The growth of the beverage industry is one of the key factors responsible for driving the growth of the alternative sweeteners market. The rising demand for beverages has intensified the demand for alternative sweeteners. The trend is expected to perpetuate in the foreseeable future. Market Research Future (MRFR)’s new analysis projects that the global alternative sweeteners market is set to thrive at a healthy CAGR of 5% during the forecast period 2017 to 2023. The market is poised to reach a valuation of USD 1.58 Bn towards the end of 2023.
The increasing health-seeking population has also catalyzed the demand for alternative sweeteners as it contains no or fewer calories. The changing lifestyle and rising working population are likely to drive the growth of the global alternative sweeteners market through the projection period.
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The availability of a wide range of alternative sweeteners such as stevia, sucrose, maple syrup, etc. is estimated to augment the market across the review period. Other factors that are projected to favor the expansion of the alternative sweeteners market in the forthcoming years include rising population, growing inclination towards convenience food, exponential demand from confectioners, increasing demand from the frozen food industry, rising per capita disposable income, etc. Additionally, an upsurge in demand is also expected to be witnessed over the assessment period from the dairy industry.
Some of the key players profiled in the report are Archer Daniels Midland Company (U.S.), DuPont Nutrition & Health (Denmark), Ajinomoto Co. Inc. (Japan), Tate & Lyle Plc (U.K), Roquette Freres S.A. (France), Macandrews & Forbes Incorporate (U.S.), Associated British PLC (U.K), Cargill Incorporated (U.S.), Ingredion Incorporated (U.S.), JJD Enterprise (India), Heartland (U.S.), Monk Fruit Corporation (U.S.) Avestia Pharma (India), Panchsheel Organics Limited (India), A.B. Enterprise (India), Akhil Healthcare Pvt. Ltd. (India), Niutang Changhai Food Additives Co, Ltd. (China), Sunwin Stevia International (China), Herboveda (India), Anhui Elite Industrial Co.,Ltd (China), Hill Pharmaceutical Co. Ltd. (China), Azúcares Prieto (Spain), Hangzhou Focus Corporation (Shanghai), Shandong Shengwang Pharmaceutical Co. Ltd. (China), and Denk Ingredients (Germany).
In February 2018, The Sola Company, based out of Houston, Texas, has launched Sola® sweetener which has 75% less sugar and zero grams net carbs.
In June 2018, Savanna Ingredients GmbH, a German startup, has produced allulose monosaccharide which is claimed to be real sugar without calories.
In October 2018, U.S. based Unavoo Food Technologies has launched Heylo, which is a dietary fiber and stevia-based sugar alternative.
In November 2018, Coca-Cola, a leading beverage company, has added stevia-sweetened soda to its product line which has zero calories and no sugar.
By product type, The Global Alternative Sweeteners Market has been segmented into artificial sweeteners, natural sweeteners, and others.
By application, the alternative sweeteners market has been segmented into sweet snacks, bakery & confectionery, dairy & frozen desserts, alcoholic beverages, non-alcoholic beverages, and others.
Europe is likely to exhibit a similar trend in the forthcoming years. Asia Pacific is a major growth pocket of the global alternative sweeteners market. It is estimated to strike a CAGR of 20.1% over the assessment period. The consolidation of key players in important country-level markets such as China and India are expected to expedite the expansion of the alternative sweeteners market.
The alternative sweeteners market, by region, has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held the maximum share of the market in 217 which accounted for 37.9% share. It is likely to continue the same trend over the next couple of years. The alternative sweeteners market in the region is benefitted by the growing health-seeking consumers and rising disposable income.
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