Sugar Substitute Market to Hit Sales Value of $23.50 Billion by 2028 | Production Differentiation and More Natural Taste are Key to Success
Global sugar substitute market size was valued at USD 17.27 billion in 2021, and it is expected to reach a value of USD 23.50 billion by 2028, at a CAGR of 4.5% over the forecast period (2022-2028).
Westford, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) — The report, “Global Sugar Substitute Market: Navigating the Changing Landscape,” analyzes the trends impacting the market and provides insights on how companies can navigate this changing landscape. SkyQuest’s analysis shows the market is being driven by several factors, including health and wellness trends, government policies/initiatives, and evolving consumer preferences. These trends are resulting in increased demand for low- and no-calorie sweeteners, as well as for natural and organic sweeteners. In addition to this, growing prevalence of chronic lifestyle related diseases such as diabetes and obesity is adding more value to the overall product demand across the globe. For instance, more than 422 million people are having diabetes and it is also claiming lives of over 1.5 million people each year. On the other hand, over 13% of the global population is obese.
The natural segment is growing at a much faster pace, however, driven by consumer demand for healthier and more natural products. Between 2022 and 2028, the sugar substitute market is forecast to grow by 42% in value terms. This growth will be driven chiefly by artificial sweeteners, which are expected to see value sales rise by 29%. Natural sweeteners will also see strong growth, with sales increasing by 36%. Plant-based diets are becoming more popular, and this is translating into growing demand for plant-based sugar substitutes such as stevia. Wherein, the online channel is playing an increasingly important role in the sale of sugar substitutes, as consumers can purchase these products easily.
The report provides an overview of the sugar substitute industry, including its history and development, key players, and current trends. It also offers a detailed analysis of the global sugar substitute market, with data on market size and growth, segmentation, and forecasts to 2022. The report includes a detailed analysis of the major players in the market, including their product portfolios, marketing strategies, and recent developments. The report also covers the key trends and developments in the sugar substitute industry, such as natural alternatives, stevia-based products, and sugar alcohols.
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To Capitalize on Sugar Substitute Market, SkyQuest Recommends Companies Focus on Three Key Areas
1. Understanding consumer needs and preferences: Companies need to understand what consumers want in terms of taste, functionality, and nutrition. They also need to be aware of regional differences in consumer preferences.
2. Offering a differentiated product portfolio: Companies in the global sugar substitute market should offer a range of products that meet different consumer needs and preferences.
3. Investing in innovation: Companies should invest in innovation to develop new products and processes that meet changing consumer needs.
The report also found that the North America is the largest market for sugar substitutes, accounting for nearly 40% of global sales. We attribute this growth to a number of factors, including an increasing awareness of the health risks associated with sugar consumption, as well as a shift in consumer preferences towards natural and less processed foods. The report also notes that many sugar substitutes are now available in a wide range of products, including beverages, baked goods and even yogurt. Looking forward, we expect the market to continue to grow at a steady pace, with sales reaching $23.50 billion by 2028.
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Competitive Landscape: Sugar Substitute Market to is Highly Fragmented
There are many different companies that offer a variety of products. However, not all products are created equal. There are a few key players in the market that have a large market share and are considered to be the leaders in the space. SkyQuest’s competitive analysis looks at the top companies in the industry and compares their products, market share, and key strategies. The goal is to provide insights into which companies are leading the way in the sugar substitute market and what they are doing to stay ahead of the competition.
The high degree of competition, observed in this market, is attributable to the presence of a large number of small- and medium-sized companies that account for a significant share of the total market revenues. Major players in the market are focusing on expanding their geographical reach through mergers & acquisitions and new product launches. Also, players in the sugar substitute market are investing in research and development activities to develop innovative sugar substitutes with better taste profiles. For instance, Cargill Inc. has introduced its new zero-calorie allulose sweetener under the brand name Zerose TM.
Splenda – Sweet’N Low – Equal – Sugar in the Raw – Truvia Each of these companies has a different product offering and caters to a different target market. For example, Splenda is focused on providing a no-calorie option for those looking to reduce their sugar intake, while Equal offers a variety of options for those with diabetes or other dietary restrictions. Our competitive analysis looks at all of these factors to provide a comprehensive overview of the sugar substitute industry.
The report notes that the sugar substitute market is highly fragmented, with no single player accounting for more than 10% of the global market. The top three players in the industry are Splenda, Cargill, and Sweet’N Low.
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Top Trends in Global Sugar Substitute Market
1. Natural sugar substitutes: More and more people are looking for natural alternatives to refined sugar, and there are many new products emerging to meet this demand. Natural sugar substitutes made from plant extracts, such as stevia and monk fruit, are becoming increasingly popular.
2. Low-calorie sweeteners: Consumers are becoming more health conscious and are looking for ways to reduce their calorie intake. Low-calorie sweeteners, such as erythritol and xylitol, are gaining popularity as they provide a sweetness without the calories.
3. Sugar-free products: As consumers in the global sugar substitute market become more aware of the dangers of consuming too much sugar, they are increasingly opting for sugar-free alternatives. There is a growing market for sugar-free products, such as sugar-free candy, cookies, and even ice cream.
4. Flavored sugar substitutes: Many people are looking for ways to add more flavor to their food without adding calories. Flavored sugar substitutes, such as those made with essential oils or natural fruit flavors, are becoming popular additions to recipes.
5. Organic sugar substitutes: With the increasing popularity of organic food, it’s no surprise that organic sugar substitutes are also on the rise. These products are made from organic cane sugar or honey and are a great choice for those looking for a more organic product.
Top Players in Global Sugar Substitute Market
- DuPont (US)
- ADM (US)
- Tate & Lyle (UK)
- Ingredion Incorporated (US)
- Cargill Incorporated (US)
- Roquette Frères (France)
- PureCircle Ltd (US)
- MacAndrews & Forbes Holdings Inc. (US)
- JK Sucralose Inc. (China)
- Ajinomoto Co. Inc. (Japan)
- Hearthside Food Solutions LLC (US)
- Stevia Hub India (India)
- Suminter India Organics (India)
- Stevia biotech Pvt. Ltd (India)
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