PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1253657
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1253657
The sugar substitutes market is projected to grow from USD 18.8 billion in 2023 to USD 24.3 billion by 2028 growing at a CAGR of 5.2% during the forecast period. Food and beverage manufacturers are increasingly employing sugar substitutes namely artificial sweeteners to replace corn syrup or sugar in a variety of food products that contain sugar. Artificial sugar substitutes are less expensive than natural sweetening agents and aid in delivering increased profit margins. Sugar substitutes are generally used in processed foods such as soft drinks, baked goods, candy, powdered drink mixes, puddings, jams and jellies, canned foods, dairy products, and other food & beverages. Sugar substitutes are also majorly used for household applications. Some sugar substitutes even find applications in baking or cooking. Moreover, the rising trend of health consciousness and fitness is propelling the growth of the market.
High fructose syrup is the second largest segment among types of sugar substitutes in 2022.
The high-fructose syrup is used for sweetening several foods and beverages. It is preferred by food manufacturers as it blends well with all foods, increases shelf life, is less expensive as compared to the other sweeteners, and is almost as sweet as table sugar. The most common form of high-fructose syrup contains either 42% or 55% of fructose, as described in the Code of Federal Regulations (21 CFR 184.1866) of the FDA, and these are referred to as HFCS 42 and HFCS 55 in the industry. The rest of the High-fructose syrup is glucose and water. HFCS 42 is primarily used in cereals, processed foods, baked goods, and some beverages, whereas HFCS 55 is used mainly in soft drinks.
"The application of sugar substitutes in the beverages is accounting for the largest share in the application segment."
A majority of 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. 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. Stevia is a prominent sugar substitute employed in beverages. Stevia finds application in numerous food and beverage products, such as soft drinks, fruit juices, flavored waters, and alcoholic beverages.
"Asia Pacific is projected to witness substantial growth during the forecast period in the sugar substitutes market."
The market in this region is witnessing a drastic transformation regarding diet diversification, rapid urbanization, and liberal trade policies in the food sector. Furthermore, a rise in consumer awareness about health issues, an increase in the inclination of consumers toward health-benefiting food products, and a surge in income and purchasing power are the major factors offering growth opportunities for sugar substitute manufacturers in the market in the region. According to The International Diabetes Federation, there were globally 415 million people with diabetes in 2015, and its prevalence was predicted to grow to 642 million by 2040. Additionally, 318 million people were projected to have impaired glucose tolerance, and 20.9 million live births were affected by some form of hyperglycemia in pregnancy, of which 85.1% were due to gestational diabetes. Due to these factors, consumers in the region are making drastic changes in their diet and inclining toward low-calorie and sugar-free products. This creates high growth opportunities for manufacturers of sugar substitutes in the Asia Pacific region.
By Value Chain: Manufacturers - 85%, Suppliers - 15%
By Designation: CXO's - 33.7%, Managers level - 44%, Executives - 22.3%
By Region: North America - 60%, Europe - 18%, Asia Pacific - 10%, Middle East - 4%, South America -8%
Leading players profiled in this report:
The report segments the sugar substitutes market on the basis of type, form, composition, source, application and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global sugar substitutes markets, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, and agreements. new product launches, mergers and acquisitions, and recent developments associated with the sugar substitutes market. Competitive analysis of upcoming startups in the sugar substitutes market ecosystem is covered in this report.
Business overview, Products offered, Recent developments, MnM view, Key strengths, Strategic choices made, and Weaknesses and competitive threats
Details on Business overview, Products offered, Recent developments, MnM view, Key strengths, Strategic choices made, and Weaknesses and competitive threats might not be captured in case of unlisted companies.