Sugar Substitutes Market Outlook
As per Market Research Future (MRFR) analysis, the global sugar substitutes market is expected to generate revenue of USD 20.5 billion with a CAGR of approximately 6.3% from 2019 to 2028 (forecast period). The research examines the COVID-19 analysis on the global sugar substitutes market and offers insight on emerging and high-growth segments of the sugar substitutes industry, high-growth areas, regions, industry dynamics, strengths, restraints, challenges, and opportunities.
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Sugar has unquestionably been a product of enormous industrial size around the world. Growing concerns about obesity and a host of many other serious health problems caused by sugar intake have led people to seek alternatives. As consumers’ tastes and preferences shift, particularly as they become more health-conscious, a wide range of sugar substitutes has increased in popularity. For one, the artificial sweetener industry was at the forefront of gaining significant revenue by competing in the market for sugar substitutes. They can be derived from plants or made synthetically. Advances in processing technologies have continued to boost the raw materials used to make and produce sugar substitutes on a scale.
Market Dynamics
The growth of the global demand for the sugar substitutes industry can be ascribed to a growing consumer preference for low-calorie sweeteners and healthy food options. In the US, the rise in the number of diabetic patients and the rate of obesity is pushing consumers to seek low-calorie natural sugar substitutes, thus bolstering retail sales of sugar substitutes, especially in North America and Europe.
However, the need to ensure strict international quality standards for sugar substitutes and the skepticism about the health benefits of sugar substitutes are hindering the growth of the demand for sugar substitutes. The market is likely to be lucrative for suppliers involved in the global market due to ongoing research and development and the launch of new products containing mixtures of probiotics/prebiotics and sugar substitutes. The problem of product claims is a significant challenge posing a risk to the growth of market participants in the global market for sugar substitutes.
Segmentation
The global market for sugar substitutes has been segmented based on type, category, distribution channel, and region.
By type, the global market for sugar substitutes has been classified as stevia, xylitol, erythritol, saccharin, honey, sucralose, and others.
Based on category, the global market for sugar substitutes market has been segregated into natural and synthetic.
Based on the distribution channel, the global market has been segregated into store-based and non-store-based. The store-based segment has been further divided into supermarkets & hypermarkets, convenience stores, and others.
The global market for sugar substitutes market has been segmented into four key regions—North America, Europe, the Asia Pacific, and the rest of the world.
North America gained the largest revenue share of the global market for sugar substitutes in 2018 due to the presence of several prominent market players in the region and increasing consumer health concerns. In addition, the growing number of diabetic patients and the rising prevalence of obesity in the area are also accelerating the market for sugar substitutes in North America.
However, the demand for sugar substitutes in the Asia Pacific is projected to have the highest growth rate during the forecast period due to the growing presence of western culture in the region and rising public health awareness.
Key Players
Some of the leading participants in the global sugar substitutes market are Heartland Food Products Group (US), Wisdom Natural Brands (US), HaleFresh (US), NOW Foods (US), Zydus Cadila (India), Wholesome Sweeteners Inc. (US), Organic India (India), Wholesome Sweeteners Inc. (US), Health Garden (US), Cargill, Incorporated (US).
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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