High-intensity Sweeteners Market on Target to Reach $2,134 Million by 2023
High-intensity sweeteners are widely used as an alternative to sugar to enhance and sweeten various food & beverages. Moreover, these compounds are several times sweeter than regular sugar; and hence, are required in lower concentration for sweetening the products. These are used as replacements to sucrose (sugar) due to their overall sweeter taste and low-calorie content.
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The beverage segment accounted for one-third of the global market share, in terms of volume, in 2016. Furthermore, the demand for beverage industry is dependent on the consumption of high-intensity sweeteners through diet carbonated soft drinks and low-calorie food. Moreover, recent government initiatives in countries like UK, which has imposed sugar tax on sugar-based soft drinks are some of the key driving factors of the market. Furthermore, the use of cyclamate sweetener has increased in diet beverages and food, especially in the developing regions, such as Asia-Pacific and Africa, owing to increasing health awareness among the population.
The global high-intensity sweeteners market has witnessed significant growth, owing to ongoing developments and new applications in the food industry including dairy products & baked goods. In addition, concerns about health and nutrition among the population are the key drivers of the market. Moreover, stevia extract, a sweetener derived from the leaves of stevia shrub, is widely used by consumers apart from the monk fruit extract.
Furthermore, surge in the number of health-conscious consumers especially in the developing economies and increasing incidence of diabetes and obesity have led to change in dietary habits of consumers. Thus, high-intensity sweeteners have replaced sugar as a food additive to prevent these conditions. However, decline in soft drink consumption in North America and Europe regions is expected to hamper the market growth.
In 2016, Asia-Pacific accounted for more than half of the global market, and is expected to continue this trend in the near future, owing to rapid growth of the food & beverage industry and growing health concerns among the population of China, India, Japan, and other developing countries.
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Major Players: Hyet Sweet, Tate and Lyle, Plc., Celanese Corporation, Cumberland Packing Corporation, Merisant, Ajinomoto Co., Inc., Hermes Sweeteners Ltd., JK Sucralose, Inc., Heartland Food Products Group, and Stevia First Corporation.
Key Findings of the High-intensity Sweeteners Market:
o In terms of value, the acesulfame potassium segment is anticipated to exhibit the growth rate of 2.2% during the forecast period.
o Asia-Pacific is projected to dominate the global market by 2023, registering a CAGR of 3.0%, in terms of value.
o The dietary products segment occupied nearly one-ninth of the global market in 2016.
o India occupied around two-fifths of the Asia-Pacific high-intensity sweeteners market in 2016.
o In terms of value, Brazil is expected to grow at a CAGR of 2.1% from 2017 to 2023.
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