Sugar Substitutes Market 2024 Predicts Record Revenue Growth in the Next Decade

Explore the Report Ocean publication titled ‘Sugar Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032’

Analysis and Growth Projection for the Global Sugar Substitutes Market:

Global Sugar Substitutes Market is valued at approximately USD 7.50 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.20 % over the forecast period 2022-2029. Sugar substitutes are plant-based compounds called artificial sweeteners that enhance the flavor of food and possess similar flavor and texture as conventional sugar.

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These products were primarily developed to replace or lessen dependence on sugar. Stevia, sucralose, and other ingredients are some of the most often used raw materials for manufacturing these products. The key factors driving the market growth are rising obesity and diabetic populations, growing health consciousness among consumers, and rising demand for natural sweeteners due to the increasing consumer inclination toward natural products, which create a lucrative demand for the market.

The sugar substitutes like stevia, sorbitol, aspartame, neotame, maltitol, acesulfame, and D-tagatose have less sugar levels and do not raise blood sugar. Thus rising diabetes and obesity are driving the demand for sugar substitute market. According to World Obesity Organization, in India, there has been a rise in the prevalence of overweight; in the year 2019-2020, 18.7% of adults, 20% of men and 17.2% of women were overweight which increased to 23%, 22%, and 24% respectively by 2020-21. Also, according to Global Wellness Institute, the healthy eating, weight loss & nutrition section in wellness sectors grew from USD 912 billion in 2019 to USD 946 billion in 2020. As a result, growing health-conscious consumers will create lucrative demand for the market during the forecast period. Additionally, rising investments in R&D activities by manufacturers to develop newer and enhanced products would create a lucrative opportunity for the market during the forecast period. However, the ambiguity related to health problems due to the consumption of sugar substitutes stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Sugar Substitutes Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the dominating region across the world in terms of market share, owing to the presence of major players, rising health consciousness and growing awareness of low-calorie food consumption in the region. Whereas, Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period. Factors such as rising diabetes and obesity and growing health consciousness among consumers would create lucrative growth prospects for the Sugar Substitutes market across Asia Pacific region.

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Major market players included in this report are:

Cargill Incorporated (U.S.)
Tale & Lyle (U.K.)
ADM (U.S.)
Ingredion Incorporated (U.S.)
Roquette Freres (France)
Real Stevia Company (Sweden)
Pyure Brands LLC (U.S.)
JK Sucralose Inc. (China)
DuPont (U.S.)
Ajinomoto Co. Inc. (Japan)

Recent Developments in the Market:

In 2021, Plant-based sweetener manufacturer B.T. Sweets launched a plant-based sweetener comprised of soluble fibres, monk fruit, and specific botanicals.

In 2022, Swerve, a U.S. based producer of plant-based sweeteners, announced its plans to launch customised sugar substitute products and packets for U.S. consumers looking for baking products.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

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The detailed segments and sub-segment of the market are explained below:

By Type:

• High-fructose syrup
• High-intensity sweeteners
• Low-intensity sweeteners

By Composition:

• High-intensity sweeteners (HIS)
• Low-intensity sweeteners

By Application:

• Food products
• Beverages
• Health & personal care

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • ROE (Rest of Europe)
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • RoAPAC (Rest of Asia Pacific)
• Latin America
  • Brazil
  • Mexico
• Rest of the World

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Highlighting Key Aspects in Sugar Substitutes Market Report:

Business Overview: In-depth exploration of the company’s operations and business divisions.

Corporate Strategy: Concise summary of the company’s strategic approach to business.

SWOT Analysis: Comprehensive examination of the company’s strengths, weaknesses, opportunities, and threats.

Company History: Chronological account of significant events shaping the company’s trajectory.

Key Products and Services: Catalog of prominent products, services, and brand offerings by the company.

Competitive Landscape: Identification of major competitors in the industry.

Strategic Locations and Subsidiaries: Inventory and contact details of pivotal locations and subsidiaries.

Financial Performance Analysis: Comprehensive financial ratios from the company’s annual financial statements, spanning the last five years.

Why Invest in This Report?

– Accelerate your decision-making process with rapid and time-critical insights.

– Uncover pivotal growth and investment prospects within the Sugar Substitutes market.

– Make informed decisions supported by robust historical and forecast data for the Sugar Substitutes market.

– Strategically position yourself to harness the industry’s maximum growth potential.

– Pinpoint crucial partners and avenues for business development.

– Gain a comprehensive understanding of your competitors’ business landscape, strategies, and future prospects.

Frequently Asked Questions:

➟ What primarily fuels the expansion of the Sugar Substitutes market?

➟ What factors impede the market’s progress?

➟ Who stands out as the pivotal players in the market?

➟ Which geographical area commands the largest market share?

➟ What recent developments characterize the trends in the Sugar Substitutes market?

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