The latest market research report by Technavio on the global sugar substitutes marketpredicts a CAGR of around 5% during the period 2017-2021.
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Technavio has published a new market research report on the global sugar substitutes market from 2017-2021. (Graphic: Business Wire)
The report segments the global sugar substitutes market by product type (high-intensity sweeteners, low-intensity sweeteners, and high-fructose corn syrup), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global sugar substitutes market, according to Technavio food and beverage researchers:
- Growing demand for natural high-intensity sweeteners: a major market driver
- In 2016, the high-intensity sweeteners segment dominated the market by occupying over 48% share
- The Americas dominated the global sugar substitutes market with over 36% share in 2016
- Archer Daniels Midland, Cargill, Ingredion, Merisant, PureCircle, and Tate Lyle are the leading players in the market
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Growing demand for natural high-intensity sweeteners: a major market driver
Growing demand for natural high-intensity sweeteners is one of the major factors driving the global sugar substitutes market. Natural high-intensity sweeteners like stevia are very popular across the globe. One of the major reasons for the high demand for stevia is the use of the sweetener in combination with sucrose. Stevia is used in products that are characterized by limited-sugar content. Thus, the use of stevia does not eliminate the use of sugar. Erythritol is one of the most commonly used ingredients with stevia, which gained the EU approval for use in beverages in late 2015.
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Americas: largest sugar substitutes market
Technavio researchers anticipate high growth for the global sugar substitutes market in the Americas due to economic development and favorable consumption patterns. Increased demand for low-intensity sweeteners and cost-cutting advantages are predicted to impact the market positively during the forecast period. The beverages industry is the largest application market for sugar substitutes in the region.
According to Manjunath Reddy, a lead analyst at Technavio for research on food, "High demand for natural high-intensity sweeteners such as stevia has been observed in the region. Stevia is used for multiple industrial applications such as the production of confectionery, bakery, cereal, and dairy. It is also used for non-industrial purposes such as households, hotels, and restaurants. Stevia is rich in antioxidants and helps in preventing chronic diseases such as diabetes, obesity, cardiovascular diseases, and cancer. The demand for stevia is increasing among the health-conscious population of the US."
Competitive vendor landscape
The global sugar substitutes market is fragmented due to the presence of many small and large players that compete based on factors like price, quality, innovation, packaging, reputation, marketing channels, and distribution. Intense competition among players along with rapid technological changes is a key challenge that impacts players' operations. To survive and succeed in this competitive environment, the existing market players ought to distinguish their offerings through unique value propositions. Archer Daniels Midland, Cargill, Ingredion, Merisant, PureCircle, and Tate Lyle are the key vendors in the global sugar substitutes market.
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