Sugar Substitutes Market Projected to Reach a Value of US$ 19 Billion by 2024
united states, 26 April 2019 -- The global sugar substitutes market has witnessed steady growth in recent years. Sedentary lifestyles, increasing health consciousness, the growing prevalence of diabetes and rising consumer awareness regarding benefits of sugar substitutes are spurring their sales across the globe.
According to the latest report by IMARC Group, titled “Sugar Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global sugar substitutes market size was US$ 15 Billion in 2018. Sugar substitutes are plant- or chemical-based food additives which are used instead of table sugar (sucrose) to improve and sweeten the flavor of edibles. As they replicate the sweetness of sugar without providing similar calories, they are widely used in the production of sugar-free food products and beverages such as jellies, candies, puddings, baked goods, canned foods, dairy products, soft drinks and powdered drink mixes. High demand for these substitutes from the food and beverage industry has been one of the major growth-inducing factors for the market.
On account of sedentary lifestyles, excessive consumption of sugar-based food products and the growing prevalence of lifestyle diseases such as obesity and heart problems, consumers are shifting from sugar to sugar substitutes as a preventive measure. Additionally, rising health consciousness and increasing awareness about the benefits of sugar substitutes are encouraging consumers to include these substitutes in their everyday diet. Moreover, they are favoring natural sugar substitutes over artificial ones. Apart from this, some of the leading manufacturers are investing in research and development activities to introduce a wide range of healthier sugar substitutes for consumers. Looking forward, the market is projected to reach a value of US$ 19 Billion by 2024, expanding at a CAGR of more than 4% during 2019-2024.
Insights on Market Segmentation:
Breakup by Product Type:
1. High-Intensity Sweeteners
2. Low-Intensity Sweeteners
3. High Fructose Syrup
Based on the type, the market has been segregated into high-intensity sweeteners, low-intensity sweeteners and high fructose syrup. Amongst these, high-intensity sweeteners are further divided into stevia, aspartame, cyclamate, sucralose, saccharin and others, whereas low-intensity sweeteners are segmented into D-tagatose, sorbitol, maltitol, xylitol, mannitol and others. At present, high-intensity sweeteners represent the most popular product type.
Breakup by Application:
1. Food Products
3. Health and Personal Care
Based on the application, the market has been classified into food products, beverages, and health and personal care. Currently, sugar substitutes are used in the preparation of beverages like energy drinks, instant teas, soft drinks, juices, diet sodas and sugar-free syrups.
Breakup by Origin:
The market has been bifurcated on the basis of the origin which includes natural and artificial sugar substitutes. Presently, artificial sugar substitutes account for the majority of the total market share.
Breakup by Region:
1. North America
2. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, the market has been categorized into Latin America, North America, Asia Pacific, Europe, and Middle East and Africa. Amongst these, North America is the biggest market.
The competitive landscape of the market has been examined with some of the key players being Tate & Lyle Plc, Cargill, Inc., Purecircle Ltd., Roquette Frères, DuPont, Archer Daniels Midland Company, Ajinomoto Co. Inc., Ingredion Inc., Flavors Holdings Inc. and Jk Sucralose Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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