Global Food Sweetener Market - Growth, Trends, and Forecast (2018 - 2023)
Sweetness-enhancing components have a long history of usage. In recent times, highly dynamic scenario, as consumers expect an increasing array of attributes from the products they consume, the food industry has taken a step ahead to deliver sweetener ingredients from a myriad of sources with wide-ranging properties.
World sugar production is projected to grow by 2.1% p.a. to reach 210 Mt by 2025, up nearly 38 Mt, 19% above the average for the base period. Higher growth is expected to occur in developing countries with more than 70% of the global sugar production in 2025, compared to 75% during the base period.
Increased demand for natural, non-caloric sweeteners and high demand from emerging economies owing to growing urbanization and rising affluence are the major factors driving the market growth.
While increasing concerns regarding clean label solutions and the complex regulatory structure in EU and United States may impede the market growth, product innovation and growing demand for non-caloric sweeteners would help the market grow further during the forecast period.
The market is segmented by type, application, and geography.In terms of application, dairy & frozen food products is one of the fastest growing segment of the global food sweetener market, registering a CAGR of 3.46% during the forecast period. Confectionery is the third largest application segment of the global food sweeteners market, accounting for a bulk of the total sugar demand.
The North American market is one of the largest consumers of food sweeteners. However, due to the saturated demand in the western countries, the growth rate in the coming years is expected to increase slowly compared to that of the emerging countries. Consumption of high-intensity sweeteners in the United States and Canada is expected to remain steady, as the diet beverage market, the largest application, has already matured.
The lower sugar prices and stock replenishment are expected to boost the overall sugar consumption, however, there is a strong evidential decline of sugar demand from the food and beverage industry.