The global sweeteners market is poised for significant growth, projected to reach USD 125.1 billion by 2028, according to a comprehensive research report by MarketsandMarkets. The market, with a CAGR of 3.1% from 2023 to 2028, is fueled by the widespread use of sweeteners across various industries such as food, beverage, personal care, and pharmaceuticals.
In the food industry, sweeteners play a vital role in enhancing the taste and sweetness of diverse products, including bakery items, confectioneries, and dairy products. High-intensity sweeteners like aspartame and sucralose are extensively utilized in the production of sugar-free candies and desserts. The beverage industry employs sweeteners to formulate low-calorie and sugar-free options, addressing the growing demand for healthier drink alternatives.
The versatility of sweeteners extends to the personal care sector, where they are used in the production of oral care products, chewing gums, and cosmetics. Additionally, sweeteners are incorporated into medications in the pharmaceutical industry to improve palatability, reflecting their integral role in product formulation and contributing to the overall expansion of the sweeteners market.
Stevia, a natural sweetener, is expected to dominate the natural sweeteners segment during the forecast period. With zero calories and derived from plants, stevia aligns with consumer preferences for healthier, clean-label alternatives to traditional sugars. Its high sweetness intensity makes it an effective sugar substitute in various applications, from beverages to baked goods, driving its substantial market share.
In terms of sales channels, the direct sales channel, including the B2B segment, holds the largest share in the sweeteners market. This preference is driven by streamlined communication and negotiation processes, fostering strong and direct relationships between manufacturers and buyers. The direct sales model minimizes complexities associated with intermediaries, reducing costs and optimizing supply chain management.
China is expected to witness the highest growth in the sweeteners market between 2023 and 2028. The country’s dynamic and rapidly expanding sugar industry, coupled with technological advancements and strategic shifts in cultivation patterns, positions China as a major player in the global sweeteners landscape.
Key players in the sweeteners market include Cargill, Incorporated, ADM, International Flavors & Fragrances Inc., Ingredion Incorporated, Tate & Lyle, Associated British Foods, Südzucker AG, and Ajinomoto Co., Inc.
