Sugar Substitutes Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global sugar substitutes market size is expected to reach
USD 19.1 billion by 2024, according to a new report by Grand View Research,
Inc., posting a CAGR of 4.2% during the forecast period. Growing awareness and
rising consumer inclination towards low-caloric food and beverages, especially
in developing countries are likely to help the market gain significant momentum
over the forecast period.
Sugar
substitutes are majorly used in the form of sorbitol, tagatose, and aspartame
saccharine in the healthcare, cosmetics, and food & beverage industry.
Increasing importance of artificial sweeteners in the formulation of
confectioneries, bakery, dairy, and frozen foods is estimated to work in favor
of the market.
The food
segment is expected to achieve the fastest growth over the forecast period,
owing to increasing awareness and changing consumer patterns for low-calorie
food products. The major market players in the food industry are focused on the
development of superior quality products at economical pricing. The above
trends are expected to propel demand for sugar substitutes over the forecast
period.
Rising
prevalence of health problems related to sugar consumption in emerging
economies is stimulating the growth of the overall market. Fluctuating supply
and pricing of sugar is expected to create opportunities for sugar substitutes.
Sugar
substitutes are used in various applications including bakery, confectionery,
dairy, frozen
foods, beverages, pharmaceuticals, and personal care. Rising health
awareness among population and ongoing technological advancements are among the
key factors anticipated to trigger the growth of the market.
However,
stringent regulatory framework for the production of sugar substitute products
and notion among common masses that consumption of sugar substitutes triggers
health problems are projected to keep the market from realizing the utmost
potential during the forecast period.
Further Key
Findings from the Report Suggest:
- In terms of
revenue, the high intensity sweeteners segment is anticipated to reach USD
8.7 billion by 2024, maintain its dominance throughout the forecast period
- In terms of
revenue, the low intensity sweeteners segment is projected to expand at a
CAGR of 5.1% over the forecast period
- The beverages
application segment dominated the market with a share of 43.5% in 2015
- The North
America sugar substitutes market is anticipated to exceed 6,891.5 thousand
tons by 2024
- Asia Pacific is
projected to witness a remarkable growth rate of 7.0% over the forecast
period. Key markets in Asia-Pacific include China, India, Japan, and South
Korea.
- Some of the key
companies present in the market are Tate & Lyle.; Cargill; Incorporated;
Archer Daniels Midland Company; Ingredion Incorporated; Roquette;
Ajinomoto Co.; Inc.; JK Sucralose Inc.; PureCircle; The NutraSweet
Company; and E. I. DuPont De Nemours.
Access
full research report on global sugar substitutes market:
www.grandviewresearch.com/industry-analysis/sugar-substitutes-market
Sponsor Ads
Created on Dec 11th 2019 06:12. Viewed 278 times.