food and drinks sector, including within confectionery.
Notably, as Confectionery Production has previously reported, another key factor that could have implications within the sector is the rapid rise in sugar costs over the past year that has placed pressure on global markets, that could potentially encourage manufacturers to seek less costly alternatives.
There have been specific issues within Europe, where manufacturers have reported being unable to import sufficient quantities to meet consumer demand, with the CIUS sugar users association expressing concern that it has been struggling to import sugar supplies from Ukraine due to internal agreements within the EU over maintaining tariff-free conditions amid the ongoing conflict.
As Researchandmarkets’ findings noted, the market value growth is reportedly being driven by health-conscious consumer trends and increasing concerns about the impact of excessive sugar consumption on health have led to a surge in demand for sugar alternatives.
Among some of the key solutions finding prominence are stevia, erythritol, and monk fruit are gaining popularity, providing sweetness with fewer or no calories. Food and beverage manufacturers are incorporating these substitutes to meet the rising demand for reduced-calorie and sugar-free products.
According to the market study, sucrose is poised to maintain the largest share in the sweeteners market for several compelling reasons. As a natural disaccharide commonly known as table sugar, sucrose possesses widespread consumer acceptance and is a staple in various food and beverage applications. Its versatility extends from enhancing taste profiles to providing texture and colour in products. The inherent sweetness and familiarity associated with sucrose make it a preferred choice among consumers, including for confectionery and bakery.
Moreover, sucrose’s functionality in preserving and enhancing the overall sensory experience of food products contributes to its enduring market dominance. While alternative sweeteners are gaining popularity, sucrose continues to be a key ingredient in numerous formulations. The enduring demand for sucrose, coupled with its irreplaceable role in culinary applications, positions it as a frontrunner in capturing and maintaining the largest share in the dynamic and evolving sweeteners market.
US is anticipated to command the largest share in the sweeteners market, reflecting the pressing need for alternatives in a landscape where American adults and young individuals consistently exceed recommended daily added sugar intake. With adults consuming 2 – 3 times the recommended amount and children averaging 16 teaspoons daily (according to The American Heart Association), there is a heightened demand for low-calorie and sugar-free options.
This surge in awareness regarding the health risks associated with high sugar consumption, particularly in beverages where 47% of added sugars are found, propels the growth of the sweeteners market. As consumers seek healthier choices and the food and beverage industry adapts to evolving preferences, the demand for sweeteners, including sugar substitutes, is on the rise. U.S. market’s expansive size and responsiveness to health-conscious trends is driving the substantial share of the sweeteners market.
