The Global Sugar Substitutes Market is witnessing an impressive growth over the last few years. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on “Global Sugar Substitutes Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
With the changing lifestyle and evolving dietary patterns, convenience food plays an important role in defining the consumers’ food choices in the modern world. Sugar substitutes is considered to be one of the important components in the food manufacturing process. One of the significant reasons of the rising growth of sugar substitutes is the mounting growth of various beverages. Beverages are gaining traction both in the developed and developing economies. Due to the increasing population coupled with the rising per capita disposable income is anticipated to fuel the sales of beverages.
Apart from this, factors such as changing lifestyle rising women workforce, and increasing demand of convenience products are anticipated to be vital reason for increasing demand of beverages which is anticipated to fuel the overall growth of sugar substitutes. Sugar substitutes is massively used in the bakery & confectionery products, dairy products, and various frozen foods which will aid to upsurge the sales of sugar substitutes during the forecast period of 2017-2023.
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The key players profiled in sugar substitutes are: Cargill, Inc. (U.S.), Tate & Lyle PLC (U.K.), Ingredion Incorporated (U.S.), The Archer Daniels Midland Company (U.S.), JK Sucralose Inc (China), E. I. du Pont de Nemours and Company (U.S.), Merisant Company (U.S.)
Growth of natural sweeteners is anticipated to have a high growth during the forecast period.
Top exporters of Sugar Substitutes include U.S., China, Canada, Netherlands, Germany and Italy
Sugar Substitutes has been segmented on the basis of Type which comprises High-intensity sweeteners, Low-intensity sweeteners, High-fructose syrups, others. High intensity sweeteners is projected to hold a major share.
Sugar Substitutes has been segmented on the basis of application which comprises Bakery and Confectionery, Beverages, Dairy Products, Healthcare products, Personal care products, Others. Bakery and confectionery is found to hold a major share followed by beverages.
Sugar Substitutes has been segmented on the basis of formulation which comprises Natural Sweeteners, Artificial Sweeteners. Artificial Sugar Substitutes dominates the segment.
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The global sugar substitutes market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among these, North America is estimated to retain its dominance throughout the forecast period of 2017-2023. This is attributed to the increasing awareness of the healthy food habits and increasing disposable income of consumers. Also, the new product launch by the key players in the sugar substitutes market is anticipated to stimulate the sales of sugar substitutes in the North American countries. Europe is estimated to account for one quarter of the overall market of global sugar substitutes market in the year of 2017. However, Asia Pacific region is estimated to witness a maximum growth in the global sugar substitutes market during the forecast period of 2017-2023.