Global Alternative Sweetener Market - 2023-2030

Global Alternative Sweetener Market - 2023-2030

The Global Alternative Sweetener Market reached US$ 3.8 billion in 2022 and is expected to reach US$ 5.2 billion by 2030 and grow with a CAGR of 4.2% during the forecast period 2023-2030. The rising demand for low-calorie sweeteners drives the global alternative sweeteners market expansion.

Sweetness, low price, taste, nutrition, bulkiness, preservation qualities, heat resistance, and blending abilities are benefits offered by alternative sweeteners. Due to the subsequent drive, the public has now been influenced to live a low-calorie, well-balanced lifestyle. Consumers are increasingly looking at the promises on product labels, and the lack of sugars still affects their purchasing decisions.

Consumers are being encouraged to make more healthy choices by rising obesity rates, worry over the possibility of developing diabetes and cardiovascular disease, and other factors. Customers prefer low-calorie sweeteners for diabetes and obesity because they have few or no calories and help people manage their weight and blood sugar levels.

Market Dynamics

The Change in Consumer Preferences is Estimated to Drive the Alternative Sweeteners Market Growth.

A fast-paced lifestyle and an increased preference for convenience food are expected to be some of the major drivers for the food processing industry. Many manufacturers are switching to alternative sweeteners for production. Furthermore, increased consumption of soft drinks, especially carbonated soft drinks, is expected to drive the demand for artificial sweeteners in the U.S.

The changing consumer preference drives the demand for healthier, safer food products with high nutritional value. Thus, increasing demand for such food products is expected to drive demand for sugar substitutes such as high-intensity sweeteners, and rare sugars. Further, according to a report by New Nutrition Business, in 2020, two-thirds of the population in Europe stated that they were trying to lower their sugar intake.

The Rising Diabetes and Obesity Concerns Drive the Global Alternative Sweeteners Market Growth.

The rise in health concerns and an increase in the incidence of diabetes & obesity are the key factors driving alternative sweeteners market expansion. Furthermore, the market growth is driven by increased demand for low-calorie sweeteners and a surge in the obese population, particularly in developing nations. Accordingly, the World Obesity Federation’s 2023 atlas predicts that 51% of the world, or more than 4 billion people, will be obese or overweight within 12 years.

People are now fully aware of alternative sweeteners’ benefits, and this increased the usage of alternative sweeteners in all aspects. For instance, consumers utilize stevia extract, a sweetener derived from the leaves of the stevia bush, in addition to monk fruit extract. Alternative sweeteners have replaced sugar as a food additive to prevent health-related problems.

Health Concerns Related to Alternative Sweeteners Restrains the Market Growth.

The side effects on health associated with the high consumption of food items with alternative sweeteners will pose a significant challenge to the market’s growth. The side effects of artificial sweeteners may include digestive issues, a higher risk of cancer, increased blood pressure, affecting people’s immune systems, and others. According to the Harvard School of Public Health, evidence suggests that frequent use of artificial sweeteners can limit tolerance for more complex tastes.

Artificial sweeteners are 200 to 600 times sweeter than sugar. Increased consumption of such sugars leads to a higher tolerance for sweetness which, in turn, means that your body begins to crave more of these hyper-sweet foods. Fluctuations in the prices of raw materials and supply chain disruptions due to the pandemic will further restrict the market's growth scope. Stringent and strict government norms concerning sweeteners containing specific chemicals and ingredients also hamper market growth.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global alternative sweeteners market is segmented based on source, product type, application, and region.

In the Global Alternative Sweeteners Market, the Synthetic Segment Holds the Largest Market Share.

The global alternative sweeteners market has been segmented by source into natural and synthetic. The synthetic segment held the largest alternative sweeteners market share of 53.4% in 2022 in the alternative sweeteners market analysis report. The approval of some of the synthetic sweeteners by the FDA to use in food and beverage industries is increasing the segment’s growth.

The functional benefits include easy transportation, packaging, stability, and wide applications offered by synthetic sweeteners. Further, synthetic sweeteners are widely used in the food & beverage industry as a coating and bulking agent in confectionery, bakery, and other food and beverage applications, driving market growth.

Geographical Analysis

The North America Region Held the Largest Share of the Alternative Sweeteners Market.

The global alternative sweeteners market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American alternative sweeteners market held the largest market share of 38.6% in 2022 in the alternative sweeteners market analysis. The increased application of alternative sweeteners in this region drives market growth.

The different product launches, increased income, and growing health consciousness is raising the demand for alternative sweeteners in this region. Additionally, a larger population and consumer base in countries in the area and increasing disposable income are key factors resulting in rising demand for healthy substitutes, increasing the share of this region.

Competitive Landscape

The major global players in the market include Hill Pharmaceutical Co. Ltd., Archer Daniels Midland Company, DuPont Nutrition & Health, JJD Enterprise, Cargill Incorporated, Tate & Lyle Plc, Niutang Changhai Food Additives Co, Ltd., Macandrews & Forbes Incorporate, Roquette Freres S.A, and Sunwin Stevia International.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the food industry. Covid-19 has considerably impacted the global food supply chain phases involving alternative sweeteners production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industries as well. The COVID-19 pandemic is upending life, and the food sector is seeing increased trends like alternative sweeteners. The food businesses are launching innovative programs, including alternative sweeteners.

Why Purchase the Report?
• To visualize the global alternative sweeteners market segmentation based on source, product type, application, and region and understand vital commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of alternative sweeteners market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of critical products of all the major market players.

The Global Alternative Sweeteners Market report would provide approximately 61 tables, 56 figures, and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies