Sweeteners Market Size Worth $108.72 Billion By 2028

The global sweeteners market size was valued at USD 89.14 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 2.9% from 2022 to 2028.

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.

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.

Related Press Release@ Sweeteners Market Report

Sweeteners Market Report Highlights

• 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.

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