New York, USA, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global allulose market is predicted to grow at a stable CAGR of 11.7%, thereby garnering a revenue of $308,182.9 thousand in the 2022-2032 timeframe. This holistic report provides an overarching overview of the nature of the allulose market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2032 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: The health benefits associated with plant-based products has led to an increase in their demand globally. This increase in demand for plant-based products is predicted to boost the allulose market. Along with this, increased awareness about negative effects of excessive sugar consumption has led to growing demand for sugar substitutes which is anticipated to help the market grow substantially in the forecast period.
Opportunities: Rising demand for allulose from pharmaceutical industries is estimated to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, growth in demand for functional foods and convenience foods is expected to augment the growth rate of the market.
Restraints: Stringent government regulations regarding storage conditions of allulose, however, might prove to be a hindrance in the growth trajectory of the allulose market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering global supply chains. The allulose market, however, showed resilience during the pandemic period. The primary reason behind this was the government support given to food processing and manufacturing industries which helped many companies to carry on their production cycles despite the lockdowns. Due to this, the pandemic period couldn’t slow down the growth rate of the market.
Segments of the Market
The report has divided the allulose market into certain segments based on nature, type, application, and region.
Nature: Organic Sub-Segment to be Highly Profitable
By nature, the organic sub-segment is predicted to have a dominant market share by 2032. Growing awareness regarding various benefits of organic products as compared to their conventional counterparts is expected to help in the surge of this sub-segment.
Type: Powder Sub-segment to Experience Significant Growth
By type, powder sub-segment is predicted to garner a substantial revenue by 2032. Increased popularity and use of powdered allulose in smoothies, biscuits, cakes, etc., is estimated to propel the growth of this sub-segment.
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Application: Bakery and Confectionery Sub-Segment to Flourish Immensely
By application, the bakery and confectionery sub-segment is predicted to garner huge market revenue by 2032. Surge in demand for confectionery items due to growing preference for fresh & ready-to-eat convenience foods is expected to gather such a dominant market share in the forecast period.
Market in the North America Region to be the Most Lucrative
By regional analysis, the allulose market in the North America region is poised to become the most dominant in the 2022-2032 timeframe. Increasing use of allulose in the pharmaceutical sector because of its detoxifying and anti-oxidation properties is predicted to be the primary growth driver of the market in this region.
Prominent Market Players:
Some prominent market players of the allulose market are
- Matsutani Chemical Industry Co. Ltd
- Cargill Inc
- Anderson Global Group
- Tate & Lyle PLC
- Ingredion Incorporated
- Quest Nutrition
- CJ Cheil Jedang
- Samyang Corporation
- Apura Ingredients
- Bonumose LLC
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in July 2020, Whole Earth Brands, Inc., a leading food company, announced the launch of new Whole Earth® Allulose Baking Blends. This product launch, as per the company’s statement is to cater to the growing demands of sugar-free food products. The newly launch baking blends are plant-based, sugar-free, zero-calorie baking solutions which will address the demands of the market.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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More about Allulose Market:
- Why Allulose Could be the Next Big Game Player in Sweeteners?
- Why is Allulose a Perfect Sugar Alternative for Diabetic and Health-Conscious People?
- Allulose Market to Observe Significant Growth by 2031 Due to Strategic Partnerships and Business Expansion by Market Players, such as Apura Ingredients, Ingredion Incorporated, and Others
