Industry Insights
In 2015, Sugar Substitutes Market accounted for over USD 13 billion. The demand for these products is expected to grow rapidly owing to increasing disposable income and rising health awareness among the population. The rising consumption of low-calorie food & beverages is one of the major driving factor anticipated to boost market demand. The demand for sugar substitutes from pharmaceuticals and personal care companies is growing owing to increasing health problems such as obesity and diabetes resulting from excessive consumption of sugar.
The growing demand in end-use industries such as cosmetics, dairy, bakery and frozen foods is expected to propel market demand over the forecast period. Obscurity about sugar substitutes and health problems caused due to high sugar consumption is expected to restrict consumption of these products. Regulations and international standards for quality criteria are vital bottlenecks that can act as a restraint over the forecast period. Stevia is a natural alternative used in foods and drinks. The demand has seen an upward trend from 2014 as it received approval from European regulatory bodies. The launch of new products containing stevia has seen an upward trend in the past few years and is expected to have a negative impact on the market growth.
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Product Insights
In 2015, high fructose syrup dominated the sugar substitutes market and accounted for over 70% of volume share. The demand for high fructose syrup is driven by growing concerns of obesity surrounding fructose syrup. Its properties like appropriate blending and cost reduction coupled with application in manufacturing of alcoholic beverages are expected to boost demand over the forecast period.
Application Insights
Beverages segment dominated the sugar substitutes market in 2015 and accounted over USD 5.0 billion. The consumption of high-intensity sweeteners in alcoholic beverages is witnessing high growth in Europe and North America. It also finds its applications in carbonated beverages for increasing the taste of the beverages. Food segment is projected to witness the fastest growth in near future due to rising awareness regarding consumption of low-calorie food.
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The adoption of economical pricing strategy for the superior quality of food products is expected to drive market growth over the forecast period. Confectionary products and bakery products dominated the food segment followed by dairy products owing to growing consumption in developing countries.
Regional Insights
In 2015, North America accounted over 40% of volume share globally. Rising awareness about health issues such as obesity and diabetes coupled with the presence of food processing industries driving the market growth. U.S. is the major country region accounting for more than 70% of the volume share in 2015. The demand in the Middle East and Asia Pacific is expected to grow rapidly owing to the presence of emerging economies such China, India, and Thailand. The changing lifestyles and rising health awareness in the region are expected to further augment demand for these products.
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Competitive Insights
The key players in the market are Archer Daniels Midland Company, Ingredion Incorporated, E.I. du Pont de Nemours and Company, Cargill Incorporated and Tate & Lyle PLC. These players have established a strong presence resulting from well-executed R & D initiatives and planned regional expansion.