Market Research Report
Alternative Sweetener Market - Segmented by Product Type (Neotame, Stevia Sweetener, Agave Nectar), Application (Food, Beverage, Pharmaceutical), and Geography - Growth, Trends and Forecasts (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||754856|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Alternative Sweetener Market - Segmented by Product Type (Neotame, Stevia Sweetener, Agave Nectar), Application (Food, Beverage, Pharmaceutical), and Geography - Growth, Trends and Forecasts (2018 - 2023)|
|Published: September 1, 2018||Content info: 120 Pages||
The global alternative sweetener market is projected to grow at an estimated CAGR of 4.3%, during the forecast period, 2018-2023.The growth of alternative sweetener products market can be attributed to the increasing application of these sweetener in foods, which are providing health-based benefits to the customers. Owing to the busy and changing lifestyle of consumers, the preferences are changing towards healthy foods and ingredients.The trend for low and no-sugar items has extended well beyond 'diet' and 'light' soft drinks, to yoghurts and desserts, sweets, diabetic-friendly baked goods, and even reduced sugar soups, sauces and ketchup.
Many parents around the world are concerned about the amount of sugar intake by their children, but are looking for those sweet alternatives that are free from artificial ingredients. Therefore, they are preferring alternative such as stevia extracted sugar, honey, etc. The alternative sweetener market is driven by the increasing diabetic cases around the world and the increasing obesity cases, particularly in the US. The increasing demand for low calorie diet without foregoing the sweetness in their food, is also one of the drivers in the alternative sweetener market.Since consumers are increasingly becoming health conscious about the intake of the food and particularly carbonated sweet drinks and other sugar-based products, neotame, stevia, aspartame and others can thus provide the consumer with the correct amount nutrient and sweetness, without compromising on the taste and nutrition value.
Approximately 23 million US citizens were suffering from diabetes in 2015, thereby increasing the demand for the alternative sweetener. Players like Cargill, Zydus Wellness Ltd. and others are expected to emphasize on the development of new and healthy sweetening alternatives. In order to engage the customer in adoption of low-calorie diet, the companies are investing heavily in the marketing activates and advertising campaigns, so as to increase its customer base.
The alternative sweetener market can be broadly segmented into three major segments, such as type, application, and geography. Regarding product type, the frozen product market can be classified into neotame, stevia sweetener, agave nectar and others. One of the popular alternative sweeteners, neotame is cost effective than the table sugar, sodium saccharin and other high intensity sweeteners. Neotame doesn't contain any calories and provide safety metabolism and non-absorbent, which is edible for the diabetes, obese and phenylketonuria patients.
Furthermore, full-calorie agave nectar is gaining prominence due to its natural positioning as an alternative to high fructose corn syrup. Since the agave nectar remains pure and organic, it fits the lifestyles of many vegans and natural food eating consumers. The additive-free product helps to reduce the risk of some diseases by not including possible free radicals, which damage enzymes within the body.
High-profile introductions of stevia-based products, such as tabletop sweeteners (e.g., Cargill's TRUVIA) in juice beverages, fruit drinks, flavored waters and soft drinks are meeting with the consumers' preference.
Owing to the busy lifestyle and increasing preferences towards the consumption of the healthy based food meals throughout the day, the demand for alternative sweeteners is going to increase in the forecast period. Consumers in the developing countries are looking for a healthier food and beverages and are willing to pay more for these products.
North America is anticipated to lead the global alternatives sweetener market on account for the increasing cases of diabetes and obesity throughout the forecast period. Millennial generation particularly from the Asia-Pacific region is expected to have an increasing preference towards the alternative sweetener based products.
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