According to a new report published by Allied Market Research, titled, "Alternative Sweeteners Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025", the global alternative sweeteners market was valued at $4,128.9 million in 2017, and is projected to reach $5,426.3 million by 2025, growing at a CAGR of 3.4% from 2018 to 2025.
Alternative sweeteners are widely used as an alternative to sugar to enhance and sweeten various food & beverages. Moreover, these are several times sweeter than regular sugar; and hence, are required in lower concentration for sweetening the products. These are used as replacements to sucrose (sugar) due to their overall sweeter taste and low calorie content.
The global alternative sweeteners market has witnessed significant growth, owing to ongoing developments and new applications in the food industry including dairy products and baked goods. In addition, concerns about health and nutrition among the population drive the growth of the alternative sweeteners market. Moreover, stevia extract, a sweetener derived from the leaves of stevia shrub, is widely used by consumers apart from the monk fruit extract. Furthermore, surge in the number of health-conscious consumers especially in the developing economies and increase in incidence of diabetes and obesity lead to changes in dietary habits of the consumers. Thus, alternative sweeteners have replaced sugar as a food additive to prevent these conditions. However, decline in soft drink consumption in North America and Europe is expected to hamper the growth of the global alternative sweeteners market.
The beverage segment accounted for more than one-third of the global alternative sweeteners market share in 2017. Furthermore, the demand for beverage industry is dependent on the consumption of alternative sweeteners through diet carbonated soft drinks and low calorie food. Moreover, recent government initiatives in countries such as the UK, which has imposed sugar tax on sugar-based soft drinks drive the market growth. Furthermore, the use of cyclamate sweetener has increased in diet beverages and food, especially in the developing regions, such as Asia-Pacific and Africa, owing to increase in health awareness among the population.
Key Findings of the Alternative Sweeteners Market :
The high intensity sweetener segment was the highest contributor to the alternative sweeteners market in 2017 and is projected to grow at a CAGR of 2.3%.
There is a continuous increase in the demand for low intensity sweetener in the developed regions such as North America and Europe and is projected to grow at a CAGR of 5.0% during the forecast period.
Asia-Pacific is projected to exhibit rapid growth in the alternative sweeteners industry, owing to its economic development with a large population base, and is projected to grow at the CAGR of 4.2% from 2018 to 2025.
India accounted for the highest share with 40% in the Asia-Pacific alternative sweeteners market in 2017.
The food segment accounted for 48% of global alternative sweeteners market share in 2017 and is expected to grow at a CAGR of 3.6%.
In terms of value, Asia-Pacific and LAMEA collectively contributed three-fifths share in the global alternative sweeteners market in 2017. The key players operating in the alternative sweeteners market are 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.