PUBLISHER: The Business Research Company | PRODUCT CODE: 1436719
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436719
Sugar substitutes, either chemical or plant-based, enhance sweetness in food and drinks with fewer calories, offering health benefits.
Sugar substitutes come in various categories such as high-intensity, low-intensity, and high-fructose syrup. High-intensity substitutes offer increased sweetness compared to regular sugar, often used sparingly in foods, contributing minimal calories. They manifest in diverse forms such as aspartame, sucralose, neotame, acesulfame potassium, and advantame. These substitutes derive from both natural and artificial sources, available in solid and liquid forms, finding applications across food, beverages, nutritional supplements, pharmaceuticals, animal feeds, and personal care products.
The sugar substitutes market research report is one of a series of new reports from The Business Research Company that provides sugar substitutes market statistics, including sugar substitutes industry global market size, regional shares, competitors with a sugar substitutes market share, detailed sugar substitutes market segments, market trends, and opportunities, and any further data you may need to thrive in the sugar substitutes industry. This sugar substitutes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The sugar substitutes market size has grown strongly in recent years. It will grow from $21.86 billion in 2023 to $23.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historic period can be attributed to various factors including the prevalence of health and wellness trends, escalating concerns regarding obesity, the increasing population affected by diabetes, governmental initiatives aimed at health improvement, and the evolving preferences of consumers towards healthier options. These elements collectively contributed to the growth and evolution observed within the relevant industry or sector during that period.
The sugar substitutes market size is expected to see strong growth in the next few years. It will grow to $32 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period is likely driven by ongoing health awareness, the rising prevalence of diabetes, consumer preferences for clean label products, innovations in product formulations, and global shifts in dietary patterns.
The escalating prevalence of obesity and diabetes globally is propelling the sugar substitutes market. With a considerable population opting for low-sugar alternatives to manage health conditions, sugar substitutes play a crucial role in controlling blood pressure, body weight, and blood sugar levels. Reports from the Centers for Disease Control and Prevention highlight the impact, stating that around 37.3 million individuals in the US suffer from diabetes, comprising 11.3% of the population. The increasing incidence of obesity and diabetes worldwide is set to drive the growth of the sugar substitutes market.
The sugar substitute market is set to expand due to increasing consumer preferences for healthier lifestyles and dietary choices. Consumers are actively opting for low-calorie alternatives to traditional sugar, promoting overall well-being. According to the International Food Information Council, there's a significant surge in dietary consciousness among Americans, with 52% adhering to specific diets or eating patterns in 2022, up from 39% in 2021 and 43% in 2020. This shift towards healthier lifestyles drives the demand for sugar substitutes, indicating a robust growth trajectory for this market.
In the sugar substitutes market, product development centers on zero-calorie sweeteners to cater to health-conscious consumers. Tate & Lyle PLC introduced ERYTESSE Erythritol in November 2022, a zero-calorie sweetener offering 70% of the sweetness of sucrose. This product responds to the increasing demand for healthier, reduced-sugar options across various categories such as beverages, dairy, bakery, and confectionery, providing a sugar-such as taste experience.
Leading companies are committed to developing innovative natural sugar alternatives to maximize market profitability. These alternatives, derived from natural sources and devoid of synthetic ingredients, cater to consumer preferences. For instance, in June 2023, Wisdom Natural Brands introduced SweetLeaf Indulge Zero Calorie Sweeteners and 50% Reduced Calorie Sugars. These products utilize natural sweeteners such as stevia and monk fruit, addressing taste concerns while offering a broader appeal.
In February 2021, Whole Earth Brands, a US-based food company, finalized the acquisition of Wholesome Sweeteners Incorporated. This undisclosed acquisition aimed to fortify Whole Earth Brands' foothold in the natural sweeteners market, with plans to double its North American market share. Wholesome Sweeteners Incorporated, renowned for its organic and unrefined sweeteners, including sugar substitutes, aligned well with Whole Earth Brands' strategic expansion goals.
Major companies operating in the sugar substitutes market report are Cargill Incorporated, Archer Daniels Midland Company (ADM), E. I. du Pont de Nemours and Company, International Flavors & Fragrances Inc., Ajinomoto Co. Inc., Kerry Group PLC, Ingredion Incorporated, DuPont Nutrition & Biosciences Inc., Roquette Freres S.A., Tate & Lyle PLC, JK Sucralose Inc., Whole Earth Brands Inc., PureCircle Limited, Biosweet Ventures, Merisant Company, The NutraSweet Company, Manus Bio Inc., Pyure Brands LLC, Hermes Sweeteners Ltd., GLG Life Tech Corporation, Wisdom Natural Brands Corp., Hunan Nutramax Inc., Sweetly Stevia USA, Morita Kagaku Kogyo Co. Ltd., Stevia Corp., Shandong Aojing Biotechnology Co. Ltd., Sunrise Nutrachem Group Co. Ltd., Xianghua GL Stevia Co., Matsutani Chemical Industry Co. Ltd., Hill Pharmaceutical Co. Ltd., BioVittoria Limited, Nutrinova Nutrition Specialties & Food Ingredients GmbH, SinoSweet Co. Ltd., Suzhou Hope Technology Co. Ltd.
North America was the largest region in the sugar substitutes market share in 2023. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sugar substitutes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the sugar substitutes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The sugar substitutes market consists of sales of stevia, aspartame, maltitol, and neotame. Sugar substitutes are used in breakfast cereals, pudding, tea, and other sweet beverages. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Sugar Substitutes Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sugar substitutes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sugar substitutes ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The sugar substitutes market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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