Demand for Natural and Healthier Food Alternatives to Augment Market
Consumer preferences continue to evolve at a rapid pace. At present, a tectonic shift toward healthier food products and alternatives can be observed within the food sector. As more number of consumers continue to walk down the wellness and health-conscious road, innovations within the food sector have accelerated over the past few years. Amidst the growing consumer affinity toward healthier food products and alternatives, the production of novel food products, including sweeteners is on the rise. Players operating in the global sweeteners market are projected to launch innovative artificial and natural sweeteners during the forecast period, as the adoption of sweeteners continue to grow across the world.
The paradigm shift toward a healthier lifestyle, along with continual research is some of the major factors that are likely to propel the growth of the sweeteners market during the assessment period. As consumer awareness pertaining to the functional properties of different ingredients, quality of food products, sourcing of ingredients and other key parameters continues to grow, the adoption of sweeteners is moving in the upward trajectory worldwide. In Europe and North America, the rising demand for natural food products has led to the production of plant-based sweeteners, which in turn is projected to boost the expansion of the global sweeteners market. At the back of these factors, the global sweeteners market is expected to attain a market value of ~US$ 731 Bn by the end of 2027.
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Health-conscious Consumers to Influence Growth of Sweeteners Market
In the current day and age, consumer trends play an important role within the food & beverages sector. Technological advancements, innovations in food production, and access to information pertaining to multiple food products are some of the leading factors that have led to a steady rise in demand for novel food ingredients, including sweeteners. The health-conscious trend is set to continue during the forecast period, which in turn is likely to boost the demand for natural sweeteners. Within the sweeteners market, the demand for natural sweeteners is significantly higher than that of artificial sweeteners– predominantly driven by the growing affinity toward natural food products. Consumer demand for zero-added sugar, free-form sugar, and low-sugar products has played an important role in driving the sales of sweeteners across the world. Several companies operating in the current sweeteners market landscape are increasingly investing resources toward the development of innovative sweeteners that comply with regulations and guidelines laid down by the Food and Drug Administration (FDA).
Companies to Focus on Product Launches, Innovations to Fulfil Consumer Demand
In the past few years, consumer demand for natural food products has witnessed exponential growth due to which, the production of natural and plant-based sweeteners has gained momentum. Several brands are leveraging the advancements in the enzyme technology to launch innovative sweetener alternatives. Several companies are also anticipated to rely on enzyme engineering to enhance improve the production of sweeteners. For instance, biotech company e-LEcta announced that the company is set to enhance the production of zero-calorie plant-based sweetener by collaborating with sweetener manufacturers in the region. The company aims to leverage its enzyme engineering expertise to and produce large volumes of plant-based sweeteners to fulfill the mounting demand from beverage manufacturers.
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While expanding the production capacity of plant-based sweeteners is expected to gain traction in the upcoming years, several companies in the current market landscape are also projected to launch new sweetener products to gain an advantage. While formulating effective and impactful marketing strategies is estimated to remain an important parameter, several manufacturers are expected to expand their product portfolio to attract health-conscious consumers at a larger scale. For instance, in December 2019, PureCircle launched a new stevia leaf sweetener is increasingly making progress in the commercialization of stevia-based protein and fiber ingredients. The launch of the new product is primarily driven by the increasing demand for zero-added sugar and reduced-sugar products.
Companies to Address Supply Chain Challenges amidst Global Pandemic
As the novel COVID-19 pandemic situation continues to evolve at an alarming rate worldwide, the food & beverage sector is likely to face supply-chain challenges in upcoming months. Leading beverage brands, including Coca Cola has reported a delay in the supply of artificial sweeteners from China due to the onset of the novel COVID-19 pandemic. The supply of essential raw materials, including sucralose that is largely sourced from China and the U.S. has largely been affected due to the pandemic. However, major beverage companies are focusing on initiating contingency supply plans to mitigate short-term supply chain challenges. Although short-term supply chain challenges are expected to delay the production of sweeteners, market players are expected to formulate essential business continuity strategies to gain ground.
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Analysts’ Viewpoint
The global sweeteners market is expected to grow at a steady CAGR of 4% during the forecast period. The market growth is predominantly influenced by evolving consumer trends, shift toward healthier food alternatives, rise in demand for natural food products, and consumer affinity toward plant-based products. Market players should focus on expanding their product portfolio, formulate impactful marketing strategies, and becoming more transparent with consumers to boost sales. While supply chain challenges are projected to remain the primary area of focus amidst the COVID-19 pandemic, companies in the current market landscape should focus on product diversification and aim to sell their products on e-Commerce platforms.
Sweeteners Market - Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the sweeteners market. It provides a detailed assessment of key market dynamics, including the drivers, trends, opportunities & restraints, and detailed information about the sweeteners market structure. The market study presents exclusive information about how the sweeteners market will grow during the forecast period of 2020-2030
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) are elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the sweeteners market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the sweeteners, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the sweeteners market, which include investors, industry experts, researchers, and journalists, and business researchers, can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the sweeteners market. Furthermore, small businesses and new entrants in the sweeteners market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Sweeteners Market Report
- Which region will continue to remain the most profitable regional for sweeteners market players?
- Which factors will induce a change in the demand for sweeteners during the assessment period?
- How will the changing trends impact the sweeteners market?
- How can market players capitalize on low-hanging opportunities in the sweeteners market in developed regions?
- Which companies are leading the sweeteners market?
- What are the winning strategies of stakeholders in the sweeteners market to catapult their position in the forefront?
Sweeteners Market: Research Methodology
In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the sweeteners market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts for compiling the sweeteners market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Information acquired from primary resources and secondary resources is compiled in a comprehensive manner. This also acts as a validation from companies in the sweeteners market, which makes TMR’s projections more accurate and reliable.