New York, NY, Sept. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Alternative Sweetener Market by Type (High-Fructose Syrup (HFS), High-Intensity Sweetener (HIS), Low-Intensity Sweetener (LIS)) and By Application (Food & Beverages, Pharmaceuticals, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global alternative sweetener market was valued at around USD 13.04 billion in 2017 and is expected to reach approximately USD 18.60 billion by 2024, growing at a CAGR of around 5.2% between 2018 and 2024.
The alternative sweetener is a sugar substitute used to sweeten and improve the flavor of drinks and foods. It is either chemical- or plant-based substance used in processed food products as a tabletop sweetener. A small number of alternative sweeteners provide the same level of sweetness as that of table sugar. Alternative sweeteners are declared by the FDA (U.S. Food and Drug Administration) as food additives. Alternative sweetener plays an important role in controlling the number of calories consumed through natural sugar.
Browse through 108 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Alternative Sweetener Market Size 2017: Industry Share, Trends, Segments, Growth Analysis and Forecast to 2024”.
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The global market for alternative sweetener is growing at a good CAGR. The growth of the alternative sweetener market is primarily due to the growing consumption of processed foods in developed countries and an increasing number of beverage companies internationally. Moreover, an increasing number of diet conscious people and a high number of diabetic patients is expected to enhance the growth of the global market for alternative sweetener within the forecast period. Increasing urban population and rapid expansion of end-use industries in emerging countries such as China and India are the key factors projected to fuel the growth of the alternative sweetener market during the forecast period.
On the basis of product type, the market is divided into low-intensity sweetener (LIS), high fructose syrup (HFS), and high-intensity sweetener (HIS). High-intensity sweetener (HIS) segment is the fastest growing segment with the largest market share in terms of revenue in 2017. The high fructose syrup segment is projected to exhibit significant market share within the forecast period owing to increasing investment in research & development activities in the area of manufacturing and processing of high fructose syrup from different materials such as corn, rice, starch, and wheat. On the basis of application, the market is segmented into pharmaceuticals, food & beverages, and others. Food & beverages segment is the leading segment with increasing use of alternative sweeteners in confectionary, bakery, dairy, and related products manufacturing. Additionally, the increasing trend of low-sugar food & diet beverages among diet-conscious consumers is expected to boost the demand for alternative sweeteners in the food & beverage industry within the forecast period. Pharmaceutical is the second important segment expected to exhibit a considerable growth within the forecast period. Extensive research and development activities and increasing government investments in the pharmaceutical industry in developed regions are anticipated to fuel the market growth for alternative sweetener over the forecast period.
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North America is the dominant region in the global alternative sweetener market with a major market share in terms of revenue in 2017. High consumption of alternative sweetener coupled with a high preference for processed food products including cakes, chocolates, and other bakery products are the key factors driving the growth of the alternative sweetener market in the region. Developed countries such as Mexico and the U.S. are contributing to the growth of the market for alternative sweetener with the high production and export of non-alcoholic beverages. Moreover, ongoing innovations in the area of energy and sports drinks are anticipated to enhance the alternative sweetener market growth in the near future.
The Asia Pacific is expected to show huge development in alternative sweetener consumption rates due to growing urbanization and changing lifestyles. Increasing health concerns coupled with the rising number of diabetic and overweight population is driving the growth of alternative sweetener market in the Asia Pacific. Moreover, the increased production of confectionery and dairy products is driving the high demand for alternative sweeteners. Rapidly evolving end-user industries in emerging countries such as China and India is driving the growth of the alternative sweetener market in the region. Moreover, the increasing government initiative in expanding pharmaceutical industry is projected to boost the alternative sweetener demand in the near future.
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The market for alternative sweetener in Europe is projected to grow at moderate CAGR over the forecast period. The rising consumer preference for clean label solutions and natural ingredients is limiting the growth of the market for alternative sweeteners in the region. Additionally, the stringent regulations and norms of government regarding the added sugar content in several categories of processed foods and beverages are anticipated to restrain the growth of the Europe alternative sweetener market within the forecast period.
In Latin America, the alternative sweetener market is projected to show stable growth rate over the forecast period. Rising urban population coupled with high demand for sugar-free and low-calorie sugar substitutes is anticipated to enhance the growth of the alternative sweetener market in the near future.
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Alternative sweetener market in the Middle East and Africa is driven mainly due to the rising middle-class population. The increasing consumer preference for nutritious dairy ingredients coupled with high demand for sports nutrition, high protein beverage solutions, and infant nutrition is expected to fuel the growth of the market for alternative sweetener in the Middle East and Africa during the forecast period.
The major companies are engaged in the research & development activities, strategic mergers & acquisitions in order to achieve sustainable growth across different regions internationally. Some of the key players included in the global alternative sweetener market report are Archer-Daniels-Midland Company, Kerry Group Plc, Roquette Frères S.A., NutraSweet Company, Ajinomoto Co. Inc., Tate & Lyle Plc, Showa Sangyo, Global Sweeteners Holdings Limited, Ingredion Incorporated, Japan Corn Starch Co., Ltd., Cargill Incorporated, and COFCO Rongshi Bio-technology Co. Ltd.
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This report segments the global alternative sweetener market as follows:
Global Alternative Sweetener Market: Type Segment Analysis
- High Fructose Syrup (HFS)
- High-Intensity Sweetener (HIS)
- Low-Intensity Sweetener (LIS)
Global Alternative Sweetener Market: Application Segment Analysis
- Food & Beverages
- Others
- Others
Global Alternative Sweetener Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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