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
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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