Alternative Sweeteners Market Anticipated to Expand at a CAGR of 4.5% during the Forecast Period 2031
Rise in new applications of alternative sweeteners in the food industry and increase in demand for low-calorie sweeteners drive the growth of the market.
PORTLAND, OREGON, UNITED STATES, July 16, 2022 /EINPresswire.com/ — The global alternative sweeteners market generated $4.1 billion in 2020, and is projected to reach $6.6 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in new applications of alternative sweeteners in the food industry and increase in demand for low-calorie sweeteners drive the growth of the global alternative sweeteners market. However, drop in soft drink consumption in North America and Europe restrains the market to some extent. On the other hand, surge in obese population, particularly in developing nations, presents new opportunities in the upcoming years.
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Leading players of the global alternative sweeteners market analyzed in the research include Ajinomoto Co., Inc., Archer-Daniels-Midland-Company, Cargill Incorporated, DuPont Nutrition & Health, GLG Life Tech Corporation, Ingredion Incorporated, Naturex S.A., Tate & Lyle Plc., PureCircle Limited, and Associated British Foods Plc.
The outbreak of the COVID-19 pandemic has had a positive impact on the overall growth of the global alternative sweeteners market.
Since the pandemic, people have become more conscious about product labels, and their purchasing decisions are influenced by the lack of sugars content in the product. This in turn, boosts the demand for alternative sweeteners.
The report offers detailed segmentation of the global alternative sweeteners market based on product type, packaging, and region.
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Based on product type, the high intensity sweeteners segment held the highest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the low intensity sweeteners segment is estimated to register the highest CAGR of 5.7% from 2022 to 2031.
Based on packaging, the food segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 4.7% from 2022 to 2031.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 5.1% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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