Sugar substitutes are food additives that replicate the effect of sugar in taste, but lesser in calories as compared to the regular sugar. Also called as artificial sweeteners, they are widely used in confectioneries, bakery, dairy, and frozen foods. Changing preferences of consumers into healthier and low-calorie food has increased the demand for sugar substitutes, especially in food & beverage industry, thereby boosting the growth of the sugar substitutes market, globally.
Drivers & Restraints
The growth of the worldwide market for sugar substitutes is being majorly influenced by the following factors:
- Changing consumer preference towards low-calorie and healthier foods
- Increasing health issues due to sugar consumption
- High demand from food and beverage industries
- Rising demand for natural sweeteners due to growing inclination of consumers towards natural products
- Fluctuations in price and supply of sugar
Apart from these, growing awareness regarding the benefits of sugar substitutes and increasing incorporation in health & personal care industry is also driving the market towards growth. Moreover, rise in R&D of new but safer products and increasing population and disposable incomes in developing nations in Asia-Pacific region is also triggering the market growth. However, adherence to the international quality standards, strict regulations for sugar substitute products, and uncertainty in effects of sugar substitutes may hinder the market growth to a certain extent.
Market Overview
The value of the worldwide sugar substitutes market which was estimated to be USD 13.26 Billion in 2015 is projected to hit USD 16.53 Billion by the end of 2020, growing at a CAGR of 4.5% during the forecast period. In terms of volume, the market is expected to reach 17.03 Million tons, at a CAGR of 1.0% from 2015-2020. Based on region, North America was estimated to be the largest market for sugar substitutes in 2015. However, Asia-Pacific is expected to be the fastest-growing market, projected to grow at a CAGR of 5.5% over the forecast period. This growth can be mainly attributed to growing beverage, food, and health & personal care industries, especially in developing countries such as India, Japan, China, and South Korea among others.
Cargill, Incorporated (U.S.), Tate & Lyle PLC (U.K.), E. I. du Pont de Nemours and Company (U.S.), Roquette Freres S.A. (France), and PureCircle Ltd. (Malaysia) are the leading companies involved in the global market for sugar substitutes. Other key players active in this market include Ajinomoto Co. Inc. (Japan), Archer Daniels Midland Company (U.S.), MacAndrews & Forbes Incorporated (U.S.), Ingredion Incorporation (U.S.), and JK Sucralose Incorporation (China).
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Scope of the Research
The forecasts and analysis for the global market for sugar substitutes has been done by breaking it down into following segments and sub-segments:
- Type: High-Intensity Sweeteners, Low-Intensity Sweeteners, High-Fructose Syrups
- Composition: High-Intensity Sweeteners (including Stevia, Aspertame, Cyclamate, Sucralose, Saccharin, Ace-K, Other HIS (Glycrrhizin, Alitame and Neotame)), Low-Intensity Sweeteners (including D-Tagatose, Sorbitol, Maltitol, Xylitol, Mannitol, Erythritol, Other LIS (Isomalt, Hydrogenated Starch Hydroysates, Lacitol And Trehalose))
- Application: Beverages, Food (including confectionery, bakery, dairy, and frozen foods), Health & Personal Care
- Geography: North America, Europe, Asia-Pacific, Latin America, RoW
Summary
Changing preference of consumers for healthier food and growing demand from food & beverage industry is driving the sugar substitutes market.
