Monk Fruit Sweetener Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Monk Fruit Sweetener Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global monk fruit sweeteners market is growing at a CAGR of XX% during the forecast period (2020-2025).

• The market is mainly driven by the health consciousness of consumers due to the rising demand for naturally derived sweeteners substitutes, diabetic patients and the awareness regarding negative health effects of sugar that results in an increase in obesity and diabetes. Also, added functional properties of monk fruit sweeteners such as anti-microbial, anti-inflammatory, and anti-carcinogenic properties are expected to augment the medicinal value, thus fueling the market growth. Also, innovations with new product formulations have further fueled market growth.
• However, the elevated prices of monk fruit sweeteners, in contrast to an artificial source of sweeteners and the presence of a large number of artificial sweeteners have shifted preferences of consumers towards artificial sweeteners and is thus restraining the market.

Sugar consumption results in increased overweight as it immediately upsurges the blood sugar. OECD in the year 2015, has surveyed for the prevalence of overweight including obesity among the adults and has found it to be significantly high in Europe and North American region as compared to Asian countries. Therefore, these regions have been majorly shifting towards sugar substitutes such as monk fruit sweeteners that are better natural alternatives for sugar.

North American region has been witnessed to be the largest as well as the fastest-growing region in the global market of monk fruit sweeteners owing to the increased demand for naturally derived sweeteners and its use as a flavoring agent in several types of food products including baked goods, confectioneries, dairy products and various beverages in the region. Also, incorporation of monk fruit sweetener in sports and nutrition-based supplements is anticipated to influence the development of the market in this region. Furthermore, with the increasing internet penetration, online market for the purchase of such food products has seen a rapid growth globally in last 3-4 years, therefore attracting a few vertical specialists like Amazon, Walmart, Carrefour etc. who are riding on increasing e-retailing growth and vying for a significant pie in online natural sweeteners space.

The global market for monk fruit sweeteners is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. For instance, in June 2015, Guilin GFS Bio-Tech Co and Biovittoria doubled up their capacity for monk fruit supply, which, in turn, has significantly boosted the production capacity of Monk Fruit Corp. Also, in June 2016, Archer Daniels Midland Company partnered with GLG Life Tech Corporation, and announced a new partnership to manufacture, market, and sell low-calorie monk fruit sweeteners to customers across the globe.

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