Market Overview
Sugar Substitutes Market is expected to garner a revenue of USD 20.5 billion by 2024, at a CAGR of approximately 6.3% during the forecast period of 2019 – 2024.
Market Dynamics
The Sugar Substitutes Market is seeing a significant influence from the pandemic that has wreaked havoc on the global economy. Because of changing market trends, the pandemic’s consequences have caused the supply chain mechanism to be disrupted. The market is projecting roadblocks, and alternative manufacturing will be guided by changing consumer tastes and preferences. Consumption is predicted to increase, assisting consumers in maintaining a reduced sugar intake and adhering to various low-calorie diets. Furthermore, increased obesity in the region is pressuring consumers to reduce their sugar intake, resulting in a strong growth driver for the Sugar Substitutes Market over the forecast period.
During this time, the market expects to see emerging trends such as a growing awareness among the target audience to reduce their sugar levels in the body and choose better eating options. There is a great deal of ambiguity around the advent of various types of health concerns, which is resulting in an enhanced need for replacements in various regions of the world, and thus market activities are anticipating strong returns during the predicted period.
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Segmental Analysis
The global market for sugar alternatives has been segmented by type, category, distribution channel, and region.
The sugar replacements market has been split into honey type, sucralose type, saccharin type, erythritol type, xylitol type, stevia type, and many other types all over the world.
The market has been separated into two categories around the world based on the category: synthetic and natural.
The market has been segmented into two types of distribution channels: non-store-based distribution channels and store-based distribution channels, all over the world.
Regional Overview
The global sugar alternatives market has been segmented into North American, Asia-Pacific, European, Latin American, and Middle East and African regions depending on region.
The North American region has the biggest market share in the worldwide market due to the presence of several significant key players who drive market demand to this area. Furthermore, the presence of a growing geriatric population is another factor driving global market demand
The Asia-Pacific region holds the second-largest market share, owing to the existence of highly populous countries such as China and India, which drives market demand to this area. Furthermore, the presence of many diabetes patients in this region promotes the market demand for sugar replacements.
Due to the presence of well-established technologically advanced infrastructure that drives market demand to this region, the European region holds the third-largest market share in the global market. Furthermore, a rise in health awareness in this region is another element driving up market demand.
Because of the lack of infrastructure in both Latin America and the Middle East and Africa, these regions have the smallest market share. Another issue limiting market expansion in these areas is a low per capita disposable income.
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Competitive Dynamics
Cargill, Inc. (US), Tate & Lyle PLC (UK), Ingredion Incorporated (US), The Archer Daniels Midland Company (US), JK Sucralose Inc (China), E. I. du Pont de Nemours and Company (US), Merisant Company (US) are the major players in sugar substitutes (U.S.).
Furthermore, prominent businesses are putting a greater emphasis on the research and development process in order to introduce new products and expand their product lines. New sugar alternatives are being introduced by major businesses in order to boost volume sales and raise overall revenue. Furthermore, businesses are expanding into previously untouched markets in order to boost overall income. Aside from that, major businesses are constructing new manufacturing facilities in enticing locations to meet the rising demand for sugar replacements.
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