In next couple of years, the global alternative sweetener market will likely see a modest and steady growth. Some of the key incumbent players in the market are Archer-Daniels-Midland Company, Ajinomoto Co. Inc., NutraSweet Company, Roquette Frères S.A., Tate & Lyle Plc., Ingredion Incorporated, and Cargill Incorporated.
The competition in the global market for alternative sweetener will likely intensify in the near future on account of the incumbent and new players focusing on new product launches to entice more consumers. The players are keen on product development due to the increased demand the market has been witnessing.
The different types of products purveyed in the alternative sweetener market worldwide, include high fructose syrup (HFS), high intensity sweetener (HIS), and low intensity sweetener (LIS). Of them, the segment of high-intensity sweeteners leads the market and will likely progress at a steady 3.4% CAGR in the upcoming years.
A report by Transparency Market Research finds that the global alternative sweetener market will rise at steady 4.2% CAGR during the period from 2015 to 2021 to become worth US$15.4 bn by the end of 2021 from US$11.5 bn in 2014.
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Geographically, the key segments of the global market for alternative sweeteners are North America, Asia Pacific, Europe, and the Rest of the World. Of them, North America is a leading market which is predicted to retain its leading position in the upcoming years as well. The region is predicted to clock a CAGR of 3.6% from 2015 to 2021.
Preference for Low-calorie Foods Drives Market
Serving to majorly boost the global alternative sweetener market is the rising crop of health conscious consumers that prefer healthy low-calorie foods. This has primarily resulted from fast-paced urbanization in almost all parts of the world. Manufacturers in these markets are expending time and money on coming up with various types of sugar substitutes, to cater to the health conscious consumers. Increasing price of sugar is also slated to drive demand in the market.
Not just food processing companies are focusing on low-calorie and sugar-free alternatives for their product lines, but even at home people are increasingly supplanting sugar with low-calorie, intense sweeteners.
Surging Sales of Tea and Coffee Serving to Stoke Demand
Alternative sweeteners demand is being constantly powered by the growing sales of ready-to-drink tea and coffee, juices, diet-carbonated soft drinks, and food products such as confectionaries, chewing gum, tabletop sweeteners, bakery products, chocolate, and dairy products. In addition, alternative sweeteners find application in everyday personal care products such as mouthwash, toothpaste, and glycerin. They are also used in pharmaceutical products.
So far, the fast-expanding populous economies of China and India have served to contribute the most, in terms of demand, to the global alternative sweetener market.
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Further, research has shown that low-calorie sweeteners do not cause cancer or pose any other harm to human. On the other hand, natural alternative sweeteners help those trying to cut down their calorie intake to improve overall health. Rise of chronic health conditions has proved to be a boon for the market.