NEWARK, Del, July 30, 2023 (GLOBE NEWSWIRE) -- As per a recent FMI analysis, the Global Monk Fruit Sugar Market is currently valued at US$ 124.0 million in 2023. It is likely to reach at a market valuation of US$ 201.8 million by 2033, exhibiting a CAGR of 5.2% during the forecast period.
Health-Conscious Trend: Driving Growth of Monk Fruit Sugar Market
Monk fruit sugar, a natural sweetener derived from monk fruit, is gaining significant traction in the global market. As consumers seek healthier alternatives to traditional sugars, the monk fruit sugar market has witnessed remarkable growth. This zero-calorie sweetener offers an appealing choice for health-conscious individuals and those managing diabetes. Its high-intensity sweetness and lack of bitter aftertaste have made it a popular ingredient in various food and beverage products, including desserts, beverages, and snacks. With increasing awareness of its benefits, manufacturers are incorporating monk fruit sugar into their formulations, driving the market's expansion
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Versatile Applications: A Popular Ingredient in Food and Beverage Products
The industry for monk fruit sugar is rising as a result of its increasing applications across several sectors. This includes the food & beverage, and pharmaceutical sectors, and commercial and household purposes on a global scale.
During the forecast period, sales of monk fruit sugar are also anticipated to be driven by the growing demand for sustainable sourcing.
Innovation in Product Offerings: Expanding Monk Fruit Sugar Market
The market is anticipated to propel over the forecast period because of its unique sweetness that has diverse applications. Manufacturers have also found this sugar to be a versatile product that is easy to handle and eco-friendly. This is further expected to drive demand for monk fruit sugar globally.
Companies are focusing on product innovation and expanding their monk fruit sugar offerings. They are introducing monk fruit sugar in several forms including powdered form, granules, and liquid form to cater to diverse consumer preferences.
Transition to Mainstream Retail Channels: Growing Popularity and Health Awareness
The food and beverage sector is witnessing significant adoption of monk fruit sugar as a key ingredient in a wide range of products. It is used in beverages, baked goods, dairy products, and other food applications to provide sweetness without calories and to meet the demand for healthy options.
Monk fruit sugar is expected to make a transition from niche health stores to mainstream retail channels. The growing prevalence of diabetes, increasing health consciousness, and the demand for natural sweeteners are the factors that are projected to fuel the growth.
Clean-Label and Plant-Based Movement: Boosting Demand for Natural Sweeteners
The global shift toward clean-label and plant-based products is anticipated to drive the demand for monk fruit sugar as a natural and sustainable sweetener. As consumers become more aware of the risks associated with artificial sweeteners, the market for natural alternatives is likely to expand.
Key Takeaways from the Monk fruit sugar Report:
- The global market for monk fruit sugar is set to reach at a worth of US$ 201.8 million by 2033.
- Global demand for monk fruit sugar is likely to soar at 5.2% CAGR over the forecast period.
- Based on the form, the powder form segment is anticipated to reach a valuation of US$ 171.2 million by 2033.
- By end use, the food and beverage industry segment is set to soar at a 4.7% CAGR during the forecast period.
- North America is projected to hold a dominant value share of 51.3% in the global market by 2033.
- The United States monk fruit sugar market is projected to reach a valuation of US$ 90.5 million by 2033.
- During the forecast period, Japan is set to register 5.6% CAGR in the global market over the forecast period.
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“Increasing demand for healthy alternatives among diabetic patients is projected to drive demand for monk fruit sugar globally. Key companies are focusing on enhancing their flavor profiles, developing new formulations and exploring novel application areas in the food and beverages sector to stay competitive.” – says a lead analyst at Future Market Insights (FMI).
Top Companies in Monk Fruit Sugar Market and Their Winning Product Strategies:
Key companies are might aim to expand their market presence geographically. This could involve targeting new regions and countries where monk fruit sugar is not yet widely available. They are establishing distribution networks and partnership to reach a large customer base.
Top Key Companies:
- Archer Daniels Midland Company
- Monk Fruit Corp.
- Apura Ingredients
- Guilin Layn Natural Ingredients Corp.
- Imperial Sugar Company
- Whole Earth Sweetener Co., LLC
- Health Garden USA
- Matakana SuperFoods Ltd.
- Group Krisda Stevia Canada Inc.
- Bulk Barn Foods Limited
- Lakanto
For instance,
- In November 2022, Lakanto has introduced monkfruit-based sweeteners to Indian customers. Lakanto is from the Saraya family, which manufactures and sells health and hygiene goods and services.
- In October 2019, Layn, a sweeteners player, has introduced a new patented version of monk fruit which the company claims can naturally generate 20% more mogrosides. These sweet components present in monk fruit are important elements in sugar reduction.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global monk fruit sugar market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the monk fruit sugar market based on nature (natural, organic) form (powder and liquid) and end use (industrial, commercial, and household), packaging type (bags & sacs, pouches, folding cartons, jars) sales channel (direct, indirect, and online retailing) across several regions.
Monk fruit sugar Market by Category
By Nature:
- Natural
- Organic
By Form:
- Powder
- Liquid
End Use:
- Industrial
- Food & Beverage Industry
- Bakery
- Dairy & Ice cream
- Chocolate & Confectionery
- Breakfast Cereals
- Beverages
- Others
- Pharmaceutical Industry
- Food & Beverage Industry
- Commercial (HoReCa)
- Household (Retail)
By Packaging Type:
- Bags & Sacs
- Pouches
- Folding cartons
- Jars
By Sales Channel:
- Direct (B2B)
- Indirect (B2C)
- Store-based Retailing
- Hypermarkets/ Supermarkets
- Convenience Stores
- Food & Drink Specialty Stores
- Others
- Online Retailing
- Store-based Retailing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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