Monk Fruit Sweeteners Market to Reach $147.2 Million by 2031

Meticulous Research®, a leading global market research company, recently released its report titled "Monk Fruit Sweeteners Market-Global Opportunity Analysis and Industry Forecast (2024-2031)." According to this report, the global monk fruit sweeteners market is projected to reach $147.2 million by 2031, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

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The growth of the monk fruit sweeteners market is being driven by several key factors. These include the increasing health consciousness among consumers, the rising demand for natural and organic food and beverage products, and a growing variety of innovative product offerings. However, strict regulatory frameworks for product approval and the relatively higher cost of monk fruit sweeteners compared to artificial alternatives are likely to hinder market expansion.

Despite these challenges, the market presents promising opportunities, especially with the rising consumer interest in natural sweeteners and the increasing adoption of monk fruit sweeteners in regions such as Europe and Latin America. The growing demand for clean-label products, which are free from artificial ingredients, is also emerging as a significant trend in the market.

Key Market Players

The monk fruit sweeteners market features a moderately competitive landscape, with both large and small global, regional, and local companies competing. Some of the prominent players include:

Monk Fruit Corp. (U.S.)

Guilin Layn Natural Ingredients Corp. (China)

Archer-Daniels-Midland Company (U.S.)

GLG Life Tech Corporation (Canada)

Apura Ingredients, Inc. (U.S.)

DSM-Firmenich AG (Switzerland)

Hunan Huacheng Biotech, Inc. (China)

Tate & Lyle PLC (U.K.)

Foodchem International Corporation (China)

Whole Earth Sweetener Co., LLC (U.S.)

Lakanto (U.S.)

Steviva Brands, Inc. (U.S.)



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Market Segmentation

The market is segmented based on product type, form, category, packaging type, application, and distribution channel. Additionally, the report provides insights into competitive dynamics and regional market analysis.

Product Type

The monk fruit extracts segment is expected to dominate the market in 2024. This dominance is supported by a growing preference for clean-label products, an increased demand for natural ingredients in food and beverages, and heightened health awareness among consumers. Monk fruit extract is especially favored for its natural sweetness and zero-calorie profile.

Form

In terms of form, the solid segment is anticipated to account for 68.7% of the market in 2024. Solid-form sweeteners are preferred due to their ease of use, longer shelf life, and versatility across various applications, such as bakery items, confectioneries, and beverages.

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Category

The conventional monk fruit sweeteners segment is expected to lead the market in 2024. Consumers are increasingly seeking sugar-free and natural alternatives due to the rising prevalence of diabetes and obesity. The demand for low-calorie sweeteners that provide health benefits is driving this segment's growth.

Packaging Type

The bags & sacs segment is projected to hold a large share of the market in 2024, attributed to its cost-effectiveness, ease of use, lightweight nature, and lower price compared to bottles and jars.

Application

The beverages segment is expected to lead the market, capturing 45.3% of the market share in 2024. The rising demand for natural health drinks and sports beverages, along with the growing consumer interest in sugar-free products, is boosting the adoption of monk fruit sweeteners in beverages.

Distribution Channel

The business-to-business (B2B) distribution channel is predicted to dominate the market in 2024. Manufacturers of food, beverages, and nutritional supplements are increasingly opting for monk fruit sweeteners as a natural, low-calorie sugar alternative. This shift is driven by consumer preferences for health-conscious products with simple, natural ingredients.

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This release was published on openPR.