Global Alternative Sweetener Market Hike on $18.60 Billion by 2024
The study includes a detailed competitive scenario and the product portfolio of key vendors. The report evaluates Porter’s Five Forces model to analyze the different factors affecting the growth of the alternative sweetener market. Moreover, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by type, application, and region.
Sarasota, FL -- (SBWire) -- 12/21/2018 --Zion Market Research has published a new report titled "Alternative Sweetener Market by Type (High-Fructose Syrup (HFS), High-Intensity Sweetener (HIS), Low-Intensity Sweetener (LIS)) and By Application (Food & Beverages, Pharmaceuticals, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global alternative sweetener market was valued at around USD 13.04 billion in 2017 and is expected to reach approximately USD 18.60 billion by 2024, growing at a CAGR of around 5.2% between 2018 and 2024.
The alternative sweetener is a sugar substitute used to sweeten and improve the flavor of drinks and foods. It is either chemical- or plant-based substance used in processed food products as a tabletop sweetener. A small number of alternative sweeteners provide the same level of sweetness as that of table sugar. Alternative sweeteners are declared by the FDA (U.S. Food and Drug Administration) as food additives. Alternative sweetener plays an important role in controlling the number of calories consumed through natural sugar.
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The global market for alternative sweetener is growing at a good CAGR. The growth of the alternative sweetener market is primarily due to the growing consumption of processed foods in developed countries and an increasing number of beverage companies internationally. Moreover, an increasing number of diet conscious people and a high number of diabetic patients is expected to enhance the growth of the global market for alternative sweetener within the forecast period. Increasing urban population and rapid expansion of end-use industries in emerging countries such as China and India are the key factors projected to fuel the growth of the alternative sweetener market during the forecast period.
On the basis of product type, the market is divided into low-intensity sweetener (LIS), high fructose syrup (HFS), and high-intensity sweetener (HIS). High-intensity sweetener (HIS) segment is the fastest growing segment with the largest market share in terms of revenue in 2017. The high fructose syrup segment is projected to exhibit significant market share within the forecast period owing to increasing investment in research & development activities in the area of manufacturing and processing of high fructose syrup from different materials such as corn, rice, starch, and wheat. On the basis of application, the market is segmented into pharmaceuticals, food & beverages, and others. Food & beverages segment is the leading segment with increasing use of alternative sweeteners in confectionary, bakery, dairy, and related products manufacturing. Additionally, the increasing trend of low-sugar food & diet beverages among diet-conscious consumers is expected to boost the demand for alternative sweeteners in the food & beverage industry within the forecast period. Pharmaceutical is the second important segment expected to exhibit a considerable growth within the forecast period. Extensive research and development activities and increasing government investments in the pharmaceutical industry in developed regions are anticipated to fuel the market growth for alternative sweetener over the forecast period.
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The North America alternative sweetener market accounted for a major market share in terms of revenue in 2017. High consumption of processed food and rapidly developing beverage and soft drinks industry is driving the growth of the alternative sweetener market in North America. Asia Pacific is the second important market and is expected to grow at a considerable CAGR over the forecast period. The growth is mainly due to changing consumer preference and increasing adoption of processed food. The market for alternative sweetener in Europe is projected to grow at a moderate CAGR over the forecast period owing to certain government regulations regarding usage of added sugar in processed food. Rising urban population and increasing number of alternative sweetener manufacturing companies are expected to boost the growth of the market for alternative sweeteners in Latin America over the forecast period.
The major companies are engaged in the research & development activities, strategic mergers & acquisitions in order to achieve sustainable growth across different regions internationally. Some of the key players included in the global alternative sweetener market report are Archer-Daniels-Midland Company, Kerry Group Plc, Roquette Frères S.A., NutraSweet Company, Ajinomoto Co. Inc., Tate & Lyle Plc, Showa Sangyo, Global Sweeteners Holdings Limited, Ingredion Incorporated, Japan Corn Starch Co., Ltd., Cargill Incorporated, and COFCO Rongshi Bio-technology Co. Ltd.
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This report segments the global alternative sweetener market as follows:
Global Alternative Sweetener Market: Type Segment Analysis
High Fructose Syrup (HFS)
High-Intensity Sweetener (HIS)
Low-Intensity Sweetener (LIS)
Global Alternative Sweetener Market: Application Segment Analysis
Food & Beverages
Global Alternative Sweetener Market: Regional Segment Analysis
The Middle East and Africa
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