Sugar Substitutes Market Global Industry Size, Emerging Trends, Top Manufacturers and Forecast Till 2023
This can be accredited to the numerous benefits offered by sugar substitutes along with their longer shelf-life and low cost.
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The latest report by IMARC Group, titled “Sugar Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global sugar substitutes market reached a value of US$ 14.4 Billion in 2017. Sugar substitutes are chemical or plant-based food additives used in the place of regular table sugar. They duplicate the effect of sugar, while lowering the calorie intake. Nowadays, a wide variety of low-calorie as well as non-nutritive sugar substitutes are available to the consumers. They are used in a diverse range of products including yogurt, pudding, low-calorie ice-creams, sugar-free syrups, diet sodas, fruit cups and so on. Due to the rising obesity rates and increasing health concerns among the consumers, the demand for sugar substitutes is accelerating worldwide.
Global Sugar Substitutes Market Trends:
Sugar substitutes are widely utilized in the food and beverage industry due to their low-cost, high intensity and longer shelf-life. In addition, these products have the ability to intensify fruit flavors, such as cherry and orange, in foods and beverages, and chewing gums. Moreover, excessive consumption of sugary food products and sedentary lifestyles, have led to a rapid increase in the number of people suffering from diabetes. This has resulted in a heightened demand for sugar substitutes, such as stevia, aspartame, etc. which are known to help in controlling blood sugar and insulin levels. Sugar substitutes offer other health benefits as well, such as preventing ear and upper respiratory infections, fighting tooth decay or cavities, strengthening bone and lowering blood pressure. Looking forward, the market value is expected to reach US$ 18.3 Billion by 2023, exhibiting a CAGR of 4.1% during 2017-2023.
Global Sugar Substitutes Market Summary:
1 Market Breakup by Application
3 Health and Personal Care
3 Market Breakup by Region
2 Asia Pacific
4 Middle East and Africa
4 Sugar Substitutes Manufacturing Process
2 Raw Material Requirements
4 Key Success and Risk Factors
1 Market Structure
3 Profiles of Key Players
Based on type, high-intensity sweeteners represent the most popular type of sugar substitutes. These sweeteners include stevia, aspartame, cyclamate, sucralose and saccharin. Other major product types are low-intensity sweeteners and high fructose syrup.
On the basis of application, beverages represent the largest segment, holding the majority of the total market share. Other major application segments include food, health and personal care.
Based on origin, the market has been segmented into artificial and natural products. Artificial sugar substitutes include saccharin, acesulfame, sucralose and aspartame. On the other hand, molasses, honey, stevia, xylitol, brown rice syrup, coconut palm sugar, date sugar, etc. are some of the natural sugar substitutes.
Region-wise, North America enjoys the leading position in the global sugar substitutes market, holding the majority of the total share. Other major regions include Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being Tate & Lyle Plc, Cargill, Inc., PureCircle Ltd, Roquette Frères, DuPont, Archer Daniels Midland Company, Ajinomoto Co. Inc., Ingredion Inc., Flavors Holdings Inc. and JK Sucralose Inc.
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