Allied Market Research published a report, titled, “Sweetener Market by Type (Sucrose, Starch Sweeteners and Sugar Alcohol, High Intensity Sweeteners), by Application (Bakery and Cereal, Beverages, Dairy, Confectionery, Table Top Sweetener, Others), by Distribution Channel (Supermarket and Hypermarkets, Departmental Stores, Convenience Stores, Online Store, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global sweetener industry generated $82.3 billion in 2021, and is anticipated to generate $130.6 billion by 2031, witnessing a CAGR of 4.6% from 2022 to 2031.
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Prime determinants of growth
Rise in penetration of quick service restaurants and fast-food chains and increase in the consumption of soft drinks and fruit juice concentrates drive the growth of the global sweetener market. However, the high manufacturing costs of sugar alcohols restricts the market growth. Conventional chemical procedures demand severe temperatures and expensive chromatographic purification stages, resulting in a poor end product yield. Moreover, Manufacturers in the sweetener industry are continuously investing in R&D to expand their product portfolios and market presence, which is presenting new opportunities in the coming years.