Dublin, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The "Sugar Substitutes Market by Source, Type, Product, Form, Application - Global Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The sugar substitutes market is expected to grow at a CAGR of 4.9% from 2021 to 2028 to reach $24.1 billion by 2028.
Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and challenges. This market is characterized by more diversified operations, which offer healthy products, mainly due to rising health-consciousness and consumer preference for foods that contain healthy ingredients.
The high growth of the sugar substitutes market is mainly attributed to the factors such as rising demand for functional food products, growing prevalence of diabetes and obesity, and surging demand for natural sweeteners. However, stringent government regulations and adverse health effects associated with sugar substitutes are expected to restrain the growth of this market to some extent in the near future.
Based on source, the artificial sugar substitutes segment is estimated to command the largest share of the sugar substitutes market in 2021. Key factors contributing to this segment's major share include the low production cost compared to natural sugar substitutes, low price & high shelf life, and a wide range of applications of artificial sugar substitutes.
Based on type, the high-intensity sweeteners segment is estimated to account for the largest share of the sugar substitutes market in 2021. The key factor driving the demand for high-intensity sweeteners is their wide range of applications, low production cost, ease of use, negligible side effects, and low cost compared to other sugar substitutes.
Based on product, the sugar substitutes market is segmented into non-nutritive and nutritive sweeteners. Further, the non-nutritive sweeteners segment is divided into sucralose, acesulfame-k, neotame, saccharin, stevia, cyclamate, luo han guo (monk fruit), and other non-nutritive sweeteners.
The sucralose segment is expected to generate the largest portion of the revenue of the non-nutritive sugar substitutes market in 2021. Key factors contributing to the dominant position of this segment are the growing application of sucralose in food and beverages, high shelf-life, and its requirement in low quantity to achieve desired sweet taste due to its high sweetness.
Based on form, in 2021, the solid segment is estimated to account for the largest share of the sugar substitutes market. The large share of this segment is mainly attributed to its wide availability and ease of handling; powder's high concentration & high mixability; ease of use, transportation, & storage; better shelf-life; and effective product formulation.
Based on application, the food segment is expected to grow with the fastest CAGR during the forecast period. Increasing consumer preferences towards healthy foods, changing food consumption patterns, and extensive use of sugar substitutes in different foods, including baked goods, confectionery, and savory snacks, supports the growth of sugar substitutes in food.
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. The fast growth of this regional market is mainly attributed to changing lifestyles, rapid urbanization, the emerging trend of healthy food & food ingredients, increasing awareness about the health benefits of sugar-free products, and the growing diabetic and obese population.
Key Questions Answered in the Report-
- What is the current value of revenue generated by the sugar substitutes market?
- At what rate is the demand for sugar substitutes projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the sugar substitutes market?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the sugar substitutes market?
- Which segments in terms of source, product, type, and application create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the sugar substitutes market?
- Who are the major players in the sugar substitutes market? What are their specific product offerings in this market?
- What recent developments have taken place in the sugar substitutes market? What impact have these strategic developments created on the market?
Market Insights
Drivers
- Rising Demand for Functional Food Products
- Growing Prevalence of Diabetes and Obesity
- Surging Demand for Natural Sweeteners
Restraints
- Stringent Government Regulations
- Adverse Health Effects Associated with Sugar Substitutes
Opportunities
- Emerging Economies
- Rising R&D Activities to Develop Sugar-Free Products
Challenges
- Product Labelling and Claim Issues
- Premium Pricing of Natural Sweeteners Owing to the Higher Costs of Production
Trends
- Clean Label
- Healthy Living
Regulatory Analysis
The key players operating in the sugar substitutes market are
- Tate & Lyle PLC
- Roquette Freres
- Archer Daniels Midland Company
- Dupont De Nemours Inc.
- Cargill Incorporated
- Ingredion Incorporated
- JK Sucralose Inc.
- Ajinomoto Co.
- The NutraSweet Co.
- Sudzucker AG
- Guilin Layn Natural Ingredients Corp.
- Zhucheng Haotian Pharm Co. Ltd.
- HSWT France SAS
- Stevialite Holding
Scope of the Report:
Sugar Substitutes Market, by Source
- Artificial
- Natural
Sugar Substitutes Market, by Type
- High-intensity Sweeteners
- Low-intensity Sweeteners
- High-fructose Corn Syrup
Sugar Substitutes Market, by Product
- Non-nutritive Sweeteners
- Sucralose
- Acesulfame-K
- Neotame
- Saccharin
- Stevia
- Cyclamate
- Luo han guo (Monk Fruit)
- Other Non-nutritive Sweeteners
- Nutritive Sweeteners
- Aspartame
- Polyols
- High-fructose Corn Syrup
- Other Nutritive Sweeteners
Sugar Substitutes Market, by Form
- Solid
- Liquid
Sugar Substitutes Market, by Application
- Food
- Bakery
- Confectionery
- Savory and Snacks
- Dairy
- Others
- Beverages
- Nutrition and Health Supplements
- Pharmaceuticals
- Animal Feed
- Personal Care
For more information about this report visit https://www.researchandmarkets.com/r/qxxfx7
