LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global tabletop and sachet sweeteners market to grow to USD 7.77 billion by 2021, at a CAGR of close to 9% over the forecast period, according to their latest report.
The research study by Technavio on the global tabletop and sachet sweeteners market for 2017-2021 provides a detailed industry analysis based on the product type (natural and artificial), packaging (jar and pouch; sachet and sticks; and cube), and geography (North America, Europe, APAC, and ROW).
The global tabletop and sachet sweeteners market encompasses artificial and natural sweeteners packed in sachet and tabletop format. North America contributed the highest amount of revenue to the overall revenue of the global tabletop and sachet sweeteners market in 2016 with a share of 48.93%.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global tabletop and sachet sweeteners market:
- Patents and formulations
- Increasing demand for natural sweeteners
- Higher awareness of sweeteners in developed countries
Patents and formulations
“Most key prominent vendors in the market have registered patents for the ingredients used in the manufacture of their sweeteners. This gives them an edge in the market and boosts their sales,” says Poonam Saini, a lead analyst at Technavio for food research.
Since vendors have registered patents for the chemical composition of their respective sweeteners, they cannot be duplicated by other vendors. The patent also allows vendors to position their indigenous products under premium segments.
Increasing demand for natural sweeteners
Stevia is a natural sweetener that does not have calories or fat content and has been proven to be beneficial in maintaining human health. The compound also helps in combating diabetes and maintain optimal blood sugar levels, which has led to the introduction of several categories of products made from stevia.
Stevia is widely used in ice creams, soy sauce, pickling products, canned products, candies, chewing gums, soft drinks, and soy sauces. It is also sold separately as a natural sweetener. Such varied application generates a high demand, and thereby drive for sales for the market.
Higher awareness of sweeteners in developed countries
An increase in the awareness among end-consumers about the raw material used to manufacture sweeteners is witnessed, with stevia leaves being a prominent and trending raw material. The stevia leaf consists of two major sweet components: stevioside and rebaudioside; both of which are 100 to 300 times sweeter than sugar, but have no carbohydrates and calories.
“Many prominent players based in the developed countries of the Americas, EMEA, and Asia have been aggressively promoting and selling their finished products. These campaigns have increased awareness and positively impacted the sales,” says Poonam.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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