Sweetener Market to Reach $130.6 Billion, Globally, by 2031 at 4.6% CAGR

Allied Market Research

Rise in penetration of quick service restaurants and fast-food chains and increase in the consumption of soft drinks and fruit juice concentrates drive the growth of the global sweetener market.

PORTLAND, Ore., Oct. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Sweetener Market by Type (Sucrose, Starch Sweeteners and Sugar Alcohol, High Intensity Sweeteners), by Application (Bakery and Cereal, Beverages, Dairy, Confectionery, Table Top Sweetener, Others), by Distribution Channel (Supermarket and Hypermarkets, Departmental Stores, Convenience Stores, Online Store, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global sweetener industry generated $82.3 billion in 2021, and is anticipated to generate $130.6 billion by 2031, witnessing a CAGR of 4.6% from 2022 to 2031.

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Prime determinants of growth

Rise in penetration of quick service restaurants and fast-food chains and increase in the consumption of soft drinks and fruit juice concentrates drive the growth of the global sweetener market. However, the high manufacturing costs of sugar alcohols restricts the market growth. Conventional chemical procedures demand severe temperatures and expensive chromatographic purification stages, resulting in a poor end product yield. Moreover, Manufacturers in the sweetener industry are continuously investing in R&D to expand their product portfolios and market presence, which is presenting new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global sweetener market, owing to temporary closure of sweeteners manufacturing firms during the lockdown.
• Many countries had considered sweeteners as a non-essential item in the crisis of the pandemic. The government's action affected customers since they were unable to purchase items during the government-mandated closure, thus affecting customer demand for the products.
• Furthermore, due to limitations on the functioning of restaurants, bars, and geographically specialized sales channels, government-enacted stay-at-home directives had significantly limited end-consumer's ability to buy certain food or beverage commodities in the United States and other markets.

The sucrose segment to maintain its leadership status throughout the forecast period