According to a report, “Sugar Substitutes Market Size, Share & Trends Analysis Report By Product (High Intensity Sweeteners, Low Intensity Sweeteners, High Fructose Syrup), By Application (Food, Beverages), And Segment Forecasts, 2018 – 2024” published by Grand View Research, Inc., the global sugar substitutes market size is expected to reach USD 19.1 billion by 2024, posting a CAGR of 4.2% during the forecast period. Growing awareness and rising consumer inclination towards low-caloric food and beverages, especially in developing countries are likely to help the market gain significant momentum over the forecast period. Sugar substitutes are majorly used in the form of sorbitol, tagatose, and aspartame saccharine in the healthcare, cosmetics, and food & beverage industry. The increasing importance of artificial sweeteners in the formulation of confectioneries, bakery, dairy, and frozen foods is estimated to work in the favor of the market.
The rising prevalence of health problems related to sugar consumption in emerging economies is stimulating the growth of the overall market. The fluctuating supply and pricing of sugar is expected to create opportunities for sugar substitutes.
Sugar substitutes are used in various applications including bakery, confectionery, dairy, frozen foods, beverages, pharmaceuticals, and personal care. Rising health awareness among the population and ongoing technological advancements are among the key factors anticipated to trigger the growth of the market.
Sugar Substitutes Market Report Highlights
• On the basis of product, the high intensity sweeteners dominated the global market with a market share of 44.1% in 2015. Changing health and wellness trends across the globe is anticipated to boost the application of high intensity sweeteners over the forecast period.
• Low intensity sweeteners is expected to exhibit the highest CAGR during the forecast period. The segment accounted for 20.5% of global demand in 2015.
• On the basis of application, the beverage application segment accounted for 43.5% of the global market share in 2015. The growth can be attributed to the increasing demand for natural health drinks and sports drinks with enhanced nutritional value.
• North America led the global sugar substitutes market with a market share of 46.3% in 2015. It is anticipated to dominate the market over the forecast period due to the flourishing food processing industry, rising prevalence of diabetes, and increasing obesity among the population.
• Asia Pacific is estimated to post a CAGR of 7.0% during the forecast period. Rising health issues related to sugar consumption, the presence of emerging economies providing profit margins to key market participants, and rising disposable income are driving the regional market.
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Sugar Substitutes Market Segmentation
Grand View Research has segmented the global sugar substitutes market report on the basis of product, application, and region:
Sugar Substitutes Product Outlook (Volume, Thousand Tons; Revenue, USD Million, 2013-2024)
• High intensity sweeteners
• Low intensity sweeteners
• High fructose syrup
Sugar Substitutes Application Outlook (Volume, Thousand Tons; Revenue, USD Million, 2013-2024)
Sugar Substitutes Regional Outlook (Volume, Thousand Tons; Revenue, USD Million, 2013-2024)
• North America
• The U.S.
• Asia Pacific
• Latin America
• Middle East & Africa
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