Sweeteners Market: Introduction
A recent study published by Transparency Market Research on thesweeteners market includes global industry analysis and opportunity assessmentfor 2020-2030. The global sweeteners market is expected tobe valued at ~US$ 489 Bn in 2020, which is projected torise at a CAGR of 4%, to reach US$ 731 Bn by 2030.
Increasing Demand for Plant-based SweetenersAugmenting Market
The rising demand for plant-based sweeteners or products improvesprospects for companies that seek to sustain their position in the consolidatedsweeteners market. The use of stevia, molasses, honey, palm sugar, coconutsugar, monk fruit, and other plant-based sweeteners in beverages and packagedfood is expected to increase the market’s reach in existing regions as well aspenetrate deeper into untapped markets worldwide. Furthermore, new productofferings, especially in the developed countries such as US, where steviais recognized as GRAS product, is likely to boost the stevia market in the nearfuture, thereby supporting growth of the global sweeteners market.
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Increasing Consumer Expenditure on HealthcareBoosting Sales of Natural Sweeteners
The cost of healthcare has increased at a rate as fast as generalinflation, mainly due to the widespread research and development activities inthe pharmaceutical industry.
According to the Australian Institute of Health and Welfare, anestimated US$ 185.4 Bn was spent on health goods and servicesin Australia in 2017–18, equating to an average ofapproximately US$ 7,485 per person.
· Increasingcost of healthcare has compelled people to opt for natural and healthy foodproducts as a precautionary measure. These natural products provide healthbenefits, such as weight management, lower blood sugar levels, protect againstcertain cancers, lowering risk of heart attacks, and reducing pain fromarthritis, among others. Therefore, increasing healthcare expenditure isanticipated to increase the sales of natural sweeteners in the globalsweeteners market.
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Urbanization and Changing Lifestyles Boost Demandfor Natural Food Ingredients
Increasing consumer demand for natural and healthy food is a key factordriving 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 hasled manufacturers to focus on development of initiatives to offer naturalproducts to consumers, and hence players in the food & beverages industryare substituting chemical ingredients with natural and specialty ingredientswith an aim to improve their sales and increase their customer base.
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