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.
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.
Increasing cost of healthcare has compelled people to opt for natural and healthy food products as a precautionary measure. These natural products provide health benefits, such as weight management, lower blood sugar levels, protect against certain cancers, lowering risk of heart attacks, and reducing pain from arthritis, among others. Therefore, increasing healthcare expenditure is anticipated to increase the sales of natural sweeteners in the global sweeteners market.
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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.
Health-conscious Consumers to Influence Growth of Sweeteners Market
In the current day and age, consumer trends play an important role within the food & beverages sector. Technological advancements, innovations in food production, and access to information pertaining to multiple food products are some of the leading factors that have led to a steady rise in demand for novel food ingredients, including sweeteners. The health-conscious trend is set to continue during the forecast period, which in turn is likely to boost the demand for natural sweeteners.
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Within the sweeteners market, the demand for natural sweeteners is significantly higher than that of artificial sweeteners– predominantly driven by the growing affinity toward natural food products. Consumer demand for zero-added sugar, free-form sugar, and low-sugar products has played an important role in driving the sales of sweeteners across the world. Several companies operating in the current sweeteners market landscape are increasingly investing resources toward the development of innovative sweeteners that comply with regulations and guidelines laid down by the Food and Drug Administration (FDA).
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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