Spreads & Sweeteners - ASEAN

ASEAN

Highlights

Revenue in the Spreads & Sweeteners market amounts to US$25.26bn in 2024. The market is expected to grow annually by 5.33% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$144bn in 2024).
In relation to total population figures, per person revenues of US$36.54 are generated in 2024.
In the Spreads & Sweeteners market, volume is expected to amount to 11.32bn kg by 2029. The Spreads & Sweeteners market is expected to show a volume growth of 1.9% in 2025.0.
The average volume per person in the Spreads & Sweeteners market is expected to amount to 14.9kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Spreads & Sweeteners market in the ASEAN region is experiencing modest growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping. The sub-markets within this industry play a crucial role in shaping the overall market, with different trends and demands. The minimal growth rate can be attributed to competition from alternative products and shifting consumer habits.

Customer preferences: There has been a growing trend of health-conscious consumers seeking healthier options in the Spreads & Sweeteners Market within The Food market. This has led to an increase in demand for natural and organic spreads and sweeteners, as well as sugar-free alternatives. Additionally, the rise of plant-based diets and veganism has also influenced consumer preferences, leading to a shift towards plant-based options in spreads and sweeteners. This trend is driven by a desire for healthier and more sustainable food choices.

Trends in the market: In ASEAN, the Spreads & Sweeteners Market within The Food market is seeing a shift towards healthier and natural options, driven by growing health consciousness among consumers. This trend is expected to continue with the rise of clean label products and the demand for plant-based alternatives. Additionally, there is a growing focus on sustainability and ethical sourcing, as consumers become more aware of the environmental impact of food production. These trends present opportunities for industry stakeholders to innovate and cater to evolving consumer preferences.

Local special circumstances: In Thailand, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's rich culinary culture. Traditional Thai desserts and condiments, such as palm sugar and coconut milk, are widely used as sweeteners in local dishes. Additionally, the growing health consciousness among consumers has led to an increase in demand for healthier and natural alternatives like honey and agave syrup. Moreover, Thailand's strong agricultural sector and favorable regulatory environment have made it a leading producer and exporter of sugar and other sweeteners in the ASEAN region.

Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market is impacted by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other financial indicators. For instance, countries with stable economic conditions and favorable fiscal policies tend to see higher market growth compared to those with economic instability and unfavorable policies. Moreover, the growing health consciousness and demand for healthier food options among consumers worldwide are driving the growth of this market. As a result, manufacturers are investing in research and development to introduce innovative and healthier spreads and sweeteners, further propelling market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.