Global Sugar Substitutes Market – Overview
The Global Sugar Substitutes Market is witnessing an impressive growth over the last few years. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on “Global Sugar Substitutes Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
With the changing lifestyle and evolving dietary patterns, convenience food plays an important role in defining the consumers’ food choices in the modern world. Sugar substitutes is considered to be one of the important components in the food manufacturing process. One of the significant reasons of the rising growth of sugar substitutes is the mounting growth of various beverages. Beverages are gaining traction both in the developed and developing economies. Due to the increasing population coupled with the rising per capita disposable income is anticipated to fuel the sales of beverages.
Apart from this, factors such as changing lifestyle rising women workforce, and increasing demand of convenience products are anticipated to be vital reason for increasing demand of beverages which is anticipated to fuel the overall growth of sugar substitutes. Sugar substitutes is massively used in the bakery & confectionery products, dairy products, and various frozen foods which will aid to upsurge the sales of sugar substitutes during the forecast period of 2017-2023.
Growth of the sugar substitutes market size is attributed to the rising incidences of obesity and diabetes among the sugar consumer. These ailments bring various chronic diseases such as kidney failure, respiratory disorders, and other diseases. Increasing consumer awareness is playing a crucial role to increase the demand of the sugar substitutes. Also, one of the recent trends which is gaining traction among the consumers is the rising growth of natural sugar substitute products.
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Latest Industry Updates
June 2017 Zydus Wellness has launched their new products of sugar substitutes under the brand name of “Sugar Free Green”
April 2017 Evonik Industries has introduced low calorie sugar substitutes in Asia Pacific region
April 2017 Evonik Industries has come up with a joint venture with Thai Rajburi Sugar in order to increase the presence in South East Asia
April 2016 Ajinomoto Co. Inc. has launched zero calorie sweetener in Canada
Global Sugar Substitutes Market - Competitive Analysis
Key manufacturers are concentrating to augment its brand name by arranging several promotional activities. The companies are participating in various social media promotions, events and interaction with the consumers. The manufacturers are demonstrating their new product offerings in order to attract the new customers. By this strategy the product of the company will be popular among the consumers which will aid to increase the overall profitability of the company.
Moreover, the key players are emphasizing more in the research & development process in order to introduce new product, and also to extend the product line. Key players are introducing new sugar substitutes to surge the volume sales and also to increase the overall revenue of the company.
In addition, the manufacturers are penetrating into the untapped market in order to increase the overall revenue. Apart from this, key manufacturers are opening new manufacturing plant in the attractive location in to cater the increasing demand of sugar substitutes.
The key players profiled in sugar substitutes are: Cargill, Inc. (U.S.), Tate & Lyle PLC (U.K.), Ingredion Incorporated (U.S.), The Archer Daniels Midland Company (U.S.), JK Sucralose Inc (China), E. I. du Pont de Nemours and Company (U.S.), Merisant Company (U.S.)
Global Sugar Substitutes Market – Segments
Global sugar substitutes market has been divided into product type, formulation, application, and Region
On the Basis of Product type: High-intensity sweeteners category, and Low-intensity sweeteners
On the Basis of formulation: Natural sweeteners, and artificial sweeteners
On the Basis of application: Bakery and Confectionery, Beverages, Dairy Products, Healthcare products, Personal care products, and others
On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World
Global Sugar Substitutes Market - Regional Analysis
The global sugar substitutes market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among these, North America is estimated to retain its dominance throughout the forecast period of 2017-2023. This is attributed to the increasing awareness of the healthy food habits and increasing disposable income of consumers. Also, the new product launch by the key players in the sugar substitutes market is anticipated to stimulate the sales of sugar substitutes in the North American countries. Europe is estimated to account for one quarter of the overall market of global sugar substitutes market in the year of 2017. However, Asia Pacific region is estimated to witness a maximum growth in the global sugar substitutes market during the forecast period of 2017-2023.
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