(Entertainment-NewsWire.com, August 23, 2022 ) Meticulous Research® – a leading global market research company, published a research report titled “Sugar Substitutes Market by Source (Natural, Artificial), Type (High Intensity, HFCS), Product (Sucralose, Stevia, Aspartame, Saccharin, Polyols), Form, Application (Beverages, Food, Pharmaceuticals, Other Applications) - Global Forecasts to 2028”.
According to this latest publication from Meticulous Research®, the sugar substitutes market is expected to grow at a CAGR of 4.9% from 2021 to 2028 to reach $24.1 billion by 2028. The growth of the sugar substitutes market is mainly attributed to the rising demand for functional food products, the growing prevalence of diabetes and obesity, and the surging demand for natural sweeteners. However, stringent government regulations and adverse health effects associated with sugar substitutes are expected to restrain the growth of this market to some extent in the near future.
The sugar substitutes market study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts for 2028—by source (artificial and natural), type (high-intensity sweeteners, low-intensity sweeteners, and high-fructose corn syrup); product [non-nutritive sweeteners (acesulfame-K, saccharin, sucralose, stevia, luo han guo, neotame, and others) and [nutritive sweeteners (aspartame, polyols, and high fructose corn syrup)]; form (solid and liquid); application (food, beverages, nutritional and health supplements, pharmaceuticals, and other applications); and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on source, in 2021, the natural sugar substitutes segment is expected to register for the larger share of the sugar substitutes market. Increasing consumer awareness regarding consumption of food products with natural ingredients, growing consumer preference for clean label and healthy products, and increasing use of stevia and other natural sugar substitutes by leading food and beverage companies are contributing to the larger share of this segment.
Based on type, the high-intensity sweeteners segment is expected to register the highest CAGR during the forecast period of 2021-2028. The key factors driving high-intensity sweeteners' demand are their wide range of applications, low production cost, ease of handling, and low cost compared to other sugar substitutes. Also, this segment comprises the most commonly used low-calorie artificial sweeteners, which further supports the growth of this segment.
Based on non-nutritive sweeteners type, the sucralose segment is expected to register for the largest share of the non-nutritive sugar substitutes market in 2021. The major share of this segment is mainly due to factors such as the low quantity required to achieve desired sweet taste due to its high sweetness, high shelf-life, and the growing application of sucralose in food and beverages.
Based on form, the solid segment is expected to register the highest CAGR during the forecast period of 2021-2028. Wide availability and ease of handling, transportation, and storage; better shelf life, and effective product formulation are the key factors responsible for the fastest growth of this segment. Also, the powder’s high concentration and ease of use in various applications due to high mixability further contribute to the fastest growth of this segment.
Based on application, the food segment is expected to register the fastest CAGR during the forecast period. Increasing consumer preferences towards healthy foods, changing food consumption patterns, and extensive use of sugar substitutes in different foods, including baked goods, confectionery, and savory snacks, supports the growth of sugar substitutes.
This research report analyzes major geographies and provides a comprehensive analysis for North America (the U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (China, India, Japan, and RoAPAC), Latin America, and the Middle East & Africa. The North American region is expected to hold the largest share of the sugar substitutes market in 2021. The major share of this regional market is mainly attributed to the increased number of obese and diabetic population, growing health and wellness concerns, well-established food and beverage industry, and strong demand for sugar-free products.
Key players
The sugar substitutes market space is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the sugar substitutes market are Tate & Lyle PLC, (U.K.), Roquette Frčres (France), Archer Daniels Midland Company (U.S.), DuPont De Nemours, Inc (U.S.), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), JK Sucralose Inc. (China), Ajinomoto Co. (Japan), The NutraSweet Co. (U.S.), Südzucker AG (Germany), Guilin Layn Natural Ingredients Corp (China), Zhucheng Haotian Pharm Co., Ltd. (China), HSWT France SAS (France), and Stevialite Holding (Colombia).
Key Questions Answered in the Report-
What is the current value of revenue generated by the sugar substitutes market? At what rate is the demand for sugar substitutes projected to grow for the next 5-7 years? What is the historical market size and growth rate for the sugar substitutes market? What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market? What impact does the current COVID-19 pandemic have on the sugar substitutes market? Which segments in terms of source, product, type, application create major traction for the manufacturers in this market? What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the sugar substitutes market? Who are the major players in the sugar substitutes market? What are their specific product offerings in this market? What recent developments have taken place in the sugar substitutes market? What impact have these strategic developments created on the market?
