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Sweetening the Future: 2024 Market Trends for High-Intensity Sweeteners
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According to The Business Research Company's, The high-intensity sweeteners market size has grown strongly in recent years. It will grow from $2.23 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased consumer awareness about the health risks, improved production techniques enhancing the quality, shift in consumer preferences, increased research and development, growth of low-calorie and sugar-free product lines.
The high-intensity sweeteners market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to the growing trend of low-calorie and sugar-free diets among health-conscious consumers, favorable regulations and approvals from health authorities, the need for sugar alternatives among individuals with these conditions, demand for natural sweeteners, reduction in caloric intake. Major trends in the forecast period include advancements in production techniques, emergence of novel ingredients, technological integration for taste enhancement, customization and personalization, enhanced stability and shelf life.
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Market Drivers and Trends:
The rising number of cases of diabetes and obesity is expected to propel the growth of the high-intensity sweeteners market going forward. Diabetes is a metabolic disorder characterized by high blood sugar levels, while obesity refers to excessive body fat accumulation, both posing significant health risks. Diabetes and obesity are interconnected health conditions characterized by metabolic dysfunction and excessive weight gain. Diabetes and obesity often utilize high-intensity sweeteners as substitutes for sugar to manage blood sugar levels and reduce calorie intake. For instance, in July 2021, according to a report published by the International Diabetes Federation (IDF), a Belgium-based national diabetes association, about 537 million people worldwide have diabetes. The number of cases has been increasing over the past few decades, and the IDF predicts 783 million people will have diabetes by 2045, an increase of 46%. Additionally, in March 2022, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, global obesity affects over 1 billion people, including 650 million adults, 340 million adolescents, and 39 million children, with projections indicating a rise to 167 million individuals suffering from overweight or obesity-related health issues by 2025. Therefore, the rising number of cases of diabetes and obesity is driving the growth of the high-intensity sweeteners market.
Major companies operating in the high-intensity sweeteners market are developing sweetening solutions to meet consumer demand for healthier alternatives. Sweetening solutions refer to alternative products or formulations designed to provide sweetness in food and beverages without using traditional sugar. For instance, in November 2022, Tate & Lyle PLC, a UK-based food and beverage company, launched a new addition to its sweetener portfolio, ERYTESSE Erythritol. It has 70% of the sweetness of sucrose and a similar temporal profile with zero calories. It can be used in various categories, including beverages, dairy, bakery, and confectionery. Erythritol fits well into our existing portfolio and can be used alone or combined with natural sweeteners, such as stevia and monk fruit, and high-potency sweeteners, such as sucralose.
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Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company (ADM), DuPont de Nemours Inc., Ajinomoto Co. Inc., Celanese Corporation, Ingredion Incorporated, Roquette Frères SA, Daesang Corporation, Tate & Lyle PLC, PureCircle Limited, Zhejiang Huakang Pharmaceutical Co. Ltd., NutraSweet Company, Evolva Holding SA, Monk Fruit Corp, Hunan Nutramax Inc., JK Sucralose Inc., Morita Kagaku Kogyo Co. Ltd., HuaSweet Inc, Anhui Elite Industrial Co. Ltd., HYET Sweet B.V., Holland Sweetener Company, Nantong Changhai Food Additive Co. Ltd.
High-Intensity Sweeteners Market 2024 Key Insights:
• The high-intensity sweeteners market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 7%.
• Growing Epidemic Of Diabetes And Obesity Enhanced Market Growth
• Product Innovation In High-intensity Sweeteners Market
• North America was the largest region in the high-intensity sweeteners market in 2023
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