Alternative Sweetener Market - Global Industry Analysis, Size, Share, Growth and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 12/12/2018 -- The global alternative sweetener market is likely to experience a modest but reliable rate of growth over the coming years. One of the key drivers in favor of the global alternative sweetener market currently is the increasing demand for healthier low-calorie foods, especially in urban areas of core market regions. Manufacturers in the market are trying to develop and launch multiple types of sugar substitutes, primarily propelled by the rising health consciousness among consumers. The global alternative sweetener market is further driven by the rising sugar prices.
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Recent studies have shown that there is little to no link between cancer and the consumption of low-calorie sweeteners. On the other hand, natural alternative sweeteners are valuable for those trying to managing their calorie count by either cutting down on carbohydrates or are looking to improve their overall health. The currently growing health consciousness among consumers is caused by the growing rates of obesity and diabetes, along with a number of other chronic health issues.
The global alternative sweetener market is expanding at a CAGR of 4.2% from 2015 to 2021. It was evaluated at US$11.5 bn in 2014 and is expected to reach US$15.4 bn by the end of 2021.
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North America Likely to Continue Leading Demand for Alternative Sweeteners
The global alternative sweetener market's regional segmentation includes the key regions of North America, Europe, Asia Pacific, and rest of the world. Among these, North America had taken up the leading share in the global alternative sweetener market for 2014, a factor attributed to the growing obesity epidemic, increasing risks associated with cardiovascular diseases, and the growing number of patients suffering from diabetes. Food and beverage makers in North America are concentrating hard on the development and commercialization of low calorie and sugar free products to meet the consumers need in North America.
Furthermore, the growing count of obese consumers is resulting in a steady decline in the overall consumption of soft drinks in North America as well as Europe, thereby creating a fall in demand for high intensity sweeteners. Consequently, the demand for sweeteners has experienced a significant paradigm shift in terms in consumer choices in two regions that are currently considered the core market regions by top players in this market. At the same time, Asia Pacific, which held the second leading share in the global alternative sweetener market for 2014, is likely to show a growth in demand, marked by growing consumer awareness.
Consumer Preference for Alternative HIS on the Rise
In terms of product type, the global alternative sweetener market is divided into low intensity sweetener (LIS), high intensity sweetener (HIS), and high fructose syrup (HFS). High intensity sweetener has so far been highly popular consumers, followed by high fructose syrup. Both segments are expected to continue showing strong growth, while low intensity sweeteners and polyols are expected to gradually replace the other two segments in the long run, especially from the perspective of the food and beverages industry.
Based on applications, the global alternative sweeteners market can be classified into beverages such as diet-carbonated soft drinks, ready-to-drink tea and coffee, juices; and food products such as confectionaries, tabletop sweeteners, chewing gum, chocolate, bakery products, and dairy products. In addition, alternative sweeteners are used in personal care products such as toothpaste, mouthwash, and glycerin as well as in pharmaceutical products.
Key players in the alternative sweetener market include Tate & Lyle Plc, Cargill, Incorporated, Ajinomoto Co., Inc., Archer-Daniels-Midland Company, Ingredion Incorporated, Roquette Frères S.A., and The NutraSweet Company.