Sweeteners Market Overview
Sweeteners market to reach $732.57 billion by 2030, during the historic forecast period and it is expected to grow at a CAGR of 3.51 % during the forecast period. This is due to people's growing health concerns as a result of poor eating habits and obesity. According to research by the World Health Organization, 39% of individuals are overweight, and as a result, their eating habits are changing, with many now preferring low-calorie items. The majority of people are now substituting sweeteners that are less harmful to normal sugar. Sweeteners can mimic the taste of conventional sugar while containing fewer calories; as a result, they are increasingly being used as a substitute for regular sugar.
The worldwide sweeteners market, like other businesses and marketplaces, is being impacted by the covid-19 pandemic. Market difficulties have arisen as a result of the application of lockdown in practically all countries throughout the world, as well as social distancing guidelines. The covid-19 epidemic has had a significant impact on product supply chains around the world, as well as raw resources. The manufacture of sweeteners was hampered due to a paucity of raw materials and supplies. The sweetener market's demand was reduced due to a lack of supply.
Key Players
The major players in the market are Ajinomoto (Japan), Celanese Corporation (U.S.), Kerry Group PLC (Ireland), Cargill Incorporated (U.S.), Archer Daniels Midland Company (U.S.), DuPont Nutrition & Health (Denmark), and Tate & Lyle plc (U.K). To fulfill the increased demand for healthful food, researchers are developing novel sweetener products. Natural sweeteners are utilized in a variety of items, including beverages, juices, soft drinks, sweets, dairy products, desserts, and more. The raw materials for sweeteners can be expensive. Sweetener manufacture is also difficult. As a result, the high cost of production, as well as the high price of sweeteners in comparison to conventional sugar, has become a major challenge for the high-intensity sweetener business. The global sweeteners market's major players are working hard to overcome these obstacles.
Market Segmentation
Based on type, the sweeteners market overview is segmented into natural sweeteners (stevia, erythritol, xylitol, and others) and artificial sweeteners.
Based on the application, the market is segmented as dairy, frozen dessert, bakery, confectionery, beverages, and others.
Based on the region, the market is segmented as North America, Europe, Asia Pacific, and the Rest of the World.
Regional Classification
North America has the largest sweeteners market share for high-intensity sweeteners. North America has the world's largest bakery and confectionery market, which is propelling the sweetener business forward in this region. Artificial sweeteners have a large market share in the United States, owing to the region's rising diabetes and obesity rates. The sweeteners market size in this region is growing due to the increased adoption of sweeteners and rising health concerns among consumers. Europe is the second-largest producer of high-intensity sweeteners. The sweeteners sector in this region will be driven by the significant usage of sweeteners in alcoholic beverages. The Asia Pacific region is growing at a quicker rate than the rest of the world, and it is predicted to have a high CAGR during the sweeteners industry's projection period. The sweetener market in this region will develop due to a growing population and rising health concerns.
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