Sugar Substitutes Market worth $ 20.6 billion by 2025, at a CAGR of 4.5%

Sugar-substitute-market

The global sugar substitutes market size is estimated to be valued at USD 16.5 billion in 2020 and projected to reach USD 20.6 billion by 2025, recording a CAGR of 4.5%

According to MarketsandMarkets "Sugar Substitutes Market by Type (High Fructose Syrup, High-Intensity Sweetener, Low-Intensity Sweetener), Composition, Application (Beverages, Food Products, and Health & Personal Care Products), and Region - Global Forecast to 2025", the global sugar substitutes market size is estimated to be valued at USD 16.5 billion in 2020 and projected to reach USD 20.6 billion by 2025, recording a CAGR of 4.5% during the forecast period. The global sugar substitute industry has witnessed growing trends in the past years. The growth of this industry is majorly driven by an increase in health consciousness among consumers to encourage the demand for healthier food choices, an increase in demand for natural sweeteners due to the rise in consumer inclination toward natural products, and growing demand for sugar substitutes in various applications in the food & beverage industry.

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COVID-19 Analysis:

The global sugar substitutes market is impacted highly due to the uncertain pandemic circumstances that occurred across the globe. The effects of COVID-19 impact the supply chain of the final products, as well as raw material ingredients. The North American region, followed by the Europe and Asia Pacific region, plays a vital role in the market due to the concentration of several key players operating from these regions. Hence, the market in terms of supply is projected to witness hindrances, as sugar substitutes produced by many key players in these regions cater to the end-users across the world. However, regional consumption is projected to witness a surge in the respective market itself, as consumers are increasingly concentrating on maintaining weight and following different diets for maintaining good health. This, altogether, is projected to drive the demand for sugar substitutes.

Opportunities: Increase in investments in R&D activities by manufacturers to develope newer and enhanced products

Manufacturers are increasingly investing in the R&D of new sugar substitutes to gain a larger share than their competitors. Many food & beverage manufacturers are replacing regular sugars with sugar substitutes for lowering the calorie content of the final products. The demand for sugar substitutes from developed economies has increased. The major reason behind the substantial growth of the sugar substitutes market is the changing consumer attitude toward the consumption of sugar substitutes. The awareness about the ill-effects of high-calorie regular sugar consumption among consumers is increasing. To attract such potential consumers, sugar substitutes are made available across pharmacies, supermarkets, grocery stores, and health food shops in developed economies such as the US, Canada, and Germany.

By composition, the aspertame in high-intensity sweeteners segment is projected to account for the largest share in the sugar substitutes market during the forecast period

The aspartame in high-intensity sweeteners segment accounted for a major share in the global market, in 2019, in terms of value. Aspartame is approved by the FDA for using it in food products as a nutritive sweetener. Aspartame was approved by the FDA in 1981 for uses, under certain conditions, as a tabletop sweetener, in cold breakfast cereals, chewing gum, and dry bases for certain foods, such as instant coffee, beverages, tea, puddings, gelatins, fillings, toppings, and dairy products. The FDA approved the use of aspartame in carbonated beverage syrup bases and carbonated beverages in 1983. In addition, the FDA approved aspartame for use as a general-purpose sweetener in 1996. Aspartame is one of the most comprehensively studied substances in the human food supply and has more than 100 studies supporting its safety.

Increase in preference for Low-Calorie and reduced-sugar beverage options among consumers to drive the market growth

The beverage segment is estimated to dominate the market for sugar substitutes, by application, in terms of value, in 2020. High-intensity sugar substitutes witness an increase in preference for the production of beverages. As a low volume of HIS is enough for imparting the required degree of sweetness to products, it remains a more economical option for the beverage industry. Thus, the expansion of the consumer base for beverage products provides an incentive for developing new sugar substitutes and products, thereby driving the market growth during the forecast period.

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The North American region is projected to hold the largest market share during the forecast period

The North America region is projected to dominate the sugar substitutes market during the forecast period. The North American region is projected to dominate the global sugar substitutes market due to a variety of key factors, such as the busy lifestyle of consumers, increase in the prevalence of chronic diseases due to hectic lifestyles, and rise in awareness among consumers regarding the health benefits of reduced sugar in food and beverage products. The US has a large market for confectionery, bakery, packaged, and food convenience food products, due to which it constitutes a major share in the market. Consumers in the US are becoming calorie-conscious, attributed to the increase in health problems in the country. Due to these factors, low-calorie and low-fat food products are becoming popular in the country. The increase in incidences of obesity and cardiac diseases has led to a surge in demand for natural and low-calorie ingredient-based food products among consumers.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DuPont (US), ADM (US), Tate & Lyle (UK), Ingredion Incorporated (US), Cargill Incorporated (US), Roquette Frères (France), PureCircle Ltd (US), MacAndrews & Forbes Holdings Inc. (US), JK Sucralose Inc. (China), and Ajinomoto Co. Inc. (Japan).

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