Global Sugar Substitutes Market Size Set to Cross USD 25.7 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global sugar substitutes market size at USD 17.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global sugar substitutes market size to grow at a CAGR of 5.5% reaching a value of USD 25.71 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global sugar substitutes market size at USD 17.74 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global sugar substitutes market size to grow at a CAGR of 5.5% reaching a value of USD 25.71 billion by 2029. Major growth drivers for the global sugar substitutes market include an increasing consumer preference for healthier and low-calorie foods and rising prevalence of obesity-related lifestyle diseases such as diabetes and Cardiovascular Diseases (CVDs). Sugar alternatives find utility within the realms of the food and beverage sectors without compromising the gustatory or qualitative aspects. Their burgeoning popularity is intricately tied to the contemporary focus individuals place on their physical well-being, health, aesthetics, and body perception. The exponential surge in the desire for more health-conscious edibles stands poised to underpin the trajectory of industry expansion. Artificial sweeteners exhibit a sweetness potency nearly 200 times that of standard sucrose. Commendation for artificial sweeteners is echoed by esteemed institutions such as the American Heart Association and American Diabetes Association, advocating their usage as sugar stand-ins to mitigate susceptibility to conditions like diabetes, obesity, cardiovascular ailments, and metabolic irregularities, while concurrently regulating caloric intake. The global predicament of escalating calorie ingestion, coupled with reduced physical activity and the propensity for excessive sugary consumables, collectively contribute to the global concern of obesity, thereby further propelling the anticipated upswing in product requisition during the forecast period. However, the factors like strict adherence to regulations to require for substitute product and health concern associated with sugar substitutes are anticipated to restrain the overall market growth during the forecast period.
Global Sugar Substitutes Market – Overview
The global sugar substitutes market refers to the worldwide industry that involves the production, distribution, and consumption of various artificial and natural sweeteners used as alternatives to traditional sugar. These substitutes are employed across the food and beverage sectors to provide sweetness without the caloric content of sugar. The market encompasses a range of products, including artificial sweeteners, natural sweeteners derived from sources like Stevia, and sugar alcohols. This market is driven by factors such as growing health consciousness, the rise of obesity-related health concerns, and the demand for reduced-calorie food and beverage options. The sugar substitutes market caters to consumers seeking alternatives to sugar due to dietary preferences, health conditions, or the desire to manage calorie intake while maintaining taste satisfaction.
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Impact of COVID-19 on Global Sugar Substitutes Market
COVID-19 pandemic had a positive impact on the global sugar substitutes market. Elevated awareness concerning health-centric and reduced-calorie choices prompted this transformation. As individuals incorporated healthier dietary habits and welcomed enhanced lifestyles, the market observed a considerable uptick in the demand for sugar-free and low-calorie alternatives. Notably, the pandemic highlighted the correlation between COVID-19 and metabolic syndrome, both marked by enduring inflammation.
Global Sugar Substitutes Market – By Form
Based on form, the global sugar substitutes market is split into Liquid and Solid segments. The liquid segment holds a higher market share by form during the forecast period. Liquid sugar substitutes offer convenience in terms of easy integration into various beverages and liquid-based food products. Their fluid nature enables uniform distribution and blending, ensuring consistent sweetness throughout the product. Also, liquid sugar substitutes often dissolve more readily, enhancing the overall sensory experience. The rising demand for reduced-calorie and healthier alternatives in beverages, such as soft drinks, teas, and coffee, further propels the prominence of the liquid segment in the market.
Competitive Landscape
Major players operating in the global sugar substitutes market include Tate & Lyle, Cargill, Inc, Archer Daniels Midland Company (ADM), Ingredion Inc, Roquette Freres, Ajinomoto Co., JK Sucralose, Inc, The NutraSweet Company, PureCircle, E. I. DuPont De Nemours, International Flavors & Fragrances Inc, Kawarlal & Co., and JK Sucralose Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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