May 09, 2022
According to the industry analysis report titled ‘Global Sugar Substitutes Market (2021 Edition) - Analysis By Origin (Natural, Artificial), Product Type HIS, LIS, HFS), Application, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’ available with MarketStudyReport, global sugar substitutes market, which amassed a valuation of USD 15.41 billion in 2020, is anticipated to garner sizable returns during 2021-2026.
The growing consumption of natural sugar over synthetic products, rising awareness regarding its health benefits, changing lifestyle, and increasing prevalence of diabetes & obesity are some of the major factors driving the growth of the global sugar substitutes market.
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Mounting competition among sweetener makers due to the rising demand for sugar substitutes from various applications such as pharmaceuticals, food & beverages, dental, and others are likely to encourage the entry of new companies in the future, further adding traction to the overall market size.
However, the COVID-19 outbreak had a major impact on the global economy including consumer goods such as sugar substitutes. This compelled the leading manufacturers to rethink their business strategies and ensure the safety of the production process by adhering to the government’s standards to keep the market stable.
By origin, global sugar substitutes industry vertical is split into artificial and natural segments. Based on product type, the market is categorized into high-fructose syrup, low-intensity sweetners, and high-intensity sweetners.
The application landscape of this business space involves health & personal care, food products, and beverages.
Regionally, Asia Pacific market is expected to witness lucrative growth over the forecast period on account of rapid urbanization, rising consumer awareness about healthy lifestyle, and a surge in purchasing power. Meanwhile, North America will continue to hold the largest market share in the ensuing years.
The leading companies operating in the global sugar substitutes marketplace include ADM Company, Tate & Lyle plc, Ingredion Inc., Zydus Wellness Ltd., Roquette Frères, Whole Earth Brands Inc., DuPont de Nemours Inc., Ajinomoto Co Inc., Cargill, Inc., and JK Sucralose Inc.