Overview and Scope
Sugar substitutes are chemical or plant-based substances used in food and drinks as additives to enhance sweet flavor. Sugar substitutes provide health benefits due to their low calories.
Sizing and Forecast
The sugar substitutes market size has grown strongly in recent years. It will grow from $21.86 billion in 2023 to $23.38 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to health and wellness trends, rising obesity concerns, diabetic population growth, government initiatives, changing consumer preferences.
The sugar substitutes market size is expected to see strong growth in the next few years. It will grow to $32 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to continued health consciousness, rising diabetic cases, clean label preferences, innovations in product formulations, global dietary shifts. Major trends in the forecast period include expansion of stevia-based sugar substitutes, utilization of monk fruit extract as a natural sweetener, development of sugar substitute syrups and liquid forms, focus on clean taste and flavor enhancement, collaborations for research and development in sugar substitute technologies.
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Segmentation & Regional Insights
The sugar substitutes market covered in this report is segmented –
1) By Type: High Intensity, Low Intensity, High Fructose Syrup
2) By Origin: Natural, Artificial
3) By Form: Solid, Liquid
4) By Application: Food, Beverages, Nutrition And Health Supplements, Pharmaceuticals, Animal Feed, Personal Care
Top 5 Major Players:
- Cargill Incorporated,
- Archer Daniels Midland Company (ADM),
- E. I. du Pont de Nemours and Company,
- International Flavors & Fragrances Inc.,
- Ajinomoto Co Inc
North America was the largest region in the sugar substitutes market share in 2023. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sugar substitutes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of obesity and diabetes among the population is propelling the growth of the sugar substitutes market. A large portion of the population is choosing low-sugar options to manage their diabetes and obesity conditions. Sugar substitutes help control high blood pressure, body weight, and blood sugar levels in patients facing diabetes or obesity health issues. For instance, in 2022, Centers for Disease Control and Prevention, a US-based national public health agency, around 37.3 million people are suffering from diabetes which equals 11.3% of the United States population. Additionally, according to the International Diabetes Federation’s December 2021 report, a Belgium-based leading global diabetes community approximately 537 million adults are suffering from diabetes globally, whereas 3 out of 4 adults are in low- and middle-income countries. Therefore, the increasing prevalence of obesity and diabetes is expected to fuel the growth of the sugar substitutes market in the coming years.
Key Industry Players
Major companies operating in the sugar substitutes market report are Cargill Incorporated, Archer Daniels Midland Company (ADM), E. I. du Pont de Nemours and Company, International Flavors & Fragrances Inc., Ajinomoto Co Inc., Kerry Group plc, Ingredion Incorporated, DuPont Nutrition & Biosciences Inc., Roquette Frères S.A., Tate & Lyle plc, JK Sucralose Inc., Whole Earth Brands Inc., PureCircle Limited, Biosweet Ventures, Merisant Company, The NutraSweet Company, Manus Bio Inc., Pyure Brands LLC, Hermes Sweeteners Ltd., GLG Life Tech Corporation, Wisdom Natural Brands Corp, Hunan Nutramax Inc., Sweetly Stevia USA, Morita Kagaku Kogyo Co Ltd., Stevia Corp, Shandong Aojing Biotechnology Co Ltd., Sunrise Nutrachem Group Co Ltd., Xianghua GL Stevia Co, Matsutani Chemical Industry Co Ltd., Hill Pharmaceutical Co Ltd., BioVittoria Limited, Nutrinova Nutrition Specialties & Food Ingredients GmbH, SinoSweet Co Ltd., Suzhou Hope Technology Co Ltd.
The sugar substitutes market report table of contents includes:
1. Executive Summary
2. Sugar Substitutes Market Characteristics
3. Sugar Substitutes Market Trends And Strategies
4. Sugar Substitutes Market – Macro Economic Scenario
5. Global Sugar Substitutes Market Size and Growth
….
32. Global Sugar Substitutes Market Competitive Benchmarking
33. Global Sugar Substitutes Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Sugar Substitutes Market
35. Sugar Substitutes Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Sugar Substitutes Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Sugar Substitutes Market, Segmentation By Origin, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Sugar Substitutes Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Cargill Incorporated Financial Performance
Table 76: Archer Daniels Midland Company (ADM) Financial Performance
Table 77: E. I. du Pont de Nemours and Company Financial Performance
Table 78: International Flavors & Fragrances Inc. Financial Performance
Table 79: Ajinomoto Co. Inc. Financial Performance
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