Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Allulose Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form, Application, and Geography,” the allulose market is expected to grow from $ 232.91 million in 2021 to $ 362.24 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The projected growth of the allulose market is attributed to the favourable government regulations in different countries.
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Allulose Market: Competitive Landscape
The key players operating in the global allulose market include Tate & Lyle Plc, Anderson Global Group, LLC, Ingredion Incorporated, Samyang Corporation, Apura Ingredients, Inc, Nutra Food Ingredients, Savanna Ingredients Gmbh, CJ Cheiljedang, Bonumose, Inc., and Matsutani Chemical Industry Co., Ltd., among others. Players operating in the global allulose market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
In 2021, Asia Pacific dominated the global allulose market. The region boasts a large and diverse consumer base, with countries like Japan and South Korea already having a well-established market for low-calorie sweeteners such as allulose. The early adoption of allulose in these countries, where it is found naturally in some traditional fruits, provided a strong foundation for its growth in the broader Asian market. Secondly, Asia Pacific's rising health consciousness and increasing prevalence of obesity and diabetes have driven the demand for healthier sugar alternatives, positioning allulose as a desirable choice for consumers seeking to reduce sugar intake. Additionally, supportive government regulations in some countries have facilitated the approval and use of allulose as a safe sweetener in various food and beverage applications. The region's significant food and beverage industry and growing interest in innovative and functional ingredients have further fuelled the adoption of allulose in product formulations. Overall, these factors collectively propelled the Asia Pacific region to dominate the allulose market as it continued to grow and offer promising opportunities for manufacturers and consumers alike.
Favorable Government Regulations in Different Countries is Boosting Demand of Allulose
Favourable government regulations have played a crucial role in facilitating the growth of the allulose market. As health concerns related to excessive sugar consumption continue to rise, many governments worldwide have recognized the need to support and promote healthier alternatives, including low-calorie sweeteners like allulose, which has helped allulose market to grow. Governments have responded by establishing regulatory frameworks that approve the use of allulose as a safe and effective sugar substitute in various food and beverage applications. Additionally, some governments have introduced policies and incentives to encourage food and beverage manufacturers to incorporate allulose in their products, aligning with their public health goals. These regulatory measures not only provide a clear path for the incorporation of allulose into the allulose market but also offer consumers greater confidence in the safety and efficacy of allulose as a sugar alternative. As a result, the allulose market has seen increased adoption and growth, as allulose manufacturers capitalize on these supportive regulations to meet the rising demand for healthier, low-calorie sweeteners.
Allulose Market: Segmental Overview
Based on application, the allulose market is segmented into food & beverages and others. The food & beverages segment accounted for a larger allulose market share in 2021. Allulose is used as a low-intensity sweetener in various food and beverages, including cookies, biscuits, cakes & pastries, ice creams, dairy products, and carbonated and non-carbonated beverages. Allulose is increasingly used in bakery & confectionery applications to reduce the sugar content, impart a blend of sweetness, and extend their shelf-life. Allulose is regarded as a suitable sweetener for carbonated soft beverages because of its low pH in terms of shelf stability. It is essential in the beverage industry because it gives and expands beverage choices to consumers for controlling calorie, carbohydrate, or sugar intake. The growing application of allulose in the food & beverage industry is driving the allulose market.
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Impact of COVID-19 Pandemic on Allulose Market
The COVID-19 pandemic posed unprecedented challenges to many sectors, including the food and beverages industry. The lockdown of borders, travel bans, manufacturing unit shutdowns, and other safety measures imposed by governments of various countries disrupted the operations of the manufacturing companies. The pandemic also led to a shortage of raw materials and labour shortages which affected the market shares of both small and large-scale F&B manufacturers in different regions. However, the pandemic also triggered a shift in people’s health, diet, and lifestyle in the post-pandemic era. People’s dietary and health habits changed drastically. Table sugar is associated with various health problems, including diabetes, obesity, and autoimmune diseases, as well as chronic infections. As people became more health conscious during the pandemic, they reduced their sugar intake and switched to low calorie sweeteners. This had a positive impact on the market growth of allulose, even during the peak of the pandemic. In addition, the allulose market is expected to experience positive growth in the years to come as vaccination is done in many countries and supply chains are re-integrating.
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