New York, United States , May 04, 2023 (GLOBE NEWSWIRE) -- The Global Sugar Substitutes Market Size is to grow from USD 17.86 Billion in 2022 to USD 29.62 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.2% during the projected period. The market is anticipated to expand over the next few years as a result of factors like the rising incidence of diabetes and obesity as well as an increasing need for low-calorie and low-sugar food and beverage products.
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The industry that develops and distributes alternative sweeteners that can be used in place of sugar in food and beverage products is referred to as the sugar substitutes industry. These substitutes can be natural or artificial and are designed to provide the same taste and sweetness as sugar, without the calories. As consumers become more health-conscious and look for alternatives to traditional sugar, the market for sugar substitutes has seen significant growth in recent years.
The sugar substitutes market is becoming more competitive as companies investigate new sugars, sugar substitutes, flavorings, and other sugar-reduction techniques, all while focusing on cutting-edge technology that can make consumers healthier without lamenting the loss of sugar. Tate & Lyle disclosed in November 2022, the launch of ERYTESSE, a brand-new sweetener. It is 70% as sweet as sucrose but contains no calories. It can be found in a variety of products, including dairy, bakery, confectionery, and alcoholic beverages.
Governments all over the world are imposing taxes and restrictions on sugar and sugary products, fueling demand for sugar substitutes. For example, the United Kingdom implemented a sugar tax on soft drinks in 2018, resulting in a significant increase in demand for sugar substitutes. However, some sugar substitutes, particularly artificial sweeteners, have come under regulatory scrutiny in some countries. For example, the European Union has restricted the use of some artificial sweeteners, while some countries have outright banned them. This may limit sugar substitutes market growth in these regions.
“Major Key Players are Tate & Lyle, International Flavors and Fragrances Inc., ADM, Ingredion Incorporated, PureCircle, Cargill Incorporated, Ajinomoto Co. Inc., Tag Ingredients, Hearthside Food Solutions LLC, Sagana, Fooditive Group, Xilinat, Pyure Organics, Sweetly StevaiUSA, The Real Stevia Company AB, and Others”
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Sugar Substitutes Market Size, Share, and COVID-19 Impact Analysis, By Type (High-Fructose Syrup, Low-Intensity Sweeteners, and High-Intensity Sweeteners), By Application (Beverages, Food Products, & Health & Personal Care Products), By Source (Artificial and Natural), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The high-intensity sweeteners segment is expected to grow at the fastest CAGR in the global sugar substitutes market during the forecast period.
The global sugar substitutes market can be separated into three types: high-fructose syrup, low-intensity sweeteners, and high-intensity sweeteners. The high-intensity sweeteners segment in the global sugar substitutes market is expected to grow at the fastest CAGR during the forecast period. The rising incidence of noncommunicable diseases, rising demand for low-calorie sweeteners, numerous health benefits offered by sugar substitutes, and rising interest in natural and environmentally responsible alternatives to conventional sugar are all expected to drive growth in the market.
The food products segment is expected to hold the largest share of the global sugar substitutes market over the study period.
The global sugar substitutes market is divided into three applications: beverages, food products, and health and personal care products. The food products segment is expected to account for the largest share of the global sugar substitutes market during the study period. The increase can be attributed to the high demand for low-calorie food products, the increasing prevalence of health issues, and the high demand for sugar substitutes in various food products such as baked goods and confectionery.
The artificial sweeteners segment is anticipated to hold the largest share of the global sugar substitutes market over the forecast period.
The global sugar substitutes market is divided into artificial and natural segments, according to the source. Among these, the artificial sweeteners segment is expected to account for the majority of the global sugar substitutes market during the forecast period. Artificial sweeteners are becoming more popular as a result of the growing trend of healthy eating and the need for weight management.
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North America is estimated to hold the largest share of the global sugar substitutes market during the predicted timeframe.
North America is expected to hold the largest share of the global sugar substitutes market during the forecast period, owing to the high demand for low-calorie food and beverage products. Consumers growing health concerns in North America have resulted in an increase in demand for low-calorie food and beverage products, which is propelling the region's sugar substitutes market forward. Due to increasing urbanization and changing consumer dietary habits, the Asia Pacific region is expected to grow at the fastest rate in the global sugar substitutes market. The rising health consciousnesses of consumers, as well as the demand for healthier alternatives to traditional sugar, are driving the growth of the Asia Pacific sugar substitutes market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Sugar Substitutes Market include Tate & Lyle, International Flavors and Fragrances Inc., ADM, Ingredion Incorporated, PureCircle, Cargill Incorporated, Ajinomoto Co. Inc., Tag Ingredients, Hearthside Food Solutions LLC, Sagana, Fooditive Group, Xilinat, Pyure Organics, Sweetly StevaiUSA, The Real Stevia Company AB, and Others.
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