Sugar Substitutes Market Trends, Revenue Growth Rate And Application Scope 2029
The global sugar substitutes market size was USD 7.50 billion in 2021. The market is projected to grow from USD 7.91 billion in 2022 to USD 12.86 billion by 2029, exhibiting a CAGR of 7.20% during the forecast period 2022-2029.
This information is provided by Fortune Business Insights, in its report titled, “Sugar Substitutes Market, 2022-2029.”
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Augmented Demand for Artificial Sugar Goods Assisted Market Development
The COVID-19 pandemic instigated a global stoppage in several sectors, comprising the food and beverage industry, and destructively obstructed economies across the globe by interrupting the production and transportation industry. This began a ripple impact in all the associated sectors bringing the global economy to a cessation. Further, the consumption patterns experienced notable alterations during the period.
List of Key Players Mentioned in the Report:
- Cargill Incorporated (U.S.)
- Tale & Lyle (U.K.)
- ADM (U.S.)
- Ingredion Incorporated (U.S.)
- Roquette Freres (France)
- Real Stevia Company (Sweden)
- Pyure Brands LLC (U.S.)
- JK Sucralose Inc. (China)
- DuPont (U.S.)
- Ajinomoto Co. Inc.(Japan)
Expansive Application in Food & Beverage to Encourage Growth of the Saccharin Segment
On the basis of type, the market is segmented into aspartame, ace. k, saccharin, sucralose, stevia, sugar alcohols, and others. The utilization of saccharin is particularly noteworthy for people whose diets necessitate calorie or carbohydrate constraint to people with obesity and diabetes.
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Food & Beverage Segment to Grow Rapidly Owing to Consumer Inclinations for Low-Calorie Choices
Sugar substitutes are presently utilized in beverages such as carbonated diet drinks, flavored waters, and other beverages. Major players in the beverage industry favor ingredients such as saccharin and sucralose. Expanding consumer base for beverages provides incentives for developing new sugar alternatives and products, thereby driving the food & beverage segment growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.
Drivers and Restraints:
Adverse Health Effects Owing to Over Usage of Sugar Drives Market Growth
Speedy industrialization throughout the globe has resulted in an upsurge in urbanization in recent years. People are living a more deskbound lifestyle with increased amount of time expended in the office and absence of exercise. Therefore, an unevenness in food intake is forming energy imbalance in their bodies. The amount of calorie consumption surpasses the quantity of calories that are exhausted by the body. Ingestion of calorie-rich food products resulted in fat build-up in the body and obesity. Whereas, obesity is accountable for producing numerous health concerns such as cardiovascular disease, type 2 diabetes, high blood pressure, and cancer. Therefore, users are expansively demanding low-calorie sweeteners for food and beverages.
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North America to Lead Stoked by Rising Low-Calorie Food Consumption
North America is among the prime consumers of sugar substitute products across the globe. Another major navigating factor is the surging requirement to raise awareness of low-calorie food consumption in the region. Admiration of healthy foods and beverages among the North American population is the prime aspect predicted to hold the largest sugar substitutes market share.
In Asia Pacific, industrialization has resulted in an upsurge in disposable income between the middle-class population in the region. This has amplified the demand for health-refining products, comprising high-quality and nourishing food products.
In Europe, diverse sugar substitutes, such as stevia, sucralose, sugar alcohols, and similar products, are trending highly among consumers. This has resulted in sugar substitute producers to discover the probability of creating inventive, tastier, high-quality, and nutritious sugar substitute products for the developing market.
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global sugar substitutes market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
Key Industry Development:
July 2020: Ingredion Inc. publicized the procurement of Pure Circle Limited, one among the fundamental producers and innovators of plant-based stevia sweeteners and flavors for the food and beverage industry.
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