Key regions: South Korea, Philippines, Canada, United States, Japan
The Spreads & Sweeteners Market within The Food market in G20 has seen moderate growth, affected by factors like increasing health consciousness, convenience of online services and adoption of digital technology. The sub-markets of Honey, Sugar and Artificial Sweeteners have also influenced this subdued growth rate.
Customer preferences: As health and wellness trends continue to shape consumer preferences, the demand for natural and organic sweeteners has increased. This is driven by a growing awareness of the negative health effects of artificial sweeteners and a desire for cleaner label products. Additionally, there has been a rise in demand for alternative sweeteners such as stevia and monk fruit, catering to the needs of health-conscious and diabetic consumers. This shift is also influenced by the rise of plant-based and clean eating diets, as individuals seek healthier options in their food and beverage choices.
Trends in the market: In the G20, the Spreads & Sweeteners Market within The Food market is seeing a trend towards healthier and more natural sweeteners, with consumers becoming increasingly health-conscious. This trend is reflected in the increasing demand for alternative sweeteners such as stevia and monk fruit, as well as the rise of sugar-free and reduced-sugar spreads. This shift towards healthier options is significant for both consumers and industry stakeholders, as it presents opportunities for product innovation and diversification. However, it also poses challenges for traditional sugar producers, who may need to adapt their production processes to meet changing consumer preferences.
Local special circumstances: In the G20 market, the Sweeteners Market of the Spreads & Sweeteners Market within The Food market is influenced by unique local factors. In the United States, the demand for natural and organic sweeteners is on the rise, driven by health-conscious consumers. In China, the market is dominated by the use of artificial sweeteners due to the high prevalence of diabetes and obesity. In Japan, traditional sweeteners like stevia and monk fruit are gaining popularity due to cultural preferences for natural ingredients. These local factors play a significant role in shaping the dynamics of the Sweeteners Market within the G20 market.
Underlying macroeconomic factors: The Spreads & Sweeteners Market within The Food market is influenced by macroeconomic factors such as changing consumer preferences, economic growth, and government policies. In G20 countries, the growing health awareness and increasing demand for healthier food options have led to a rise in the demand for low calorie and natural sweeteners. Additionally, favorable government policies promoting the use of natural sweeteners and the growth of the food and beverage industry are driving the market growth. However, fluctuations in exchange rates and trade tensions between major economies may hinder the market growth in the short term.
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.
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