Sugar Substitutes Market to exceed $35.5 Bn by 2032, Says Global Market Insights Inc.
Major sugar substitutes market participants include Cargill, Tate & Lyle PLC, ADM (Archer Daniels Midland Company), Kerry Group, SweetLeaf Stevia, Nestle S.A., PureCircle Limited, and PepsiCo, Inc.
Selbyville, Delaware, Jan. 09, 2024 (GLOBE NEWSWIRE) --
The sugar substitutes market valuation is estimated to reach USD 35.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The continuous advancements in sweetener technology and the production of innovative, natural alternatives will accelerate business growth over 2024–2032. As consumers increasingly seek healthier choices, the development of natural substitutes aligns with growing health-conscious trends. Technological progress in sweeteners enhances the variety of options available, driving consumer adoption. This dual focus on innovation and natural alternatives will position the sugar substitutes market for significant growth in meeting evolving consumer preferences.
For instance, in 2023, SweetLeaf introduced two fresh product lines of natural sugar substitutes: 'Indulge,' featuring zero-calorie sweeteners and sugars with a 50% reduction in calories. This launch enhances the sugar substitutes industry by providing consumers with diverse and healthier alternatives, contributing to the overall market growth.
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The sugar substitutes market from the sugar alcohol segment could contribute decently to the revenue share between 2023 and 2032, attributed to increasing health-conscious consumer preferences. With a rising demand for low-calorie and diabetic-friendly alternatives, sugar alcohols offer a sweetening solution without the same impact on blood sugar levels. The versatile applications of sugar alcohols in various food and beverage products contribute to their prominence, positioning this segment as a key player in the evolving sugar substitutes industry.
The pharmaceutical segment could capture a substantial market share by 2032,due to growing research and development in the field of low-calorie sweeteners. With a heightened focus on addressing health concerns like obesity and diabetes, pharmaceutical companies are actively exploring and producing innovative sugar substitutes. This strategic approach will position the pharmaceutical segment as a key player in the development and promotion of alternative sweetening solutions.
The Asia Pacific sugar substitutes market will register significant expansion from 2024 to 2032, driven by factors like a rising health-conscious population, increasing incidences of lifestyle-related diseases, and a growing consumer preference for reduced-calorie alternatives. As the region witnesses rapid economic development, key players are strategically expanding their presence in the Asia Pacific, recognizing the immense market potential and the evolving dietary patterns in this dynamic and populous region.
Key participants operating in the sugar substitutes industry are Cargill, Tate & Lyle PLC, ADM (Archer Daniels Midland Company), Kerry Group, SweetLeaf Stevia, Nestle S.A., PureCircle Limited, and PepsiCo, Inc. These industry players are strategically expanding their market presence through continuous research and development, introducing innovative sweetening solutions, and forging strategic collaborations. By addressing the rising consumer demand for healthier alternatives, these companies are securing a larger market share. The emphasis on creating diverse and natural sweeteners aligns with evolving dietary trends, positioning these players as key contributors to the broader landscape of sugar alternatives.
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For instance, in 2022, Tate & Lyle PLC introduced ERYTESSE™ Erythritol to its sweetener portfolio through a distribution partnership. This enhances their capacity to meet consumer demands for healthier, sugar-reduced products, reinforcing Tate & Lyle's global leadership in providing ingredient solutions for healthier food and beverages. This launch fortifies the sugar substitutes market by expanding options for healthier sugar-reduced products, meeting consumer demands, and contributing to the market's overall growth and diversification.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Sugar substitutes market 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Type trends
2.4 End-use trends
2.5 Distribution Channel trends
2.6 Regional trends
Chapter 3 Sugar Substitutes Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Pricing analysis, 2022
3.7 Technology landscape
3.7.1 Future market trends
3.8 Porter's analysis
3.9 PESTEL analysis
3.10 Impact of Russia-Ukraine war on industry
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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