Besides, as economies do well in this region, disposable income increases, creating new opportunities for market players.
San Francisco, CA -- (SBWIRE) -- 04/30/2020 -- Over the forecast period of 2019 to 2029, the global sugar substitutes market would note significant increase in demand. And, the market would be dominated by high intensity sweeteners which held a sizeable chunk in the last assessment period. The reason attributable to the growth of this segment is changing health and wellness trends. On the other hand, it is pertinent to note that the low intensity variants will grow at a notable rate, compounded annually as more and more people opt for low calorific food. Additional, factors such as the fact that food and beverage industry opt for it due to its ease of use on the syrup form are also going in its favor.
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Transparency Market Research claims that the global sugar substitutes market is set to chart a robust compound annual growth rate over the assessment period, which is mentioned above. This will create a plethora of interesting growth opportunities and lead the market to a higher valuation. It also states that growing awareness related to health benefits that accrue with use of these substitutes is a major growth factor for the market. Besides, beverages are witnessing an increase in use of these sweeteners.
Additionally, it is worth noting that incidence of illnesses such as diabetes is at an all time high thanks to poor lifestyle choices such as unbalanced diets, and sedentary work schedules. Obesity in regions such as North America is also paving way for growth in the global sugar substitutes market.
North America to Dominate the Global Sugar Substitutes Market over the Forecast Period; Asia Pacific to Grow at a High CAGR
The prevalence of diabetes in North America is quite high and obesity cases are rising rapidly. Besides, food processing industry is flourishing. This is leading to high demand in the region, leading it to a dominant share of the market. On the other hand, Asia Pacific will grow at a significant pace over the forecast period owing to increase in health issues. Besides, as economies do well in this region, disposable income increases, creating new opportunities for market players.
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On the other hand, Europe is also set to hold a sizeable share of the global sugar substitutes market over the stated assessment period owing to increase in demand noted for black sugar substitutes. This is used in electronics and is economically more viable that the green variants.
Latin America is also anticipated to chart a notable growth rate over the forecast period. Presence of key players and easy availability of raw materials, thanks to abundant natural resources. Manufacturers of sorbitol are also present in good numbers.
Global Sugar Substitutes Market to be a Fragmented Vendor Landscape over the Forecast Period
The vendor landscape of the global sugar substitutes market is competitive as well as fragmented. Key players that drive major developments in the market landscape are Tate & Lyle.; Cargill; Incorporated; Archer Daniels Midland Company; Ingredion Incorporated; Roquette; Ajinomoto Co., Inc.; JK Sucralose Inc.; PureCircle; The NutraSweet Company; and E. I. DuPont De Nemours, among others. It is pertinent to note here that while companies such as Kerry Group and NutraSweet have a sharp focus on Research and Development activities in order to stay ahead of the competitors, others are dabbling with key alliances to grab a larger market share.
Additionally, prominent players are aware that better products would be key to a larger market share and a consolidated market position. Marketing Initiatives are therefore, equally important, and hold key to better brand recall and equity. Technological advancement noted in the manufacturing process is also contributing immensely to growth of the global sugar substitutes market over the forecast period.
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