GVR Report cover Sweeteners Market Size, Share & Trend Report

Sweeteners Market Size, Share & Trend Analysis Report By Product (Sugar, Honey, Artificial Sweeteners), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2028

  • Report ID: GVR-4-68039-940-8
  • Number of Pages: 78
  • Format: Electronic (PDF)

Report Overview

The global sweeteners market size was valued at USD 89.14 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 2.9% from 2022 to 2028. The growing food and beverage industry across the globe and the rising application of sweeteners in various sectors, especially in the food industry in developed and developing nations are expected to promote market growth. Moreover, the rising demand for products from the emerging economies due to rapid urbanization and increasing disposable income of consumers has projected the market growth. Furthermore, the increasing health consciousness among consumers in emerging economies is expected to accelerate the market growth during the forecast period.

U.S. sweeteners market size, by distribution channel, 2019 - 2028 (USD billion)

The growth of honey and artificial sweeteners are majorly driven by 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.  Furthermore, the continuously changing lifestyle and food habits among consumers are boosting the market of the fast-food, and bakery industry which has led to significant growth of the market during the forecast period.

Manufacturers are offering a wide range of sugar substitute products such as xylitol, mannitol, erythritol, stevia, honey, and other products due to the rapidly increasing consumption around the world. Moreover, government rules and regulations to reduce excess consumption of sugar and their application in various food and beverage products for health and wellness are driving the growth of the alternative softeners market during the forecast period.

The lockdown announced during the COVID-19 pandemic has not widely affected the sweeteners industry as compared to the other industries. The increasing demand for honey and artificial sweeteners across the globe is propelling market growth. The rising demand for food and bakery products after the COVID pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the upcoming years.

Product Insights

The sugar segment contributed to the largest market share of more than 75% in the market  revenue in 2021 and is expected to grow with a CAGR of 2.8% from 2022 to 2028. The increasing consumption of sugar is mainly due to population growth coupled with rapid urbanization and growing income and shifting dietary patterns. However, the rising health concerns related to sugar consumption such as diabetes and obesity may hinder the growth of the market during the forecast period.

Global sweeteners market share, by product, 2021 (%)

The honey segment is expected to expand with the fastest growth rate of 3.4% from 2022 to 2028. The increasing demand for nutritious, and healthy food is propelling the growth of this segment over the last few years. Honey is an excellent source of numerous nutrition that include minerals, calcium, vitamins, and antioxidants made available for consumers through retail channels which in turn is driving the growth of the market. Moreover, the growing popularity and demand for alternative sweeteners coupled with the increasing disposable income of the consumers are the significant factors of the market growth.

Distribution Channel Insights

The offline channel contributed a share of more than 80% in the market in 2021. Consumers are preferring offline channels for purchasing consumer goods, groceries, as well as food products such as sugar, where they can physically verify product quality. Moreover, easy access and searching for various sweeteners through stores is likely to drive the segment growth over the last few years. Offline channels are expected to remain dominant in the forecast period due to improved distribution channel networks across the globe.

The online segment of the market is anticipated to register the fastest growth with a CAGR of 3.4% from 2022 to 2028. The internet penetration rate has witnessed lucrative growth in recent years which has led to the significant growth of the e-commerce sector across the globe, which is propelling the growth of this segment. Several suppliers of these products are offering products on their websites as well as on the e-commerce platforms and have projected market growth during the forecast period.

Regional Insights

The Asia Pacific made the largest contribution with over 35% to the overall market share in 2021. China, India, Indonesia, and Bangladesh have a huge consumer base for the consumption of food products, which will drive the regional demand. Moreover, this region is expected to expand with a noticeable growth rate during the forecast period owing to the growing disposable income coupled with the rising population. According to the Food and Agriculture Organization (FAO), about 40% of the world’s sugar consumed in the Asia Pacific in 2020.

Europe is the fastest-growing market and is expected to witness a CAGR of 3.2% from 2022 to 2028. The increasing demand for sweeteners in this region due to various health benefits of products and changing dietary patterns are propelling the growth of the market in this region. Additionally, the increasing consumption of honey and artificial sweeteners in this region has grabbed the attention of food and beverage manufacturers. As the result, they are introducing a new product range with artificial and other sweeteners.

Key Companies & Market Share Insights

The market consists of various established players such as ADM, Ingredion, Cargill, and Roquette Frères coupled with local manufacturers as well. Various manufacturers and suppliers have expected to focus on the new product development, logistics, and strengthening of the distribution channel to grow their business. For instance, on 14th November 2019, Cargill and Royal DSM’s joint venture Avansya started production of EverSweet stevia sweeteners at their facility in the U.S. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. Some of the key players operating in the global sweeteners market include:

  • ADM

  • Ingredion

  • Cargill, Incorporated

  • Roquette Frères

  • Tate & Lyle

  • Foodchem International Corporation

  • PureCircle

  • Pyure Brands LLC.

  • Beeyond the Hive

  • Dabur India Ltd.

  • Capilano Honey Ltd.

Sweeteners Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 91.29 billion

Revenue forecast in 2028

USD 108.72 billion

Growth Rate

CAGR of 2.9% from 2022 to 2028

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2028

Quantitative units

Revenue in USD Million/Billion and CAGR from 2022 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; France; China; India; Indonesia; Brazil; South Africa

Key companies profiled

ADM; Ingredion; Cargill; Incorporated; Roquette Frères; Tate & Lyle; Foodchem International Corporation; PureCircle; Pyure Brands LLC.; Beeyond the Hiv;, Dabur India Ltd.; Capilano Honey Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

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Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the sweeteners market report based on product, distribution channel, and region.

  • Product Outlook (Revenue, USD Million, 2017 - 2028)

    • Sugar

    • Honey

    • Artificial sweeteners

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

    • Offline

    • Online

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Indonesia

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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