(I-BusinessNews.Com, April 27, 2021 ) According to MarketsandMarkets “Sugar Substitutes Market by Type (High Fructose Syrup, High-Intensity Sweetener, Low-Intensity Sweetener), Composition, Application (Beverages, Food Products, and Health & Personal Care Products), and Region – Global Forecast to 2025″, the global sugar substitutes market size is estimated to be valued at USD 16.5 billion in 2020 and projected to reach USD 20.6 billion by 2025, recording a CAGR of 4.5% during the forecast period. The global sugar substitute industry has witnessed growing trends in the past years. The growth of this industry is majorly driven by an increase in health consciousness among consumers to encourage the demand for healthier food choices, an increase in demand for natural sweeteners due to the rise in consumer inclination toward natural products, and growing demand for sugar substitutes in various applications in the food & beverage industry.
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Opportunities: Increase in investments in R&D activities by manufacturers to develope newer and enhanced products
Manufacturers are increasingly investing in the R&D of new sugar substitutes to gain a larger share than their competitors. Many food & beverage manufacturers are replacing regular sugars with sugar substitutes for lowering the calorie content of the final products. The demand for sugar substitutes from developed economies has increased. The major reason behind the substantial growth of the sugar substitutes market is the changing consumer attitude toward the consumption of sugar substitutes. The awareness about the ill-effects of high-calorie regular sugar consumption among consumers is increasing. To attract such potential consumers, sugar substitutes are made available across pharmacies, supermarkets, grocery stores, and health food shops in developed economies such as the US, Canada, and Germany.
By composition, the aspertame in high-intensity sweeteners segment is projected to account for the largest share in the sugar substitutes market during the forecast period
The aspartame in high-intensity sweeteners segment accounted for a major share in the global sugar substitutes market, in 2019, in terms of value. Aspartame is approved by the FDA for using it in food products as a nutritive sweetener. Aspartame was approved by the FDA in 1981 for uses, under certain conditions, as a tabletop sweetener, in cold breakfast cereals, chewing gum, and dry bases for certain foods, such as instant coffee, beverages, tea, puddings, gelatins, fillings, toppings, and dairy products. The FDA approved the use of aspartame in carbonated beverage syrup bases and carbonated beverages in 1983. In addition, the FDA approved aspartame for use as a general-purpose sweetener in 1996. Aspartame is one of the most comprehensively studied substances in the human food supply and has more than 100 studies supporting its safety.
By composition, the sorbitol in low-intensity sweeteners segment is projected to account for the largest share in the sugar substitutes market during the forecast period
The sorbitol in low-intensity sweeteners segment accounted for a major share in the global sugar substitutes market, in 2019, in terms of value. Sorbitol is a low-calorie sugar, which is also known as a polyol or sugar alcohol. Naturally, it is found in food products, including apricots, prunes, apples, and blackberries. It contains nearly one-third fewer calories than sugar and is 60% percent as sweet as sugar. It has been used as a sugar substitute for diabetics since the 1930s and for the general population since the 1970s. It is not metabolized by bacteria in the mouth. Therefore, it does not contribute to tooth decay. It also improves the shelf life, appearance, and texture of food products in the absence of sugar and also has medicinal qualities. Sorbitol is also commercially produced and is the most commonly used polyol in the US. Sorbitol is safe to use, and its safety has been confirmed by global health authorities. It is used in retaining moisture in products and as an ingredient in sugar-free chewing gums, sweets, and pharmaceutical products.
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Increase in preference for Low-Calorie and reduced-sugar beverage options among consumers to drive the market growth
The beverage segment is estimated to dominate the market for sugar substitutes, by application, in terms of value, in 2020. High-intensity sugar substitutes witness an increase in preference for the production of beverages. As a low volume of HIS is enough for imparting the required degree of sweetness to products, it remains a more economical option for the beverage industry. Thus, the expansion of the consumer base for beverage products provides an incentive for developing new sugar substitutes and products, thereby driving the market growth during the forecast period.
Asia Pacific is projected to grow at the highest growth rate during the forecast period
The Asia Pacific market is projected to grow at the fastest rate in the sugar substitutes market during the forecast period. The sugar substitutes market in the Asia Pacific region is growing due to the change in the lifestyle of customers and the increase in health consciousness among them. The market in this region is witnessing a drastic transformation regarding diet diversification, rapid urbanization, and liberal trade policies in the food sector. Furthermore, a rise in consumer awareness about health issues, an increase in inclination of consumers toward health-benefiting food products, and a surge in income and purchasing power are the major factors offering growth opportunities for sugar substitute manufacturers in the market in the region. The developing countries in the region are India and China due to the increase in urbanization, the rapid rise in household incomes, and the change in lifestyles of consumers in the country. Consumers in India and China have been witnessing a change in their eating habits.
Key Market Players::
DuPont (US), ADM (US), Tate & Lyle (UK), Ingredion Incorporated (US), Cargill Incorporated (US), Roquette Frères (France), PureCircle Ltd (US), MacAndrews & Forbes Holdings Inc. (US), JK Sucralose Inc. (China), and Ajinomoto Co. Inc. (Japan).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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