Sugar Substitutes Market Scope:
As per Market Research Future (MRFR)’s analysis, the global sugar substitutes market has been projected to proliferate at a steady CAGR over the forecast period (2023-2032). The report suggests that the market is poised to scale a decent valuation owing to changes in consumer behavior pattern. The shift witnessed towards the adoption of healthy low-calorie food is expected to drive the expansion of the market over the next couple of years.
Sugar Substitutes Market Size was valued at USD 13.9 billion in 2022. The sugar substitutes market industry is projected to grow from USD 14.82 Billion in 2023 to USD 21.82 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.66% during the forecast period (2023 - 2030).
Key players are focusing on innovation and product development for gaining a competitive edge over its competitors. The advent of natural sweeteners has revolutionized the growth pattern of the sugar substitutes market. It is anticipated to show a similar trend in the forthcoming years.
The rising prevalence of diabetes has created awareness about its complications, long-term and short-term effects. It has led to a considerable rise in the consumption of sugar substitutes in the past decade. In addition, the accelerating global economic growth has unleashed tremendous growth opportunities into the market. The rising per capita income coupled with an elevated standard of living is likely to boost the growth trajectory of the sugar substitutes market over the forecast period.
The changes in the food pattern have catalyzed the demand for sugar substitutes across different industry verticals such as food & beverage, bakery & confectionary, healthcare, etc. The growth of these end-user industries is also projected to catapult the sugar substitutes market on an upward trajectory. Furthermore, the adoption of sugar substitutes in the developing nations is presumed to accelerate revenue creation for the market participants.
Segmentations:
By type, the global sugar substitutes market has been segmented into high-intensity sweeteners, low-intensity sweeteners, high-fructose syrups, and others. Among these, the high-intensity sweeteners segment has been prognosticated to account for the maximum share of the market in the upcoming years. The low-intensity sweeteners segment is expected to secure the second spot in the marketplace.
By product type, the sugar substitutes market has been segmented into high-intensity sweeteners category (acesulfame potassium (ace-k), saccharin, aspartame, stevia, sucralose, others), low-intensity sweeteners category (maltitol, xylitol, d-tagatose, erythritol, sorbitol, others). The high-intensity sweeteners category is anticipated to hold the lion’s share of the market and grow substantially over the forecast period. The growth can be attributed to the increasing demand from the healthcare and food & beverage industries.
By application, the global sugar substitutes market has been segmented into bakery and confectionery, beverages, dairy products, healthcare products, personal care products, and others. Among these, the bakery and confectionery segment is likely to scale a relatively higher valuation over the next couple of years followed by the beverages segment.
By formulation, the sugar substitutes market has been segmented into natural sweeteners and artificial sweeteners. The growing demand for natural sweeteners is poised to lead the growth of the segment across the projection period.
Regional Analysis:
The global sugar substitutes market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America is anticipated to account for the maximum share of the global market in the foreseeable future owing to the changes in the food pattern. The rising application of sugar substitutes in the food & beverage industry is anticipated to augment the sugar substitutes market through the review period.
Asia Pacific is forecasted to follow North America in terms of market size. The changes in the lifestyle of the population are projected to catalyze the expansion of the regional sugar substitutes market over the next couple of years. China is one of the major exporters of these substitutes and is anticipated to contribute substantially to the development of the market.
Competitive Landscape:
The major Key Sugar Substitutes Market Players profiled in this MRFR report are Cargill, Inc. (U.S.), Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), The Archer Daniels Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), and Merisant Company (U.S.).
Industry Updates:
In February 2019, India-based TataNx from Tata Chemicals has announced the launch of Zero sugar which is cent percent natural sweetener made from lactose, herb extract, and stevia.
In September 2018, a leader in the development & production of sustainable ingredients for clean beauty, health & wellness, and flavors & fragrances, Amyris Inc., held a tasting event in New York to mark the launch of a new sugarcane-derived zero-calorie sweetener. The sweetener has been developed by a California-based ingredient company.
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