Press release
The Global Alternative Sweeteners Market to Advance at CAGR of 3.48% by 2028
Global Alternative sweeteners Market
Triton's report denotes that the global market for alternative sweeteners is estimated to display progress at a CAGR of 3.48% during the phase of 2021-2028.
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Alternative sweeteners are used in diets as low-calorie food additives. They primarily help in maintaining the insulin levels in the body, and are widely popular among health-conscious consumers.
Factors such as growing awareness regarding the benefits of sugar alternatives and rising focus on advertising by major companies are significant factors creating several growth opportunities for the studied market. For instance, alternative sweeteners are used to sweeten various foods and beverages, adding minimal calories. Several health-conscious consumers are shifting from traditional table sugar to alternative sweeteners, which opens new avenues for manufacturers of sweeteners. However, health issues due to overconsumption, regulations on the sweeteners industry, and increasing challenges for manufacturers, are limiting the alternative sweeteners market.
The Asia-Pacific holds the largest market for alternative sweeteners, and is evaluated to continue its stronghold till 2028. The region's growth can be attributed to the rising incidence of obesity, diabetes, hypertension, and dental damage. The rise in such health conditions has compelled people, especially in India and China, to decrease their sugar intake. In such a scenario, alternative sweeteners help reduce sugar levels in food and beverage products, increasing their demand among consumers. Therefore, the above-stated factors are primarily motivating the progression of the alternative sweeteners market throughout the Asia-Pacific region.
The key companies engaged in the alternative sweeteners market are Purecircle Ltd, Naturex SA, Batory Foods, Archer Daniels Midland, GLG Life Tech Corporation, Cargill Inc, Roquette Freres, Celanese Corporation, Dupont Nutrition & Health, Heartland Food Products Group, Ingredion Inc, Ajinomoto Co Inc, Associated British Foods, Hyet Sweet BV, and Tate & Lyle Plc.
The new market players with innovative extraction technology can pose a major threat for the existing players. However, the production of some sweeteners is restricted, offering fewer opportunities for new entrants. Nevertheless, a high profitability scope has encouraged new players to enter the market, especially in developing nations. At the same time, the existing players have a robust distribution network, offering quality products globally. Here, the introduction of regulations, along with the need for ingredient information on packaging, has increased transparency in the market. Hence, the threat of new players is likely to be moderate, while the competition level is expected to be relatively high over the predicted period.
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