Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The sugar substitutes market is projected to grow from USD 18.8 billion in 2023 to USD 24.3 billion by 2028 growing at a CAGR of 5.2%
Food and beverage manufacturers are increasingly employing sugar substitutes namely artificial sweeteners to replace corn syrup or sugar in a variety of food products that contain sugar. Artificial sugar substitutes are less expensive than natural sweetening agents and aid in delivering increased profit margins.
Sugar substitutes are generally used in processed foods such as soft drinks, baked goods, candy, powdered drink mixes, puddings, jams and jellies, canned foods, dairy products, and other food & beverages. Sugar substitutes are also majorly used for household applications. Some sugar substitutes even find applications in baking or cooking.
Moreover, the rising trend of health consciousness and fitness is propelling the growth of the market.
High fructose syrup is the second largest segment among types of sugar substitutes in 2022
The high-fructose syrup is used for sweetening several foods and beverages. It is preferred by food manufacturers as it blends well with all foods, increases shelf life, is less expensive as compared to the other sweeteners, and is almost as sweet as table sugar.
The most common form of high-fructose syrup contains either 42% or 55% of fructose, as described in the Code of Federal Regulations (21 CFR 184.1866) of the FDA, and these are referred to as HFCS 42 and HFCS 55 in the industry.
The rest of the High-fructose syrup is glucose and water. HFCS 42 is primarily used in cereals, processed foods, baked goods, and some beverages, whereas HFCS 55 is used mainly in soft drinks.
The application of sugar substitutes in beverages is accounting for the largest share in the application segment
A majority of beverage products contain sugar or are sugar-based. In addition, beverages are the most commonly consumed products across the globe. Beverages, such as juices, canned drinks, coffee, aerated drinks, and others, are majorly produced using added sugars for offering an improved taste and mouthfeel.
Sugar substitutes are essential for providing and expanding beverage choices to control carbohydrate, caloric, or specific sugar intake. In addition, sugar substitutes are currently preferred in beverages, such as diet-carbonated drinks, flavored water, and other beverages.
Stevia is a prominent sugar substitute employed in beverages. Stevia finds application in numerous food and beverage products, such as soft drinks, fruit juices, flavored waters, and alcoholic beverages.
Asia Pacific is projected to witness substantial growth during the forecast period in the sugar substitutes market
The market in this region is witnessing a drastic transformation regarding diet diversification, rapid urbanization, and liberal trade policies in the food sector.
Furthermore, a rise in consumer awareness about health issues, an increase in the inclination of consumers toward health-benefiting food products, and a surge in income and purchasing power are the major factors offering growth opportunities for sugar substitute manufacturers in the market in the region.
According to The International Diabetes Federation, there were globally 415 million people with diabetes in 2015, and its prevalence was predicted to grow to 642 million by 2040. Additionally, 318 million people were projected to have impaired glucose tolerance, and 20.9 million live births were affected by some form of hyperglycemia in pregnancy, of which 85.1% were due to gestational diabetes.
Due to these factors, consumers in the region are making drastic changes in their diet and inclining toward low-calorie and sugar-free products. This creates high growth opportunities for manufacturers of sugar substitutes in the Asia Pacific region.
Competitive landscape
The global sugar substitutes market is dominated by a few major companies. These include Tate & Lyle Plc (UK), PureCircle Ltd. (Malaysia), Cargill Inc. (US), Merisent Company (US), JK Sucralose Inc. (Netherlands), Ajinomoto Co., Inc. (Japan), and Archer Daniels Midland Co. (US).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 315 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $18.8 Billion |
| Forecasted Market Value (USD) by 2028 | $24.3 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Premium Insights
- Rising Preference for Low-Calorie and Sugar-Free Products
- US Occupied Major Share in Global Market
- High-Fructose Syrup Segment and China Estimated to Account for Significant Share in 2023
- High-Intensity Sweeteners Segment to Lead Market by 2028
- Artificial Segment to Account for Larger Share by 2028
- Sorbitol Segment to Account for Largest Share by 2028
- Beverages Segment to Account for Largest Share by 2028
- Solid Segment to Lead Market During Forecast Period
Market Overview
Drivers
- Increase in Health Consciousness
- Rise in Consumer Inclination Toward Natural Products
- Growing Demand for Sugar Substitutes in Food & Beverage Industry
- Fluctuations in Price and Availability of Sugar
Restraints
- Strict Adherence to Regulations Required for Sugar Substitute Products
- Health Concerns Associated with Consumption of Sugar Substitutes
Opportunities
- Increased Investment in R&D Activities by Manufacturers
- Potential for Diversification into Other Application Sectors
Challenges
- Product Labeling and Claims Issues
Industry Trends
- Trends Impacting Customer Businesses
- Value Chain Analysis
- Average Selling Price Analysis
- Ecosystem Analysis
- Technology Analysis
- Patent Analysis
Company Profiles
Key Players
- International Flavors & Fragrances Inc.
- Archer Daniels Midland Company
- Tate & Lyle
- Ingredion
- Cargill, Incorporated
- Roquette Freres
- Purecircle
- Macandrews & Forbes Holdings Incorporated
- Jk Sucralose Inc.
- Ajinomoto Co. Inc.
Startups/SMEs
- Stevia Hub India
- Suminter India Organics
- Tag Ingredients India Pvt Ltd.
- The Real Stevia Company Ab
- Sweetly Steviausa
- Pyure Organic
- Xilinat
- Fooditive
- Sagana
- Hearthside Food Solutions LLC
For more information about this report visit https://www.researchandmarkets.com/r/cy9u0f
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