Alternative Sweetener Market to Develop at 4.2% CAGR till 2021, Increased Health Awareness Drives Growth
The alternative sweeteners market is driven by the rise in demand for low-calorie, healthy, sugar-free foods and beverages worldwide. Additionally, the proliferation of diabetes and obesity and other related ailments such as cardiac disorders and hypertension is boosting the demand for alternative sweeteners worldwide. The global alternative sweeteners market is anticipated to develop at a CAGR of 4.2% from 2015 to 2021 and reach a value of US$15,466.7 million by 2021. Alternative sweeteners can be used in a diverse range of beverages and foods such as diet carbonated drinks, candy and confectionary, table top sweeteners, and dairy products. Alternative sweeteners are also used in personal care and pharmaceutical products such as mouth wash, chewable tablets, and others.
Increasing Health Consciousness Drives Global Alternative Sweeteners Market
Rising prices of sugar and increased health consciousness of consumers have driven the global alternative sweetener market in recent years. However, food safety regulations and excessive consumption of sugar substitutes, which come with their own set of health problems, are limiting factors for the alternative sweeteners market. However, recent research has discovered that low-calorie sweeteners do not increase cancer risk. The use of natural alternative sweeteners can help reduce carbohydrate intake, manage calories, and improve overall health. Artificial sweeteners are favored over table sugar by health-conscious consumers due to their low calorie content. These factors can drive the market for low-calorie products and thus alternative sweeteners.
The alternative sweeteners market’s segmentation is based on application, product type, and geography. Product segments of the alternative sweeteners market are high-intensity sweeteners, low-intensity sweeteners, and high fructose syrup. Among these, high-intensity sweeteners held the largest share in the global market for alternative sweeteners in 2014 and are anticipated to grow at a steady CAGR of 3.4% from 2015 to 2021.
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In the product type segments, high fructose syrup (HFS) occupied the second highest market share in 2014. The low-intensity sweetener segment is predicted to be the fastest growing product segment and is expected to develop at a CAGR of 7.1% from 2015 to 2021. The application segments of the alternative sweetener market include food, beverages, and others. In the application-based segmentation of the alternative sweeteners market, the beverage sector generated the highest revenue in 2014.
Mexico and the U.S. to Lead Market, India and China Major Consumers
Among the geographical segments for alternative sweeteners, the North America market is expected to lead the global market, growing at a CAGR of 3.6% over the next few years. In North America, the market for alternative sweeteners was dominated by Mexico and the U.S.
Asia Pacific is also anticipated to grow steadily in the alternative sweeteners market, followed by Europe. In the Asia Pacific region, India and China are the major markets for alternative sweeteners and are expected to record CAGR of 6.0% and 3.4%, respectively, from 2015 to 2021. In the Europe segment, Germany had the highest revenues in 2014 and is expected to grow at a high CAGR over the next few years. Key players that dominate the alternative sweeteners market are Ajinomoto Co., Inc., Ingredion Incorporated, Roquette Frères S.A., Archer-Daniels-Midland Company, NutraSweet Company, Cargill, and Tate & Lyle Plc.