The global sugar substitutes market is expected to witness growth at a CAGR of 5.6% in the forecasted period and to be valued more than USD 28.55 Bn by 2032.
Food and beverage products with reduced sugar and sugar-free claims are growing in popularity as people become more health-conscious. Because customers generally strive to manage health problems through their dietary choices, the rising occurrence of obesity and diabetes has made lower sugar options more significant. Another factor driving the demand for sugar substitutes and sugar-free products is the growing elderly population.
As per the sugar substitutes market study by FMI, Low-sugar snacks, in particular, have been gaining popularity among consumers. Because most meals are savory, sugar-conscious consumers are more concerned with the amount of sugar in their snacks—whether it’s a ready-to-drink beverage, a bar, or a yogurt. Recent regulatory reforms in the United States, such as the need that added sugars to be listed on the nutrition label, have made it easier than ever for consumers.
The global sugar replacements market is strongly impacted by rising demand for bakery products and drinks. Sugar substitutes are used to save costs and minimize the use of sugar in food manufacturing, which opens up more R&D opportunities and gives companies a competitive advantage in the worldwide sugar substitutes market.
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Manufacturers are progressively investing in the research and development of new sugar alternatives in order to acquire a competitive advantage over their competitors. To reduce the calorie content of their final goods, several food and beverage firms are substituting sugar alternatives for normal sugars. The demand for sugar alternatives has surged in industrialized economies.
The shifting consumer attitude toward sugar replacement consumption is the primary driver of the sugar substitutes market’s strong expansion. Consumers are becoming more aware of the negative consequences of regular high-calorie sugar consumption. Sugar replacements are widely available in pharmacies, supermarkets, grocery stores, and health food stores in developed economies such as the United States, Canada, and Germany to attract such potential customers.
Key Takeaways from Market Study
- The sugar substitutes market is expected to expand at CAGR of 5.6% over the forecasted period.
- Among the source, natural is dominating the segment holding around 43.7% of the revenue and it is expected to grow with CAGR of 4.9% over the forecasted period.
- Among the Type segment, high-intensity sweeteners is expected to dominate the sugar substitutes market holding more than 27.2% revenue share and it is expected to grow with around 3.4% CAGR over the forecast period.
- Among product type segment, nutritive is dominating the application segment holding around 21.2% in 2022 and it is expected to grow with CAGR of 3.5% over the forecasted period.
- Among application segment, food & beverages is going to acquire major share of the sugar substitutes market in 2022.
“The Sugar Substitutes are expected to witness exponential growth owing to rising awareness about healthier choices available in the market which will help maintain the balance of consumed calories and calories burnt.” says a Future Market Insights analyst.
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Competitive Landscape
Key manufacturers of global sugar substitutes market are majorly focusing on research & development in order to develop innovative and unique product offering. In addition to this these key players in the sugar substitutes market are also concentrating on merger, acquisition and joint ventures to expand their geographical presence and also to increase the existing production capacity.
- PepsiCo, the world’s largest food and Beverage Company, has agreed to buy Pioneer Foods, a South African company, for $1.7 billion, or 11 times FY2020E consensus EBITDA.
About FMI
Future Market Insights (ESOMAR certified 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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