Global sugar substitutes market is expected to reach 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 sugar substitutes market.
Sugar is defined as a carbohydrate which is known for its sweet taste and is derived from various sources such as sugarcane. Monosaccharide (simple sugar), galactose, and fructose are some commonly used of sugar. The sugar consumed by humans is known as sucrose, which – when consumed – will hydrolyse into glucose and fructose. Sugar is mainly used in bakery products, commercial beverages and as a sweetener.
- The base year for the study has been considered 2018, historic year 2016 and 2017 and the forecast period considered is from 2019 to 2026. The sugar substitutes market is analysed on the basis of value (USD Billion) and volume (Tons).
- The study delivers a comprehensive analysis of global sugar substitutes market by type, application, nature and regions.
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the sugar substitutes market. This report incorporates the industry analysis which is focused on providing an extensive view of the sugar substitutes market.
- The study also includes attractiveness analysis of type, application, nature and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the sugar substitutes market and a comparative analysis based on their business overviews, industry analysis, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial analysis.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Mounting demand for sugar substitute products from the food and beverage industry.
- Growing demand for zero-calorie or low-calorie products
- Lack of consumer awareness regarding sugar substitutes.
- Rising incidences of diabetes and weight-related issues are among the key factors driving the adoption of sugar substitutes.
Global Sugar Substitutes Market Key Findings:
All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
The sugar substitutes market is segmented on the basis of type, application and nature.
- 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 of 59.50% 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 nature segment is divided into segments such as organic and conventional. The conventional segment is dominating the market and valued around USD 9.51 Billion. 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. Although the market for organic sugar substitutes is also rising due to growing awareness related to health benefits.
- The application segment includes food and beverage, cosmetics and personal care and pharmaceuticals. The food and beverage segment is dominating with the highest share of 49.20% 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
Regional Segmentation Analysis:
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global sugar substitutes market with USD 6.56 Billion in 2018 where as the Asia Pacific a rapidly growing region in the market.
- 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 market.
- Asia Pacific is a rapidly growing region due to the increasing health issues related to sugar consumption, presence of emerging economies providing profit margins to key market participants, and rising disposable income are some factors which are driving the growth of the regional market.
Global Sugar Substitutes Market Competitive Analysis:
Key players in the sugar substitutes market are Cargill Incorporated, Tate & Lyle, Archer Daniels Midland Company, E. I. DuPont De Nemours, Ingredion Incorporated, Ajinomoto Co. Inc., Roquette, The Nutra Sweet Company, PureCircle, and JK Sucralose Inc. For instance, in October 2017, GLG Life Tech Corp collaborated with Archer Daniels Midland Co. and launched a new product named Reb M sweetener, made using stevia.
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This study forecasts revenue growth and volume at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global sugar substitutes market on the basis of below mentioned segments:
Global Sugar Substitutes Market, By Type:
- High Intensity Sweeteners
- Low Intensity Sweeteners
- High Fructose Corn Syrup
Global Sugar Substitutes Market, By Nature:
Global Sugar Substitutes Market, By Application:
- Food and Beverage
- Cosmetics and Personal Care
Global Sugar Substitutes Market, By Regions: