The global sugar substitutes market size is expected to reach USD 19.1 billion by 2024, according to a new report by Grand View Research, Inc., posting a CAGR of 4.2% during the forecast period. Growing awareness and rising consumer inclination towards low-caloric food and beverages, especially in developing countries are likely to help the market gain significant momentum over the forecast period.
Sugar substitutes are majorly used in the form of sorbitol, tagatose, and aspartame saccharine in the healthcare, cosmetics, and food & beverage industry. Increasing importance of artificial sweeteners in the formulation of confectioneries, bakery, dairy, and frozen foods is estimated to work in favor of the market.
The food segment is expected to achieve the fastest growth over the forecast period, owing to increasing awareness and changing consumer patterns for low-calorie food products. The major market players in the food industry are focused on the development of superior quality products at economical pricing. The above trends are expected to propel demand for sugar substitutes over the forecast period.
Rising prevalence of health problems related to sugar consumption in emerging economies is stimulating the growth of the overall market. Fluctuating supply and pricing of sugar is expected to create opportunities for sugar substitutes.
Sugar substitutes are used in various applications including bakery, confectionery, dairy, frozen foods, beverages, pharmaceuticals, and personal care. Rising health awareness among population and ongoing technological advancements are among the key factors anticipated to trigger the growth of the market.
However, stringent regulatory framework for the production of sugar substitute products and notion among common masses that consumption of sugar substitutes triggers health problems are projected to keep the market from realizing the utmost potential during the forecast period.
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Further Key Findings from the Report Suggest:
- In terms of revenue, the high intensity sweeteners segment is anticipated to reach USD 8.7 billion by 2024, maintain its dominance throughout the forecast period
- In terms of revenue, the low intensity sweeteners segment is projected to expand at a CAGR of 5.1% over the forecast period
- The beverages application segment dominated the market with a share of 43.5% in 2015
- The North America sugar substitutes market is anticipated to exceed 6,891.5 thousand tons by 2024
- Asia Pacific is projected to witness a remarkable growth rate of 7.0% over the forecast period. Key markets in Asia-Pacific include China, India, Japan, and South Korea.
- Some of the key companies present in the market are Tate & Lyle.; Cargill; Incorporated; Archer Daniels Midland Company; Ingredion Incorporated; Roquette; Ajinomoto Co.; Inc.; JK Sucralose Inc.; PureCircle; The NutraSweet Company; and E. I. DuPont De Nemours.