According to the latest market report published by Future Market Insights titled ‘Naturally Derived Sweeteners Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028’, the revenue generated from naturally derived sweeteners has been estimated to be valued over US$ 21,700 Mn in 2018, which is projected to increase at a CAGR of 5.5% during the forecast period (2018-2028).
Consumer preference towards low-calorie food & beverage products coupled with government support for the cultivation of stevia, lucuma, monk fruit are the major factors driving the demand for naturally derived sweeteners. Naturally derived sweeteners are still in the early stages of development and several unique products are being launched every year with multiple new entrants. Key players in the naturally derived sweeteners market are carrying out extensive R&D activities to formulate innovative products which can meet specific consumer demand. PureCircle Ltd. has recently announced that the company is planning to roll out a new type of stevia leaf by 2020 which will be considered as a more effective sugar replacement. Also, the company has over 72 granted patents related to stevia products and 200 are still pending.
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Naturally derived sweeteners such as stevia, monk fruit extract are used in various diet drinks available in the market. These naturally derived sweeteners have also successfully proliferated in the food flavor space. It is expected that considering the growing demand and acceptability in the naturally derived sweeteners market, many new entrants are likely to cash in on the opportunity. Archer Daniels Midland Company (ADM) has brought two new naturally derived sweetener brands, SweetRight Stevia, and VerySweet monk fruit, to the market in 2017. These two new products offer processors of food and beverage products unique formulations of stevia and monk fruit which are likely to result in a paradigm shift in terms of how formulators approach sugar reduction goals.
Global naturally derived sweeteners market is mainly driven by a shift in consumer preference towards healthy food and beverage products. As per World Health Organization statistics, the global population of obese people has been tripled since 1975 and reached 650 million in 2016. The primary cause of obesity and a propensity to gain weight is due to an energy imbalance resulting from calories consumed and calories expended. As a step to fight against growing obesity, various governments have implied sugar tax to control per capita sugar consumption. With a reduction in sugar intake, the demand for naturally derived sweeteners has increased as food & beverage product manufacturers have reduced sugar content in product composition and replaced them with naturally derived sweeteners.
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The liquid form of naturally derived sweeteners will continue to dominate the market in forecast period with a revenue share of 43.3% in 2028. Whereas, the powder form of naturally derived sweeteners is likely to experience robust growth during the forecast period due to its versatility in various formulations. By nature, organic-certified naturally derived sweeteners are estimated to dominate with 67.5% share in terms of value in 2018. Beverage manufacturers are the largest buyer group of naturally derived sweeteners as they have introduced multiple low to zero calorie beverage products in their brand portfolio incorporating novel naturally derived sweeteners to target health-conscious consumer groups. In terms of end use segment, the beverages segment is estimated to hold a market share of 39.4% in 2028 in the naturally derived sweeteners market. As most naturally derived sweeteners are targeted towards food processing companies to be used as an ingredient, direct channel sales are estimated to hold a massive share of 70.1% in terms of revenue in 2018 in the naturally derived sweeteners market.