Fior Markets launched a study titled “Sugar Substitutes Market by Type (High-Intensity Sweeteners, Low-Intensity Sweeteners, and High Fructose Corn Syrup), Nature, Application Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.”
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The global sugar substitutes market is expected to grow from USD 15.89 Billion in 2018 to USD 24.82 Billion by 2026 at a CAGR of 5.7% during the forecast period 2019-2026.Mounting demand for sugar substitute products from the food and beverage industry and growing demand for zero-calorie or low-calorie products are the two factors which are propelling the growth of the global sugar substitutes market.
High-intensity sweeteners segment valued around USD8.08 Billion in 2018.
The type segment is classified as high-intensity sweeteners, low-intensity sweeteners, and high fructose corn syrup. High-intensity sweeteners segment is dominating the market with the highest share in 2018. Due to the changing health and wellness trends, there is a subsequent rise in demand for high-intensity sweeteners, leading to the growth of the market. The high-intensity sweetenershas low-calories and are widely consumed by the diabetic and diet-conscious peoples. In addition, these sweeteners enhances the flavourings of foods and beverages and are frequently used as replacements to sucrose and issweeter than regular sugar.
The conventional segment is dominating the global sugar substitutes market with the highest share of 59.90%in 2018.
The nature segment is divided into segments such as organic and conventional. The conventional segment has dominated the market in 2018. The conventional nature sugar substitutes are preferred as they are widely used in the preparation of processed foods like baked goods, canned food items, jams, jellies, puddings, and candies.Conventional sugarsare made naturally and may contain chemicals in any of the different stages of the process. These type of sugar comprises nearly 100% of sucrose with no other nutrients. Hence, many of the consumers are diverting towards the organic sugar substitutes. This has increased the demand organic sugar substitutes is increasing due to growing awareness related to health benefits. Thus, organic segment is anticipated to grow with highest CAGR of 6.1% during the forecast period.
Food and beverage segment valued around USD 7.81 Billion in 2018.
The application segment includes food and beverage, cosmetics and personal care and pharmaceuticals. The food and beverage segment is dominating with the highest share in 2018 due to an increased demand for natural health drinks and sports drinks with enhanced nutritional value. Also, growing awareness about proper food consumption among the obese and diabetic population is expected to boost the uptake of sugar substitutes in food products.Furthermore, the low cost of thesugar substitutes and the longer shelf life as well as high sweetening intensity has also increased the demand of the sugar substitutes in the food and beverage applications.
Regional Segmentation Analysis:
The global sugar substitutes market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is dominating the market with the highest share of 41.30% in 2018.North America is dominating the market owing to hectic lifestyles and high expendable incomes which have intensified the obesity rates in the region. Also, growing awareness of the benefits of sugar substitutes has further contributed to the growth of the global sugar substitutes market.Asia Pacific region is anticipated to be the second fastest growing region due to the rising disposable income of developing countries such as India, increasing health issues related to sugar consumption, and presence of emerging economies providing profit margins to key market participants.
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The major players of the global sugar substitutes market include Cargill Incorporated, Tate & Lyle, Archer Daniels Midland Company, E. I. DuPont De Nemours, Ingredion Incorporated, Ajinomoto Co. Inc., Roquette, The Nutra Sweet Company, PureCircle, JK Sucralose Inc., and among others. In order to their enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. For instance, in 2017, Zydus Wellness launched is new sugar substitute product named as Sugar Free Green. This product is developed using the stevia leaves and is available in two variants such as powders and pellets.
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