Sweeteners - Sri Lanka | Statista Market Forecast

The Sweeteners Market in The Food market of Sri Lanka has been experiencing sluggish growth due to factors such as low consumer awareness and limited availability of artificial sweeteners. However, the increasing health consciousness and convenience offered by online platforms could potentially drive growth in this market.

Customer preferences: The Sri Lankan market has seen a rise in demand for natural and healthier sweetener options, as consumers become more health-conscious and seek to reduce their sugar intake. This trend is further fueled by the increasing prevalence of chronic diseases such as diabetes. As a result, there is a growing demand for alternative sweeteners such as stevia and monk fruit, which are perceived as more natural and low-calorie options. This shift in consumer preference towards healthier sweeteners is also influenced by cultural values that prioritize wellness and a balanced lifestyle.

Trends in the market: In Sri Lanka, the Sweeteners Market of the Spreads & Sweeteners Market within The Food market is experiencing a shift towards natural and healthier options. With increasing health consciousness among consumers, there is a rising demand for natural sweeteners like stevia and agave syrup. This trend is significant as it reflects a growing awareness of the negative effects of artificial sweeteners. It also presents opportunities for industry stakeholders to tap into the demand for healthier alternatives and cater to the changing preferences of consumers. Additionally, this trend could have potential implications for the traditional sugar industry, as more consumers opt for natural sweeteners over refined sugar.

Local special circumstances: In Sri Lanka, the Spreads & Sweeteners Market within The Food market is heavily influenced by the country's tropical climate and strong cultural preference for traditional sweets made with jaggery. This has led to a higher demand for natural and locally sourced sweeteners, such as palm sugar and coconut sugar. Additionally, the government's strict regulations on imported sweeteners have created a barrier for foreign brands to enter the market, giving local producers a competitive advantage. Moreover, the country's growing health-conscious population has also resulted in a higher demand for low-calorie sweeteners, driving the market for alternative sweeteners like stevia and monk fruit.

Underlying macroeconomic factors: The Sweeteners Market of the Spreads & Sweeteners Market in Sri Lanka is heavily influenced by macroeconomic factors such as the country's GDP growth, inflation rates, and fiscal policies. Sri Lanka's stable economic growth and increasing disposable incomes have fueled the demand for sweeteners, as consumers are becoming more health-conscious and seeking healthier alternatives to traditional sugar. Additionally, the government's initiatives to promote healthier lifestyles and reduce sugar consumption have also contributed to the growth of the sweeteners market in Sri Lanka. Furthermore, the growing food and beverage industry and increasing urbanization in the country are expected to further drive market growth in the future.

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.