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 sugar substitutes market t 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 sugar subst itutes market is witnessing rising demand as the consumers are becoming highly conscious on health benefits and shifting their preferences to all-natural and organic ingredient-based products which are natural & healthier foods. Sugar substitutes are generally used in processed foods such as soft drinks, baked goods, candy, powdered drink mixes, puddings, jams and jellies, canned foods, dairy products, and other food & beverages. They are also majorly used for household applications.
Browse 164 market data Tables and 39 Figures spread through 204 Pages and in-depth TOC on "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"
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High-intensity sweeteners is projected to account for the largest segment by type in the sugar substitutes market, in terms of value.
High-intensity sweeteners are used for enhancing the sweetness and flavor of food products which are sweeter than sucrose and hence used only in small amounts, contributing to less or no calories. This segment accounted to be the largest in the market in terms of value due to its extensive usage in foods and beverages and advertised as ‘diet’ or ‘sugar-free’ products which also attracts large customer base globally. Also, there is increased demand for the use of high intensity sweeteners which is driven by consumers’ concern for weight management and these type of a sweeteners are approved by FDA are safe for the general population under certain conditions of use .
By composition, the Stevia, in high-intensity sweeteners is projected to be the fastest growing segment in the sugar substitutes market during the forecast period, in terms of value.
Stevia is sourced naturally and has been used as a natural sugar substitute and flavoring ingredient in food and beverage applications. Being a zero-calorie sweetener, its demand is significantly growing due to its wide range of applications for reducing energy and adding sugar content in food and beverage products. Due to these factors, people with diabetes can eat a wider variety of foods and comply with a health-enriching meal plan using stevia.
By application, beverages is projected to account for largest and fastest growing segment in the sugar substitutes market, in terms of value.
The sugar substitutes market is segmented, based on application, into food, beverage, health, and personal care products. Beverages are the most commonly consumed products across the globe and is the largest as well as fastest growing segment in terns of applications in sugar substitutes market. This is because the sugar substitutes are currently preferred in beverages, such as diet carbonated drinks, flavored water, and other beverages. Also, high-intensity sugar substitutes witnessed an increase in preference for the production of beverages which is driving the s ugar substitutes market growth.
North American region accounted for largest share in sugar substitutes market, both in terms of value and volum e during the forecast period.
The global sugar substitutes market was dominated by North America, followed by Europe and Asia Pacific during the review period. This is due to the countries in North America have well-developed food & beverage manufacturing industries, which require large quantities of raw materials in the form of specialty ingredients or additives on a regular basis. Also, this region has 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.
Key market players
The key players in this mar ket include DuPont (US), ADM (US), Tate & Lyle (UK), Ingredion Incorporated (US), Cargill Incorporated (US). The leading companies adopted various strategies such as new service launches, acquisitions, expansions & investments, and mergers. To sustain in the competitive market, key players adopted partnerships and agreements as a key strategy in the sugar substitutes market
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