(I-BusinessNews.Com, June 22, 2021 ) Specialty Sweeteners Market size is estimated to reach $3.52 Billion by 2026 and is poised to grow at a CAGR of 5.51% during the forecast period 2021-2026. Specialty Sweeteners are defined as food additives to stimulate a sense of sweetness during consumption. Researchers have advanced and found the sugar substitutes to sweeten the products, which is known as specialty sweeteners. The utility of the specialty sweeteners is increasing across the world, whereas the usage of sugar has become decreasingly popular since the last decade. Specialty sweeteners are extensively used in food and beverages sector as an ingredient. The market is primarily driven by a wide range of applications of specialty sweeteners across food and beverages sectors. Rising health concerns and consumer opinions about sugar and other high calories have brought high-density natural sweeteners and polyols to center stage. This trend is estimated to remain strong during the forecast period 2021-2026.
Specialty Sweeteners Market Segment Analysis – By Category
The global Specialty Sweeteners Market based on Category can be further segmented into Natural, Artificial. The Natural segment registered for the highest revenue in 2020. This is owing to the increase in health awareness among consumers to encourage the demand for healthy food options, the increase in the demand for natural sweeteners owing to the consumer’s great tendency towards natural products. The segment is gaining more popularity, as it has no side effects. The artificial segment is estimated to be the fastest-growing segment with a CAGR of 6.63% during the forecast period 2021-2026. This is owing to the rising demand for low-calorie sugar substitutes and sugar free products. The increased demand for sugar substitutes in various applications in the food and beverage industry is also driving the segment growth.
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Specialty Sweeteners Market Segment Analysis – By Application
The global Specialty Sweeteners Market based on Application can be further segmented into Food Sector, Beverages Sector. The Food sector registers for the highest market share in 2020 owing to the growing demand for specialty sweeteners in bakery and confectionary products. The usage of specialty ingredients in processed foods like jams, jellies, and others are driving the growth of the segment. The beverages sector is estimated to be the fastest-growing segment owing to the rising importance of specialty sweeteners in ready-to-serve drinks.
Specialty Sweeteners Market Segment Analysis – By Geography
The global Specialty Sweeteners Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and the Rest of the World. North America held the largest share of 34.86% in 2020. The growth in demand for specialty sweeteners in industrial and non-industrial applications and shifting consumer preferences have accelerated market growth in the region. In addition, North America is a leading producer and consumer in the sweetener market, owing to the increasing demand for prepared foods, functional foods, and alternative sugar sources. Asia-Pacific is estimated to be the fastest-growing segment owing to the rising disposable income coupled with increased awareness and usage of dietary foods. Another major driver is the growing population of overweight, obese, and diabetic patients which is resulting in growth in specialty sweeteners.
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Specialty Sweeteners Market Drivers
Robust demand from food and beverage Industries
New product development in the food and beverage industry is moving in favor of ingredients that have clean label claims and have a host of health benefits. The graphical representation of consumption of sugar substitutes represents an encouraging trend estimated to lead the specialty sweeteners market. Although food and beverage industries are still searching for an ideal sugar substitute, the current practice is to adopt a blending approach in order to achieve the taste and functionality associated with sweetening agents.
Increase in demand for sugar-free foods
The rapid urbanization and growing popularity of healthy foods have made consumers to focus more on sugar-free and low-calorie foods. Many benefits associated with specialty sweeteners are driving the demand for sugar-free food items. The food manufacturers are experiencing the demand for sugar-free foods by the consumers owing to health benefits of specialty sweeteners. This is estimated to boost the market during the forecast period 2021-2026.
Specialty Sweeteners Market Challenges
Long-term usage of specialty sweeteners
The excessive and long-term usage causes diabetes, that interferes the body’s ability to regulate blood sugar. This factor is restraining the growth of the Specialty Sweeteners Market. Moreover, the high consumption of artificial sweeteners causes bloating, gastrointestinal disorders, and diarrhea. The high-intensity sweeteners, such as saccharin and aspartame, causes leukemia, and blood-related disorders, which even leads to death. These factors are estimated to restrict the market growth during the forecast period 2021-2026.
Specialty Sweeteners Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Specialty Sweeteners Market. Key companies of this market Nestle SA, PepsiCo Inc., Coca Cola Company, Pure Circle Ltd, Cargill. Inc., GLG Life Tech Corp, Stevia Corp, Imperial Sugar, Ingredion, Zydus Wellness, Tate & Lyle, and The Nutra Sweet Company.
Acquisitions/Product Launches:
In November 2020, Ingredion EMEA has expanded its portfolio of sugar reduction and specialty sweeteners solutions across Middle East and Africa regions, with the launch of Stablesweet LD low sugar glucose syrup.
In December 2020, myris Inc. has launched PURECANE™ Brand Sweetener for the health-conscious consumers to satisfy their sweet tooth with a natural, zero-calorie sweetener.
In March 2019, PureCircle Limited has launched the next generation Stevia leaf sweeteners.
Key Takeaways
Geographically, North America is poised to see extraordinary development owing to the wide range of applications of specialty sweeteners, and changing consumers preferences in the region and is set to continue during the forecast period 2021-2026.
Based on Category, Natural specialty sweeteners are gaining demand owing to increase in the demand for natural sweeteners as the consumer’s tendency is shifting towards natural products.
The excessive and long-term usage of Specialty Sweeteners leads to various disorders, which is estimated to restrain the market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Specialty Sweeteners Market report.
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