The global sugar
substitutes market is expected to reach USD 19.10 billion by 2024,
according to a new report by Grand View Research, Inc. Rising health conscious
population coupled with increasing disposable income and growing consumption of
low calorie and healthier food & beverages are the key driving forces
propelling market growth.
The market is witnessing increasing incorporation of
sugar substitutes into the health & personal care products which is
expected to drive demandover the forecast period. Rising prevalence of health
problems including obesity and diabetes along with fluctuating sugar prices
hampering supply is anticipated to fuel sugar substitutes market growth.
Sugar substitutes are majorly used in the form of
sorbitol, tagatose, and aspartame saccharine in health care, cosmetics, and
food & beverage industry. Gaining importance of artificial sweeteners in
the formulation of confectioneries, bakery, dairy, and frozen foods would have
a strong impact on market growth over the next eight years.
Beverage manufacturers such as Coca-Cola Company have
pursued their efforts on developing calorie-free substitutes, filed for patents
to the FDA in relation withaherb called stevia, which is used to impart
sweetening characteristics to food and drinks. These developments are expected
to facilitate other market players to incorporate these activities into their
R&D portfolio and would open new market avenues over the forecast period.
Browse full research report on Sugar Substitutes Market: https://www.grandviewresearch.com/industry-analysis/sugar-substitutes-market
Further
key findings from the report suggest:
- Beverages segment accounted for over 40% of global volume in 2015.
This segment is expected to grow on account of growing demand for
high-intensity sweeteners in alcoholic beverages, especially from
developed economies such as North America and Europe. Additionally, sugar
substitutes are gaining popularity as an additive in carbonated soft
drinks for taste enhancement and calorie reduction.
- Low-intensity sweeteners segment is expected to grow at a CAGR of
over 5.0% from 2016 to 2024. Low-intensity sweeteners are an ideal
substitute for sugar due to its superior functional properties. Growing
demand from food & beverage industry will positively impact the growth
of this segment in the near future.
- Among applications, beverages segment dominated the global sugar
substitutes market. However, food segment is anticipated to witness
highest CAGR from 2016 to 2024. This is attributed to growing awareness
among health conscious population and shifting consumer preferences to
low-caloric food products.
- North America market is expected to grow at a CAGR of 2.8% from
2016 to 2024. North America and Europe is expected to continue its
dominance jointly in sugar substitutes market through continuing to invest
in research and development activities and natural alternatives potential.
- Demand forsugar substitutes in Europe was valued at over USD 2
billion in 2015. Germany is one of the major countries accounting for over
50% of European sugar substitutes market. Germany is Europe's leading
location for food & beverage industry and second biggest in terms of
medical technology production and medical services provider across the
globe.
- Leading market players including DuPont, Cargill, ADM, and Tate
& Lyle are channelizing their efforts into the development of new
products through significant R&D investments, utilizing advanced
technologies to manufacture superior quality and cost-effective products.
The key companies are also striving to raise awareness among consumers
regarding the ambiguity with the sugar substitutes consumption, while
strictly adhering to the international quality standards.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/nutraceuticals-functional-foods-and-dietary-supplements
Grand
View Research has segmented the global sugar substitutes market on the basis of
product, application, and region:
Global
sugar substitutes product outlook (Volume, Kilo tons; Revenue, USD Million,
2013 - 2024)
- High
intensity sweeteners
- Low intensity
sweeteners
- High fructose
syrup
Global
sugar substitutes application outlook (Volume, Kilo tons; Revenue, USD Million,
2013 - 2024)
- Food
- Bakery &
Confectionery
- Dairy
- Others
- Beverages
- Others
Global
sugar substitutes regional outlook (Volume, Kilotons; Revenue, USD Million,
2013 - 2024)
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- Japan
- Latin America
- Brazil
- Middle East
& Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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