Global Sweeteners Market Size, Share, Growth Analysis, By Application(Bakery & Confectionary, Beverages), By Form Outlook(Solid and Liquid) - Industry Forecast 2024-2031

Global Sweeteners Market size was valued at USD 80.91 billion in 2022 and is poised to grow from USD 82.85 billion in 2023 to USD 100.16 billion by 2031, growing at a CAGR of 2.40% during the forecast period (2024-2031).

Sweeteners play a crucial role in baked goods, imparting sweetness while also contributing to their texture, structure, browning, aeration, energy content, moisture retention, shelf life, and visual appeal. The increasing global emphasis on health-conscious eating habits has spurred the growth of honey and artificial sweeteners, driven by consumer preferences for healthier, nutrient-rich options and natural products. Analysis by the USDA indicates a shift towards alternative sweeteners and plant-based products, resulting in a plateau in sugar consumption in 2021, further supported by a survey revealing that two-thirds of Europeans aimed to reduce their sugar intake. This trend coincides with a decline in the consumption of traditional white sugar crystals as consumers prioritize health goals. Moreover, the convenience food sector, fueled by busy lifestyles, is anticipated to drive demand for sweeteners, with the US market expected to see growth propelled by increased consumption of soft drinks, particularly carbonated ones.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Sweeteners Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Sweeteners Market Segmental Analysis

Global Sweeteners Market is segmented on the basis of Application, Type Outlook, Form outlook and region. By Application, the Sweeteners Market is segmented into Bakery & Confectionary, Beverages, Dairy & Frozen product, Pharmaceuticals and others. By Type Outlook, Sweeteners Market is segmented into Sucrose, High fructose corn syrup, sugar alcohols, High intensity sweeteners, Tagatose and Others. By Form Outlook, the Sweeteners Market is divided into Solid and Liquid. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Sweeteners Market

As awareness grows regarding the detrimental effects of sugar on health, individuals are actively pursuing low-calorie and sugar-free options, driving up the demand for alternative sweeteners. Manufacturers are responding to this trend by introducing a variety of innovative sweeteners like stevia, monk fruit extract, and erythritol to the market. Studies have indicated that excessive sugar intake is associated with various health issues, including obesity, type 2 diabetes, and heart disease, prompting a surge in consumers seeking alternatives to conventional sugar and consequently fueling the expansion of the sweeteners market.

Restraints in the Global Sweeteners Market

A significant challenge facing the global sweeteners market is the restricted supply of raw materials. Certain natural sweeteners, such as stevia and monk fruit extract, are reliant on precise cultivation conditions and are consequently produced in limited quantities. As a result, the market faces supply constraints, causing price escalation and restricting access to these sweeteners.

Market Trends of the Global Sweeteners Market

The rising consumer demand for natural and healthier alternatives is driving the increasing popularity of natural sweeteners such as stevia, monk fruit extract, and allulose, which are low in calories, boast a low glycemic index, and are widely regarded as safe for consumption.