USD 7.5 billion
Report ID: SQSG30C2009 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 91 | Figures: 76
Sugar Substitute Market size was valued at USD 7.5 billion in 2021 and is poised to grow from USD 7.91 billion in 2022 to USD 12.86 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
The consumer's perception and realisation of the energy imbalance between calories consumed and calories expended, which is caused by factors like increasing urbanisation, increased discretionary spending on processed foods and beverages, and sedentary lifestyles and has resulted in an increase in the incidence of lifestyle disorders, has contributed to the surge in popularity of sugar substitutes. Customers are now choosing suitable sugar replacements that do not increase their overall calorie intake as a result of this trend. Due to the "all-natural" trend that is resonating in the global marketplace, the sugar substitutes market size is also expected to undergo significant change.
One of the sectors where manufacturers are experiencing difficulties in the supply of raw materials as a result of the epidemic is the sugar substitute industry. Additionally, since the epidemic, imports and exports have been banned or delayed in several countries, which presents challenges for manufacturers of sugar substitutes. But because of the pandemic's emphasis on the value of sanitary and nutritious foods with low levels of sugar, calories, and fats in the prevention of diseases, various best-practice models for the food business have been adopted.
US Sugar Substitute Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.5 billion
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The global sugar substitute market segmentation is based on source, foam, application and region. Based on source the sugar substitute market is segmented into natural and synthetic. On the basis of foam, the market is segregated into solid and liquid. Based on application the market is segmented into beverages, food, nutrition and health supplements, pharmaceuticals, other applications. Based on region the global sugar substitute market is segmented into North America, Europe, Asia-Pacific and Rest of the world.
Sugar Substitute Market Analysis by Source
During the projection period, the natural sugar alternatives category is expected to post the highest CAGR. Leading food and beverage firms are increasingly using stevia and other natural sugar alternatives, and this is what is primarily responsible for the segment's highest growth in terms of customer knowledge of and demand for clean label and healthy products. Compared to synthetic/artificial intense sweeteners, natural sugar substitutes that improve the perception of sweetness are anticipated to grow more quickly.
Sugar Substitute Market Analysis by Application
In terms of value, the beverage sector has a significant portion of the global sugar substitute market. Nowadays, sugar alternatives are preferred in beverages including flavoured water, diet carbonated drinks, and other beverages. The main sugar substitute used in beverages is stevia. It is a widely used sugar substitute that has a low calorie count and no glycemic index. It is used to make a variety of energy beverages, soft drinks, teas that are ready to drink, flavored waters, and fruit juices. Key figures in the beverage business also choose other sugar replacements like erythritol and xylitol. In order to produce innovative sugar replacements and products, the consumer base for beverage products must grow, which will fuel market expansion throughout the projection period.
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During the forecast period, the Asia Pacific sugar substitute market is anticipated to grow at the fastest rate in the global market. Due to consumer lifestyle changes and rising health consciousness, the Asia Pacific region's market for sugar replacements is expanding. With regard to diet diversity, rising urbanisation, and open trade in the food industry, the market in this region is undergoing a significant transition. Additionally, a rise in consumer knowledge of health-related issues, a rise in consumer preference for foods that promote good health, and an increase in income and purchasing power are the main reasons providing growth prospects for sugar replacement makers in the regional market. Due to their significant increases in urbanisation, household incomes, and consumer lifestyle changes, India and China are the two developing nations in the region. The eating habits of consumers in China and India have changed recently.
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Sugar Substitute Market Driver
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The sugar substitute market players are poised to respond to this demand dynamics by developing innovative sugar substitutes and related products and solutions that are not only minimally processed but also have clean-label characteristics aligned with sustainable consumption practises.`For instance, in Russia, ADM and Aston Foods (Russia) formed a joint venture to produce sweets and starches. This aided the business in increasing its presence in the Russian sugar alternatives market.
Sugar Substitute Market Top Players Company Profiles
Sugar Substitute Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global sugar substitute Market segmentation is based on source, form, application and Region. . Over the projected period, the natural source segment is anticipated to increase at the fastest rate. The beverage segment accounts for the largest share from the application segment. During the forecast period, the Asia Pacific market is anticipated to grow at the fastest rate in the global market. Due to consumer lifestyle changes and rising health consciousness, the Asia Pacific region's market for sugar replacements is expanding.
|Market size value in 2021||USD 7.5 billion|
|Market size value in 2030||USD 7.91 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sugar Substitute Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sugar Substitute Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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