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Sugar Substitutes Market Will Hit Big Revenues In Future

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Sugar Substitutes Market Will Hit Big Revenues In Future

March 31
03:54 2021
Sugar Substitutes Market Will Hit Big Revenues In Future

The sugar substitutes market in the Asia Pacific region is growing due to the change in the lifestyle of customers and the increase in health consciousness among them.

According to MarketsandMarkets, the global sugar substitutes market size is estimated to be valued at USD 16.5 billion in 2020 and projected to reach USD 20.6 billion by 2025, recording a CAGR of 4.5% during the forecast period. The global sugar substitute industry has witnessed growing trends in the past years. The growth of this industry is majorly driven by an increase in health consciousness among consumers to encourage the demand for healthier food choices, an increase in demand for natural sweeteners due to the rise in consumer inclination toward natural products, and growing demand for sugar substitutes in various applications in the food & beverage industry. However, the growth of the sugar substitutes market is inhibited by factors, such as ambiguity related to health problems due to the consumption of sugar substitutes.

Sugar Substitutes Market

COVID-19 Analysis

The global sugar substitutes market is impacted highly due to the uncertain pandemic circumstances that occurred across the globe. The effects of COVID-19 impact the supply chain of the final products, as well as raw material ingredients. The North American region, followed by the Europe and Asia Pacific region, plays a vital role in the sugar substitutes market due to the concentration of several key players operating from these regions. Hence, the market in terms of supply is projected to witness hindrances, as sugar substitutes produced by many key players in these regions cater to the end-users across the world. However, regional consumption is projected to witness a surge in the respective market itself, as consumers are increasingly concentrating on maintaining weight and following different diets for maintaining good health. This, altogether, is projected to drive the demand for sugar substitutes.

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Opportunities: Increase in investments in R&D activities by manufacturers to develope newer and enhanced products

Manufacturers are increasingly investing in the R&D of new sugar substitutes to gain a larger share than their competitors. Many food & beverage manufacturers are replacing regular sugars with sugar substitutes for lowering the calorie content of the final products. The demand for sugar substitutes from developed economies has increased. The major reason behind the substantial growth of the sugar substitutes market is the changing consumer attitude toward the consumption of sugar substitutes. The awareness about the ill-effects of high-calorie regular sugar consumption among consumers is increasing. To attract such potential consumers, sugar substitutes are made available across pharmacies, supermarkets, grocery stores, and health food shops in developed economies such as the US, Canada, and Germany.

The beverage segment holds the largest market share during the forecast period.

Based on application, the sugar substitutes market is dominated by the beverage segment. Majority of the beverage products contain sugar or are sugar-based. In addition, beverages are the most commonly consumed products across the globe. Beverages, such as juices, canned drinks, coffee, aerated drinks, and others, are majorly produced using added sugars for offering an improved taste and mouthfeel. However, this is a major factor that has led to a high-calorie intake among individuals, which has further led to a rise in obesity and other related diseases. As obesity rates have witnessed a drastic rise, individuals are cutting down on sugar intake for heart health and weight management. Consumers are also eliminating sugar for controlling diabetes and are switching to lower-calorie versions of beverages. Sugar substitutes are essential for providing and expanding beverage choices to control carbohydrate, caloric, or specific sugar intake. In addition, sugar substitutes are currently preferred in beverages, such as diet carbonated drinks, flavored water, and other beverages.

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The North American region is projected to hold the largest market share during the forecast period

The North America region is projected to dominate the sugar substitutes market during the forecast period. The North American region is projected to dominate the global sugar substitutes market due to a variety of key factors, such as the busy lifestyle of consumers, increase in the prevalence of chronic diseases due to hectic lifestyles, and rise in awareness among consumers regarding the health benefits of reduced sugar in food and beverage products. The US has a large market for confectionery, bakery, packaged, and food convenience food products, due to which it constitutes a major share in the market. Consumers in the US are becoming calorie-conscious, attributed to the increase in health problems in the country. Due to these factors, low-calorie and low-fat food products are becoming popular in the country. The increase in incidences of obesity and cardiac diseases has led to a surge in demand for natural and low-calorie ingredient-based food products among consumers.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DuPont (US), ADM (US), Tate & Lyle (UK), Ingredion Incorporated (US), Cargill Incorporated (US), Roquette Frères (France), PureCircle Ltd (US), MacAndrews & Forbes Holdings Inc. (US), JK Sucralose Inc. (China), and Ajinomoto Co. Inc. (Japan).

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