Sugar Substitutes Market Development Status, Developments, Leading Company Analysis Forecast till 2025
The increasing incidences of lifestyle disorders have led to a rise in the demand of sugar substitutes. According to a report by Fortune Business Insights, titled, “Sugar Substitutes: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 6.35 Bn in 2018. Fortune Business Insights predicts that the market will rise at a CAGR of 6.3%, and reach US$ 10.27 Bn by the end of 2026.
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Some of the Main Key Players Covered in the Report
- Tate & Lyle
- Cargill, Incorporated
- Archer Daniels Midland Company
- Ingredion Incorporated
- Roquette Frères
- The Nutra Sweet Company
- Ajinomoto Co., Inc.
- JK Sucralose Inc.
- Pure Circle Limited
Asia Pacific Likely to Witness a Rapid Market Growth Throughout the Forecast Period
Geographically, the Global Sugar Substitutes Market is divided into North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Amongst these, the developed markets of Western Europe and North America are leading the global sugar substitutes market. In 2018, sugar taxes came into force in several markets.
This, in turn, has initiated reformulation in multiple processed food segments. Several companies are providing less sugar while maintaining the same texture and taste of actual sugar. Furthermore,the Asia Pacific and the Middle East and Africa are anticipated to witness the rapid growth of sugar substitute market above the global average.
Reduction in the consumption of sugar is likely to occur because the manufacturers are provoked by the global food and beverage industry to not use sugar in beverages, bakery, infant nutrition, and even breakfast cereals. The reduction of sugar has become more like a norm rather than a trend nowadays, as it aligns positively with the purchasing patterns of the consumers.
The largest segment that has been intensively adopting reduction of sugar the most is beverages. Also, governments and other regulatory bodies have been pressurizing the populace to check their sugar consumptions regularly as too much sugar in one’s system is harmful for health.
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Natural Sweeteners are Anticipated to Grow Faster than Artificial Sweeteners
Synthetic sugar alternatives, namely, aspartame, acesulfame potassium, and saccharine have been dominating the global sugar substitutes market due to a rise in their demand from developed markets and also due to vigorous consumption patterns. But, natural sweeteners such as monk fruit and stevia are projected to become more popular than the artificial ones.
Roquette Frères, a French-based company, has already started working on producing natural sweeteners. It has launched Nutriose, a soluble plant-based fiber for food and nutrition which acts as a reliable sugar substitute.
Segments of Table-Top and Beverages are Likely to Lead the Market
In terms of application, the global sugar substitutes market is segmented into beverage, table-top, beverages, bakery and confectionery, other processed food, pharmaceuticals, and personal care and cosmetics. Amongst these, table-top and beverages are projected to lead the global sugar substitutes market during the forecast period.
This is anticipated to occur because masses across the globe have recently started to look for ways to maintain a healthy lifestyle. Sugar tops their list when it comes to health and wellness needs. As a result, consumer opinions and perspectives towards table sugar and beverages have changed rapidly. A number of multinational companies have started offering sugar-free and sugar-reduced products.
On the other hand, beverages remain dominant in the global sugar substitutes market and the segment will continue to maintain its position throughout the forecast period. This is because consumers are demanding low-calories or sugar-free formulations. At the same time, bakery and confectionary segment has started adopting sugar-reduction to cater to the needs of the health-conscious consumers.
There has also been a sudden shift towards functional, highly convenient, and organic beverages. All these factors are likely to increase the demand and growth of sugar substitutes, especially for those that are produced from natural ingredients, such as monk fruit, agave, stevia, etc.
Some of the leading companies that are operating in the global sugar substitutes market are Cargill Incorporated, Tate & Lyle, Roquette Frères, Archer Daniels Midland Company, Ingredion Incorporated, The Nutra Sweet Company, Pure Circle Limited, Ajinomoto Co., Inc., JK Sucralose Inc., DowDuPont, and other key market players.
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