LONDON--(BUSINESS WIRE)--The global sweetener market is expected grow at a CAGR of close to 5% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global sweetener market for 2016-2020. The market is expected to grow at a steady pace during the forecast period due to growing concerns about excessive intake of sugar, especially in developed regions.
“An increase in consumer awareness has resulted in consumers paying closer attention to food labels to ensure that the calorie content is within the recommended range. As a consequence of this development, manufacturers of various products are now replacing their old product lines or adding new products to their portfolios to cater to this segment of health-conscious consumer,” says Vijay Sarathi, a lead food research expert from Technavio.
Technavio’s research study segments the global sweetener market into the following regions:
- Americas
- APAC
- Europe
- ROW
Americas: leading producer and consumer in the sweetener market
The sweetener market in the Americas is expected to exceed USD 45 billion by 2020, growing at a CAGR of over 5%. The Americas is the leading producer and consumer in the sweetener market due to the increased demand for convenience food, functional food, and alternative sugar sources. Sweeteners find application in industries like confectionery, bakery, cereal, and dairy, among others. However, the rising obesity in this region has increased the demand for calorie-free sweeteners such as stevia.
Stevia is a naturally derived sweetener with many benefits over sugar and synthetic sweeteners like aspartame and sucralose. It is rich in antioxidants, and there has been ongoing research to explore and tap its role in the prevention of chronic diseases and disorders. The use of stevia in food and beverage manufacturing has increased with the growing awareness of its advantages. However, due to the presence of numerous market players and increasing competition, price wars may arise during the forecast period.
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APAC: fastest-growing market for artificial sweeteners
The sweetener market in APAC is expected to exceed USD 35 billion by 2020, growing at a CAGR of over 5%. The region has emerged as one of the fastest-growing market for artificial sweeteners driven by two leading countries, China and India. “Growing awareness of obesity and the need to maintain healthy lifestyles has spurred the demand for low-calorie sweeteners and products containing them,” says Vijay.
Japan has been the largest consumer of stevia globally for many decades and dominates the market in this region. Further, with the increase in the launch of new food and beverage products containing stevia, Technavio expect the market to grow at a consistent rate during the forecast period. However, artificial sweeteners have received negative criticism in the region, with certain vendors facing lawsuits which may prove detrimental to the market.
Europe: increase in sugar prices to boost growth of the sweetener market
The sweetener market in Europe is predicted to generate approximately 26 billion by 2020, growing at a CAGR of over 4%. The European sweetener market has been witnessing an increase in sugar prices that is above the stated preferential pricing of the European Union. Due to harsh winters, beet sugar yields have declined, leading to increased prices. Due to this development, food and beverage manufacturers have now switched to stevia. The recent EU approval for the use of stevia in food and beverage products has further supported this.
Manufacturers are investing heavily in the production and marketing of stevia-based products. France, Germany, Italy, and the UK are some of the forerunners in this region. Increased demand for functional foods and beverages has also fueled the demand for stevia sweeteners in the market.
ROW: low-cost, high-intensity artificial sweeteners gaining ground in this region
The sweetener market in ROW is expected to exceed USD 5 billion by 2020. The sweetener market in ROW will grow at a moderate pace during the forecast period. Despite low per capita consumption, many countries in the Middle East import sugar.
In terms of volume, the sweetener market in South Africa is dominated by sugar, and its consumption continues to grow in line with the country’s GDP and population. However, sugar could gradually lose ground to non-nutritive sweeteners, owing to increase in health issues such as obesity and diabetes. Saccharin and cyclamate are low-cost, high-intensity sweeteners which are widely used in developing regions like Africa.
Some of the top vendors in the global sweetener market are:
- Cargill
- Cumberland Packing
- Ingredion
- Roquette
- Tate & Lyle
Browse Related Reports:
- Artificial Sweetener Market in the UK 2015-2019
- Global Sugar Substitutes Market 2015-2019
- Global Stevia Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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