Various food additives are commonly used to substitute sugar. These additives duplicate the sweetness of sugar but usually contain fewer calories. Sugar substitutes could be both natural and artificial, depending on the ingredients used in them. Since the past few years, the global sugar substitute market is witnessing steady growth. This growth is attributed to numerous factors including rise in the demand to awareness amongst the customers. Steady rise in demand is creating major growth in the investment prospects of the market as well. As a result, the key players in this market are expecting to venture into the higher demand segments of the industry. This is also expected to create healthy development prospects for the potential players.
Major Drivers for Sugar Substitute Market
According to the researchers, the sugar substitutes market is expected to be driven by the strongly growing demand pattern on the global scale. Strong rise in demand for healthy and low calorie foods is contributing to the growing use of sweet food additives and substitutes. This rising demand is also driven by the growing number of people suffering from diabetes and obesity. Both these conditions have been treated as the global epidemic that requires dietary changes and reduction of replacement of sugar/calorie consumption for the patients. As results, the patients from around the world prefer sugar substitutes in their daily diet. Major restraints for the market include several side effects of the synthetic products and strong food and safety regulations from the governments around the world.
Market Segmentation and Revenue Forecasts
Researchers segment the global sugar substitute market on the basis of the types of products, their applications and demand on the basis of the geographic regions. The types of products mainly include low intensity and high intensity sweeteners and high fructose syrup. Major application regions of the market include food, beverage, personal care and healthcare segments. On the basis of geographic regions, researchers segment the market into Europe, North America, Asia Pacific and rest of the world. Analysis of all these segments provides the details of the growth drivers and future investment opportunities for the market players.
According to the latest research reports, the market is poised to witness strong growth prospects from the emerging markets of Asia Pacific, Latin America, Middle East and Africa. Strong and unexplored segment of natural sweeteners and strong research and development activities in the market are expected to create healthy growth opportunities for this market in the years to come. According to the reports, the market is expected to grow at a steady CAGR of over 4.5% from 2014 to reach $14,355.0 million by the end of the year 2019. North America is expected to dominate the global market.