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: http://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: http://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
Access press release of this
research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-sugar-substitutes-market
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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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