Market Leaders: International Flavors & Fragrances INC. (US), ADM (US), Tate & Lyle (UK), Ingredion (US), Cargill, Incorporated (US), Roquette Frères (France), Purecircle (US), Macandrews & Forbes Holdings Incorporated (France), JK Sucralose INC. (China), and Ajinomoto Co. Inc. (Japan) in the Sugar Substitutes Market
The global sugar substitutes market will grow to USD 24.3 billion by 2028 and USD 18.8 billion by 2023, growing at a CAGR of 5.2% during the forecast period. The detrimental health impact of excessive consumption of added sugars through processed food products and beverages is influencing consumers to seek alternatives to conventional sugar. Sugar substitutes have caused a revolution in the food and beverage industry as they provide a similar taste and effects as that regular sugar while offering fewer to no calories. Sugar substitutes prevent the rise of blood sugar levels and may also aid in short-term weight management for adults and kids who are overweight or obese.
The key players in sugar substitutes market include International Flavors & Fragrances Inc. (Us), ADM (US), Tate & Lyle Plc (UK), Cargill, Incorporated (US), Ingredion (US), Roquette Frères (France), Ajinomoto Co. Inc (Japan), Purecircle (Us), Macandrews & Forbes Holdings Incorporated (US), And JK Sucralose Inc. (China). The key strategies the leading market players adopted include new product launches, mergers, partnerships, and expansions. For instance, In November 2021, Ingredion (US), Cosun Beet Company, Matsutani Chemical Factory, and Samyang Corporation announced the formation of a new consortium to assist with introducing allulose into the EU and UK markets and promoting its nutritional labeling as a carbohydrate. In July 2020, Tate & Lyle (UK) launched the VANTAGE sweetener solution design tools. It is a set of new, innovative sweetener solution design tools and an education program designed to create sugar-reduced food and drinks using low-calorie sweeteners.
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International Flavors & Fragrances Inc. (IFF) produces and distributes flavors, fragrances, and cosmetic ingredients. IFF offers a comprehensive selection of sweeteners with fewer or no calories while providing the same pleasant taste profile as sugar. The company’s sweeteners are derived from plants and embody a healthy, natural, and sustainable range of complementing sugar alternatives suited for many food and non-food applications. In February 2021, International Flavors & Fragrances Inc. (“IFF”) merged with DuPont’s Nutrition & Biosciences (“N&B”), which transferred various legal entities associated with the N&B business of DuPont to IFF. A global leader in high-value ingredients and solutions for the food and beverage business was created through the merger of IFF and N&B. The merged company's expanded skills and global reach would enable it to develop creative solutions to meet customer demands and the growing desire for natural, healthier, and "better for you" products.
Tate & Lyle (UK) is engaged in the manufacturing and marketing of food and industrial ingredients. Headquartered in UK, the company has a strong product portfolio and offers a wide range of products to multiple end-use industry players. It operates through 57 sites worldwide and serves customers across 122 countries. The company has made strategic investments via multiple growth strategies. It has invested and navigated its focus on organic and inorganic growth strategies. In November 2022, Tate & Lyle announced the launch of ERYTESSE, a new addition to its sweetener portfolio. It has 70% of the sweetness of sucrose but has zero calories. It can be used in various applications, including beverages, dairy, bakery, and confectionery. Apart from that, its investment in terms of expansions and acquisitions to expand its presence and extend its offering to a larger target audience has helped deep-root its global presence in the sugar substitutes market.
Related Reports:
Sugar Substitutes Market by Type (High-Fructose Syrup, High-Intensity Sweeteners, Low-Intensity Sweeteners), Composition, Application (Beverages, Food Products, & Health & Personal Care Products), Source, Form, Region - Global Forecast to 2028
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