Sugar Substitutes Global Market Report 2023
Major players in the sugar substitutes market are DuPont Nutrition & Biosciences, Archer Daniels Midland Company, Tate & Lyle, Cargill Inc., Ingredion Incorporated, Roquette Frères, PureCircle Ltd., Ajinomoto Co.
New York, March 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sugar Substitutes Global Market Report 2023" - https://www.reportlinker.com/p06284600/?utm_source=GNW
Inc., JK Sucralose Inc., Stevia Corp., Sweetly Stevia, Kerry Group, Biosweet Ventures, Shandong Aojing Biotechnology Co. Ltd., Sunrise Nutrachem Group Co.Ltd., and Hunan Nutramax Inc.
The global sugar substitutes market grew from $20.52 billion in 2022 to $21.95 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The sugar substitutes market is expected to grow to $29.08 billion in 2027 at a CAGR of 7.3%.
The sugar substitutes market consists of sales of stevia, aspartame, maltitol, and neotame.Sugar substitutes are used in breakfast cereals, pudding, tea, and other sweet beverages.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the sugar substitutes market in 2022.The Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the sugar substitutes report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of sugar substitutes are high-intensity sugar substitutes, low-intensity sugar substitutes, and high fructose syrup.High-intensity sugar substitutes are sweeteners with greater intensity of sweetness compared to regular sugar.
High-intensity sugar substitutes are used as sweeteners in food in low quantity and contribute few calories.High-intensity sugar substitutes come in different forms including aspartame, sucralose, neotame, acesulfame, potassium, and advantame.
The origin of sugar substitutes is from natural and artificial sources and is available in solid and liquid forms. Sugar substitutes are used in food, beverages, nutrition and supplements, pharmaceuticals, animal feeds, and personal care.
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 controlling 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.
The development of the fermentation process is a key trend gaining popularity in the sugar substitutes market.The fermentation process is increasingly being used to develop sugar substitute products from the stevia plant.
Fermentation is being used by scientists as a unique method for making Rebaudioside M (Reb-M) to sustain the purity and sweetness of sugarcane in natural sugar substitute similar to regular sugar.For instance, in 2020, Amyris, a US-based biotechnology company adopted the fermentation method to expand their non-sugar sweetener products and developed zero-calorie sweeteners with a similar taste to regular sugar.
The new method allows Amyris to make higher purity, higher quantity, and low-cost sustainable sugar with the best taste.
In December 2020, Tate & Lyle, a UK-based company that provides food and beverage ingredients and solutions acquired Sweet Green Fields (SGF) for an undisclosed amount.Through this acquisition, Tate & Lyle will expand its portfolio for stevia products and will gain a fully integrated stevia supply chain, including leaf sourcing, leaf varietal development, established agricultural programs, and cost-effective manufacturing.
Sweet Green Fields (SGF) is a US-based company that provides sugar substitute products.
The countries covered in the sugar substitutes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sugar substitutes market research report is one of a series of new reports that provides sugar substitutes market statistics, including sugar substitutes industry global market size, regional shares, competitors with a sugar substitutes market share, detailed sugar substitutes market segments, market trends and opportunities, and any further data you may need to thrive in the sugar substitutes industry. This sugar substitutes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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