Innovations in product development, increasing availability, and effective marketing efforts are likely to further drive the expansion of the plant-based sweeteners market in the coming years.
NJ, May 6, 2024 (Globe Newswire) — Brainy Insights estimates the plant-based sweeteners market from US$3.1 billion in 2023 to reach US$5.7 billion by 2033. These include changes in global food trends, product advances in the food and beverage sector, and the increasing use of plant-based natural products. The global market for plant-based sweeteners is expected to grow rapidly due to increasing demand for low-calorie sweeteners, in addition to regulatory approval of several sweeteners as safe for human consumption. It is expected.
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Key insights into the plant-based sweeteners market
Asia Pacific is expected to expand at the fastest CAGR of 12.6% during the forecast period.
Asia Pacific is expected to grow at the fastest CAGR of 12.6% during the forecast period. The Asia-Pacific region, particularly in countries such as China, India, and Indonesia, has a sizable and rapidly growing population. Changes in dietary habits brought about by urbanization and increased disposable income have created a desire for natural, healthier food and beverage options, including plant-based sweeteners. Additionally, as lifestyles become busier and more sedentary, people are becoming more aware of the value of good eating habits. Consumers in Asia Pacific are seeking alternatives to traditional sugar and artificial sweeteners, accelerating the market for plant-based sweeteners that are considered more natural and healthier.
In the plant-based sweeteners market, the stevia segment is expected to expand at the highest CAGR of 12.1% during the forecast period.
The stevia sector is expected to expand at a maximum CAGR of 12.1% during the forecast period. Stevia is a natural sweetener obtained from the leaves of the Stevia rebaudiana plant. Demand for stevia-based sweeteners is driven by their clean-label appeal, which appeals to consumers seeking transparent, minimally processed products. Additionally, stevia-based sweeteners have no calories, so they can be used even by people who are watching their weight or trying to cut back on calories. Stevia has no calories, making it appealing to health-conscious consumers as an alternative to traditional sweets, especially in light of the global obesity epidemic.
In the plant-based sweeteners market, the liquid segment is expected to expand at the highest CAGR of 11.2% during the forecast period.
The liquid segment is expected to expand at the highest CAGR of 11.2% during the forecast period. Convenient and easy-to-use liquid plant-based sweeteners can be used in a variety of recipes, including drinks, marinades, sauces, and syrups. Being a liquid, it is easy to mix and dispense, giving users a hassle-free sweetening option. Additionally, liquid plant-based sweeteners are used in several applications in the food and beverage sector. They not only sweeten drinks such as coffee, tea, smoothies and cocktails, but can also be added to recipes for baking and cooking, sauces and sweets. Its adaptability increases its marketability and penetration.
In the plant-based sweeteners market, the online segment is expected to expand at the highest CAGR of 13.4% during the forecast period.
The online segment is expected to expand at the highest CAGR of 13.4% during the forecast period. Online channels offer a wide distribution network that allows producers of plant-based sweeteners to connect with both urban and rural customers. This increased accessibility extends the market's reach beyond traditional brick-and-mortar retail stores. In addition, online purchasing offers customers flexibility and convenience by allowing them to browse, evaluate, and purchase plant-based sweeteners at home or on the go using their mobile devices. This convenience factor appeals to time-pressed shoppers who want a hassle-free shopping experience.
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Report scope and segmentation –
|
Report scope |
detail |
|
Forecast period |
2024-2033 |
|
CAGR forecast |
6.4% |
|
Value prediction for 2033 |
$5.7 billion |
|
Market size in 2023 |
$3.1 billion |
|
historical data |
2020-2022 |
|
number of pages |
238 |
|
Report scope |
Earnings forecast, company profile, competitive environment, growth factors, latest trends |
|
Target segment |
By type, format, distribution channel, region |
|
Target area |
The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. In addition, regions are further analyzed at the country level. |
|
Drivers of market growth |
Increasing demand for functional foods and beverages |
Market trend
driver
The growing popularity of plant-based and vegan diets has increased demand for items produced from plants, such as sweeteners. Proponents of these diets favor plant-based sweeteners over artificial ingredients and animal-based sweeteners, driving market expansion. Additionally, advances in the development of plant-based sweeteners, including improved taste profiles, solubility, and stability, are expanding the range of industries in which they are used. This market is growing as a result of manufacturers' investments in research and development to create new and enhanced plant-based sweeteners.
opportunity
Increasing urbanization, increasing disposable income, and growing health consciousness are driving the growth of the emerging market for plant-based sweeteners. For manufacturers, increasing market share in areas where food preferences and habits are changing can present new revenue opportunities. Additionally, producers of plant-based sweeteners have the opportunity to eliminate traditional distribution channels and reach a wider audience thanks to the growth of e-commerce platforms and direct-to-consumer channels. Using Internet channels for customer education, sales, and marketing can increase brand awareness and accessibility.
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Some of the key players operating in the plant-based sweeteners market are:
• Puree Brand LLC.
• Stevia Fubingia
• Food group
• Foodchem International Corporation
• Evolva
• Wisdom Natural Brand
・GLG Lifetech Co., Ltd.
• MacAndrews & Forbes Incorporated.
• Cargill Corporation
• Archer Daniels Midland Company (ADM)
• Ingredion
• Dupont
• Rockete Frères
The main segments cover the following markets:
By type
• Stevia
•Monk fruit sugar
• Sorbitol
•Xylitol
• Yacon
• Molasses
• Agave
• Lucuma Fruit Sugar
• others
By form
• Crystal
• liquid
• powder
By distribution channel
• Online
• Offline
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