The Global Food Sweetener Market is forecasted to reach USD 82.6 billion by 2024, growing at a CAGR of 1.71% during the forecast period (2019 - 2024)
NEW YORK, June 11, 2019 /PRNewswire/ -- Market Overview
The Global Food Sweetener Market is forecasted to reach USD 82.6 billion by 2024, growing at a CAGR of 1.71% during the forecast period (2019 - 2024). The market is dominated by sucrose (table sugar) with 77.2% market share recorded in 2018 and is severely impacted by the decline in prices recorded in 2014. According to FAO, the global sugar market witnessed more than 30% decline in prices. The market experienced slow growth in the next couple of years. However, with the decline of EU raw sugar imports, there was a further drop in global sugar prices in 2017. With the slow but increasing global demand, sugar exports are likely to increase from countries like Australia, the European Union and Thailand, which have all modernized their sugar industry in recent years. Brazil may remain the world's major producer and exporter nevertheless.
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Scope of the Report
The global sweeteners market studied in the report is categorized into bulk sweeteners and sugar substitutes, both of which are commercially used in the food and beverage industry. Bulk sweeteners are sub-segmented into sucrose, fructose, high-fructose corn syrup (HFCS), glucose and other bulk sweeteners and sugar substitutes are sub-segmented into sucralose, xylitol, stevia, aspartame, saccharine, thaumatin and other sugar substitutes. By application, the market is segmented into dairy and frozen products, bakery, beverages, confectionery and other applications.
Key Market Trends
Increasing Demand from Emerging Economies Due to Growing Urbanization and Rising Affluence
Shift in the preference for convenience, driven largely by urbanization, growing working-women population and rising household incomes, among others, are driving the demand for sweeteners in the emerging economies. Overall, the huge demand for food in developing countries has led the entire value chain to open markets for food sweeteners and to the entry of foreign players, thereby driving the demand for food sweeteners. The majority of countries with high absolute consumption of sugar fall in the category of emerging economies. Consequently, these nations bear a high burden of lifestyle diseases as pointed to by the World Health Organization (WHO).
Sucrose Holds the Largest Share of the Market
Sucrose is the chemical name for table sugar. It is commonly made from sugarcane but may also be prepared from beet juice. A sugar production deficit was experienced in 2015 after five years of production growth. While there are increases in sugar production in Brazil and smaller producing countries such as the Russia Federation, South Africa, and Australia, these are offset by decreases in production in Europe and some key Asian countries. It is forecast that sugarcane will account as the source for about 85% of the sugar output over the next decade although some increase in sugar beet production is expected in Egypt, the Russian Federation, the Ukraine and the European Union. India and Indonesia are expected to scale up consumption while maintaining exports. However, in response to new sugar excise tax on beverages, the industrial demand of sugar is likely to fall across Indonesia.
Competitive Landscape
The global food sweeteners market is currently dominated by Cargill, Tate & Lyle PLC, Stevia First Corp, Ingredion, Pure Circle, Sudzucker, AB Sugar, among others. Strong brand loyalty for brands like Cargill, Stevia First Corp and Tate & Lyle in the emerging countries is the primary reason for these players enjoying a strong foothold in these markets. Acquisitions and new product launches are the most preferred growth strategies. Leading companies are focused on expansion and partnerships.
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