Sugar Substitutes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Sugar Substitutes Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global sugar substitute market is growing at a CAGR of 5.6% during the forecast period (2019-2024).

Key Highlights

• The market is mainly growing, owing to the rising awareness of the adverse health effects of sugar that increases obesity and diabetes. However, the intake of the sugar substitutes such as stevia, aspartame, sorbitol, maltitol, neotame, acesulfame, and D-tagatose does not immediately increase blood sugar and also contains low or no calories and does not cause tooth decay or cavities. Therefore, this market is mostly driven by the diabetic patients and the health consciousness of consumers. Also, the support of government organizations and other regulatory bodies have been pressurizing the populace of the sugar substitutes to check the sugar consumptions due to the harmful effects of the sugar.
• The high-intensity sweeteners sector accounts for the largest share owing to its negligible side-effects. On a segmentation front by application, the beverage sector is dominant due to the increasing demand for low-calorie or sugar-free formulations of drinks. Geographically, North America and Europe are the leading countries in the sugar substitute market, and the Asia Pacific and the Middle East and Africa are anticipated to witness rapid growth.
• However, the decreased availability of the sugar substitutes and development of artificial sweeteners have shifted preferences of consumers towards artificial sweeteners and is thus restraining the market.

Key Market TrendsIncreased number of obese and diabetic population

Sugar consumption results in the increase in overweight as it immediately increases 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 profoundly shifting towards sugar substitutes that are better alternatives for sugar. The most used brands of sugar substitutes in the United States include Splenda, Sweet’N Low, Equal, Truvia, Stevia IN The Raw, Store Brand, Nutrasweet, and other brands.

North America and Europe having the largest market

North America and Europe leads the market owing to its increasing awareness of the harmful effects of sugar and benefits of its substitutes and high expendable incomes of the countries. Also, the favorable government initiatives have boosted the countries market. For instance, FDA has permitted the usage of high intensity sweeteners such as saccharin, aspartame, acesulfame potassium (Ace-K), neotame, advantame, steviol glycosides, and few more which has led to an upsurge in the demand for the sugar substitutes.

Competitive Landscape

The global market for sugar substitutes 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 2018, GLG Life Tech Corp. launched its Reb M sweetener product line, which is made up of stevia leaf, which has high quantities of Reb M steviol glycosides that have a sugar-like taste in collaboration with Archer Daniels Midland Co., a global sales and marketing partner.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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