Wiseguyreports.Com Adds “Sweeteners -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2024” To Its Research Database
— Sweeteners Industry
Description
Higher GDP, post a severe economic crisis after 2009 was witnessed in Vietnam. The spending confidence of the consumers returned, which, combined with growing personal incomes and rapid urbanization, drove up the sales value of necessities such as sauces, noodles and condiments as well as indulgence and premium segments such as confectionary, ice cream and sweet savoury snacks. In addition, the increasing prevalence of modern lifestyles and western-influenced culture created a huge demand for premium confectionaries such as chewing gum, chocolates, mints and candies in the country. However, this westernization and increasing incidences of diabetes and obesity in the populations restricted the usage of high sugar confectionaries in the country. Busy lifestyles forced the population to depend on fast-food chains and the improper food habits aided further to the increasing Type II diabetes in the region. In 2014 alone, over 3.3 million cases of diabetes and a similar trend of obesity cases were registered. This is resulting in a changing preference of culinary by the public, inclining more towards low-calorie sugar substitutes
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The food additives that provide a sweet taste like that of sugar while containing significantly less food energy are called sugar substitutes. They can be either of a natural origin or synthetic; which are also called artificial sweeteners. The sugar substitutes are compounds with many times the sweetness of common sugar, meaning, much less sweetener is required to provide the same intensity of flavour and energy contribution is negligible. Diabetic and obese populations owing to their chronic health conditions are seeking for confectionaries that are sugar free and are of low calories. The most commonly used sweeteners are Aspartame, Acesulfame potassium, Sucralose, Saccharin and HFCS. Vietnam Food Administration (VFA) under the Ministry of Health (MOH) is the regulatory authority monitoring the usage of sweeteners by the industries in the region. Increasing use of sugar substitutes by the confectionery players in adoption to consumer demand is driving the market.
Sweeteners of synthetic origin are employed the most by current industries due to their cost effectiveness and ease of availability. These artificial sweeteners are chemically processed and the manufacturing process is similar to that of bulk drugs. Aspartame and artificial sweetener is obtained by employing a series of steps post an industrial fermentation process. Owing to the swinging economy and constant war scenario with America and China, Vietnam lacks in-house machinery for the production of sweeteners and the facilities are currently being imported from foreign nations. Manufacturers of natural sweeteners are importing the raw material and pursuing the further processing in-house due to unavailability of raw materials in the country.
Though the manufacturers seek for an economically feasible sugar ingredient in their products, it is the consumer preference that is driving the confectionary market in Vietnam. Awareness on ill effects related to artificial sweeteners and high calorie sugars along with the medical recommendation to reduce the daily sugar intake, rather than adopting artificial sweeteners is slowly picking pace. This consumer choice had forced the manufacturers to opt for what the consumer desires and a subsequent popularity for the natural sweetener segment was witnessed. The use of Stevia and Xylitol as a sugar substitutes is one such growing trend and this is estimated to be a fastest growing segment.
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Table of Content
1. INTRODUCTION
1.1MARKET DEFINITION
1.2 RESEARCH METHODOLOGY
1.3REPORT DESCRIPTION
2. KEY FINDINGS
3. MARKET OVERVIEW
3.1 INTRODUCTION
3.2 TRENDS IN CONFECTIONERY MARKET
3.3 TRENDS IN SWEETENER MARKET
4. MARKET DYNAMICS
4.1 DRIVERS
4.1.1 HIGH DEMAND FOR NATURAL AND LOW CALORIE SUGAR SUBSTITUTES AMONG FITNESS CONSCIOUS AND OBESE POPULATIONS
4.1.2 HIGHER DEMAND FOR CONFECTIONARIES DUE TO LARGER YOUNGER POPULATIONS
4.1.3 PREMIUMISATION OF CHOCOLATE CONFECTIONERY AND SPIKED SPENDING CAPABILITIES OF CONSUMERS AIDED BY GOVT. POLICIES
4.2 CONSTRAINTS
4.2.1 LACK OF STREAMLINED FOOD & SAFETY REGULATIONS WITHIN THE REGULATORY AUTHORITY
4.2.2 FRICTION FROM THE CONSUMERS PERTAINING TO THE USAGE OF SUGAR SUBSTITUTES
4.3 OPPORTUNITIES
4.3.1 UNEXPLORED NATURAL SWEETENER SECTOR
4.3.2 GROWING STEVIA MARKET IN VIETNAM
4.3.3 RAISE IN MFN APPLIED TARIFFS ON SWEETENER PRODUCTS BY MOF IN VIETNAM
4.3.4 REVISION OF THE LIST OF ADDITIVES APPROVED FOR USE IN FOOD
4.4 PORTERS ANALYSIS
4.4.1 BARGAINING POWER OF SUPPLIERS
4.4.2 BARGAINING POWER OF BUYERS
4.4.3 DEGREE OF COMPETITION
4.4.4 THREAT OF NEW ENTRANTS
4.4.5 THREAT OF SUBSTITUTES
5. MARKET SEGMENTATION
5.1 BY TYPE
5.1.1 SUGARS
5.1.1.1SUCROSE
5.1.1.2 FRUCTOSE
5.1.1.3 LACTOSE
5.1.1.4 HFCS
5.1.1.5 OTHERS
5.1.2 SUGAR SUBSTITUTES
5.1.2.1 SUCRALOSE
5.1.2.2 XYLITOL
5.1.2.3 STEVIA
5.1.2.4 ASPARTAME
5.1.2.5 SACCHARIN
5.1.2.6 OTHERS
5.3 BY APPLICATION
5.3.1 CHEWING GUM
5.3.2 CHOCOLATES
5.3.3. MINT & CANDIES
5.3.4 SWEETS
5.3.5 OTHERS
6. COMPETITIVE LANDSCAPE
6.1 SUPPLIER COMPANIES
6.1.1 MARKET SHARE ANALYSIS
6.1.2 STRATEGIES BY LEADING PLAYERS
6.1.3 NEW PRODUCTS AND INNOVATIONS
6.2 BUYER COMPANIES
6.2.1 MARKET SHARE ANALYSIS
6.2.2 STRATEGIES BY LEADING PLAYERS
6.2.3 NEW PRODUCT DEVELOPMENTS &OTHER INNOVATIONS
7. COMPANY PROFILES
7.1 SUPPLIERS PROFILES
7.1.1. ASIA CHEMICAL CORPORATION
7.1.2. VEDAN VIETNAM ENTERPRISE CORPORATION LTD
7.1.3. CARGILL INC.
7.1.4 VINH NAM ANH COMPANY LIMITED
7.1.5. QUOC TE NAM GIANG CO.LTD.
7.2 BUYERS PROFILES
7.2.1 PERFETTI VAN MELLE VIETNAM LTD.
7.2.2 LOTTE VIETNAM CO. LTD
7.2.3 WRIGLEYS VIETNAM LTD.
7.2.4 BELCHOLAT JSC
7.2.5 KINH DO CORPORATION
7.2.6 BIBICA VIETNAM CORPORATION
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