Sweeteners Market Size Worth $108.72 Billion by 2028 - Grand View Research, Inc.

SAN FRANCISCO, July 11, 2022 /PRNewswire/ -- The global sweeteners market size is expected to reach USD 108.72 billion by 2028, registering a CAGR of 2.9% during the forecast period, according to a new report by Grand View Research, Inc. The increasing food and beverage industry across the globe and the rising application of sweeteners in various sectors, especially in the food industry in developed and developing nations are expected to promote market growth. Moreover, the technological development and advancement in sweetener manufacturing by various manufacturers across the globe are accelerating market growth in emerging economies.

Key Industry Insights & Findings from the report:

• Asia Pacific is expected to register the largest market share of more than 35% in 2021 owing to the huge consumer base in this region.
• Honey segment is expected to foresee the fastest growth, with a CAGR of 3.4% from 2022 to 2028 due to the rising popularity of nutritious, and healthy food products.
• Offline channel held the largest market share in 2021 and contributed more than 80% of the total revenue due to easy access to various sweeteners products.
• Europe is expected to register the fastest growth of 3.2% CAGR from 2022 to 2028 due to the growing demand for sweeteners.

Read full market research report for more Insights, "Sweeteners Market Size, Share & Trend Analysis Report By Product (Sugar, Honey, Artificial Sweeteners), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2028", published by Grand View Research.

Sweeteners Market Growth & Trends

Moreover, a lockdown situation has been observed during the COVID-19 pandemic, and it has not widely affected the sweeteners industry as compared to the other industries. The increasing demand for honey and artificial sweeteners across the globe is propelling market growth. The rising demand for food and bakery products after the COVID-19 pandemic will create opportunities for the market players.

The honey segment is expected to grow with the fastest growth rate of 3.4% from 2022 to 2028. The increasing demand for nutritious, and healthy food is propelling the growth of this segment over the last few years. Honey is an excellent source of numerous nutrition that include minerals, calcium, vitamins, and antioxidants made available for consumers through retail channels which in turn is driving the growth of the market.

The online segment of the market is anticipated to register the fastest growth with a CAGR of 3.4% from 2022 to 2028. The internet penetration rate has witnessed lucrative growth in recent years which has led to the significant growth of the e-commerce sector across the globe, which is propelling the growth of this segment. Several suppliers of these products are offering products on their websites as well as on the e-commerce platforms and have projected market growth during the forecast period.

The Asia Pacific has dominated the market with a revenue share of more than 35% in 2021. China, India, Indonesia, and Bangladesh have a huge consumer base for the consumption of food products, which will drive the regional demand. According to the Food and Agriculture Organization (FAO), about 40% of the world's sugar consumed in the Asia Pacific in 2020. In addition to this, factors such as increasing per capita consumption, disposal income, and rapid urbanization are contributing to the growth of this market.

Sweeteners Market Segmentation

Grand View Research has segmented the sweeteners market based on products, distribution channels, and region.

Sweeteners Market - Product Outlook (Revenue, USD Million, 2017 - 2028)

• Sugar
• Honey
• Artificial sweeteners

Sweeteners Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

• Offline
• Online

Sweeteners Market - Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
• U.S.
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• India
• Indonesia
• Central & South America
• Brazil
• Middle East & Africa
• South Africa

List of Key Players in the Sweeteners Market

• ADM
• Ingredion
• Cargill, Incorporated
• Roquette Frères
• Tate & Lyle
• Foodchem International Corporation
• PureCircle
• Pyure Brands LLC.
• Beeyond the Hive
• Dabur India Ltd.
• Capilano Honey Ltd.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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