Sugar Substitute Market: Current Analysis and Forecast (2021-2027)

Report Description

Sugar Substitutes Market was valued at US$ 15 billion in 2020 and is expected to grow at a CAGR of 5% over the forecast period (2021-2027). A rise in the number of obese people coupled with the surging obesity in children is one of the prominent factors resulting in the demand for a sugar Substitutes. As per World Obesity Federation, The number of children and adolescents (aged 5-19 years) who are obese is predicted to rise to 254 million by 2030. The World Health Organization’s (WHO) sugar guideline, issued in March 2015, recommends that adults and children restrict their sugar intake to less than 10% of total energy intake per day, which is the equivalent of around 12.5 teaspoons of sugar for adults and suggests a further reduction to below 5% of total energy intake per day.

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Moreover, Deteriorating health coupled with the rising cost of medical treatment is one of the major reasons of concern across the globe is leading to the growing concern, which is demanding numerous products and health drinks due to their medicinal benefits augmenting the growth of the sugar Substitutes market globally. Chronic diseases are caused because of various physiological, environmental, and behavioral factors such as unhealthy diet, added sugar foods are one of the leading causes of death across the world. For instance, according to WHO, 41 million people die every year because of non-communicable diseases accounting for 71% of all deaths all over the world. Owing to these factors, there is a surge in no. of people inclining towards the adoption of a healthy lifestyle which further boosts the growth of the sugar Substitutes market globally

Also, The Prevalence of Obesity and Overweight is rising dramatically across the globe and has nearly tripled since 1975. Obesity is among one of the leading causes of death worldwide as obese people are prone to many serious health conditions and illnesses. For instance, as per CDC, More than 900,000 adult COVID-19 hospitalizations occurred in the United States between the beginning of the pandemic and November 18, 2020. Models estimate that 271,800 (30.2%) of these hospitalizations were attributed to obesity.

Worldwide Prevalence of overweight in adults, by region

DuPont, ADM, Tate & Lyle,  Ingredion Incorporated,  Cargill Incorporated, Roquette Frères, Purecircle Ltd, Macandrews & Forbes Holdings Inc, K Sucralose Inc., and Ajinomoto Co. Inc., etc., are some of the prominent players operating in the Sugar Substitutes market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Type, Malt Extract segment holds the major share”

Based on the Source Type, the market is fragmented into High Fructose Syrup, High-Intensity Sweetener, and Low-Intensity Sweetener. The high-intensity sweetener has been had approved safe by FDA for the general population under certain conditions of use. Six high-intensity sweeteners as food additives that are approved by FDA are saccharin, aspartame, acesulfame potassium (Ace-K), sucralose, neotame, and advantages.

“Amongst Origin, Natural segment to dominate the market during the forecast period”

Based on origin type, the market is mainly fragmented into Natural, Artificial/ Synthetic. The Artificial/ Synthetic segment grabbed XX% market share and captured US$ XX Mn in 2020. Moreover, the market of this segment is expected to proliferate with a CAGR of XX% in the forthcoming coming period of 2021-27. However, the natural segment is expected to witness exhibit growth in coming years owing to the surging awareness about the benefits of natural sweeteners.

“Amongst Form, Crystalized Form segment grabbed Major Market share in 2020”

Based on Crystalized Form, the market is mainly fragmented into Crystalized, Liquid, and Power. In 2020, the crystalized form grabbed the major market share and dominated the market. The segment gathered an XX% revenue share in 2020.

Amongst Application, Beverage segment grabbed Major Market share in 2020”

Based on Application,  the market is mainly fragmented into beverage, food products, health, and personal care products, Others. In 2020, the beverage segment grabbed the major market share and dominated the market. The segment gathered an XX% revenue share in 2020.  Sugar Substitutess are being preferred in beverages, such as diet carbonated drinks, flavored water, and other beverages. One of the key sugar Substitutess “Stevia” is used in beverages. It is a preferred sugar Substitutes with reduced-calorie and zero glycemic indexes, which is used to produce numerous versions of energy drinks, soft drinks, ready-to-drink teas, flavored water, and fruit juices.

“North America  represents one of the largest markets of Sugar Substitutes market”

For a better understanding of the market dynamics of the Sugar Substitutes market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated revenue of US$ XX Million in 2020 owing to the change in lifestyle and prevalence of lifestyle diseases such as cardiovascular disease, obesity, and Diabetes. Moreover, the inclination toward living a healthy life and the rise in demand for low-calorie food products are the other critical factors driving the growth of the sugar Substitutess market in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Sugar Substitutes Market were the three major steps undertaken to create and analyze the demand for Sugar Substitutes across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Sugar Substitutes market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Sugar Substitutes through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Sugar Substitutes market, we conducted a detailed secondary analysis to gather historical market insights and share for different Type, Origin, Forms and Application for major regions. Major segments included in the report are Type, Origin, Application and Form. Further region and country-level analyses were conducted to evaluate the overall adoption of Sugar Substitutes across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Sugar Substitutes. Further, we conducted factor analysis using dependent and independent variables such as surging disposable income, growing demand for low sugar- beverages, consumer’s awareness,  change in lifestyle, etc. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Sugar Substitutes industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Sugar Substitutes market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Sugar Substitutes across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Sugar Substitutes market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Sugar Substitutes market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of  Type, Origin, Application and Form of the Sugar Substitutes market.

Main Objective of the Sugar Substitutes Market Study

The current & future market trends of Sugar Substitutes were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Sugar Substitutes in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, Origin, Application and form
• Define and analysis of the regulatory framework for the Sugar Substitutes industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Sugar Substitutes market for the major countries
• The major region studied in the report includes North America, Europe, Asia- Pacific and Rest of the World.
• Company profiles of the Sugar Substitutes market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry