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Global Saccharin Market Growth Opportunities, And Future Prospects (2024-2033)
Global Saccharin Market Growth Opportunities
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According to The Business Research Company's, The saccharin market size has grown steadily in recent years. It will grow from $1.39 billion in 2023 to $1.43 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to rise in diabetic population, demand for low-calorie and sugar-free products, government regulations on sugar consumption, growth in food and beverage industry, cost-effectiveness of saccharin production.
The saccharin market size is expected to see steady growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to growing health consciousness, expansion of the functional food market, rise in obesity and metabolic disorders, increased adoption of low-glycemic diets, global population growth. Major trends in the forecast period include technological innovations in sweetener blends, advancements in food technology, clean label and natural sweeteners, plant-based and vegan products, r&d focus on taste enhancement.
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Market Drivers and Trends:
The increased consumption of calorie-free and sugar-free foods is expected to propel the growth of the saccharin market in the coming future. Calorie-free denotes that the food has fewer or no calories and will consequently have no effect on the body. Sugar-free indicates that one portion of food has less than half a milligram of artificial or naturally produced sugar. The increased consumption of calorie-free and sugar-free foods will boost the expansion of the saccharin market as it is employed as a substitute for sugar and has low or no calories. For instance, in 2022, according to the International Food Information Council, a US-based nonprofit educational entity to successfully communicate science-based knowledge regarding healthy food systems, with an emphasis on food health and safety, almost three-quarters of all Americans (73%) are attempting to minimize (59%) or prevent (14%) sugar intake. Similarly, 31 percent of Gen Z and 30 percent of millennials were far more inclined than 23 percent of Gen X and 19 percent of boomers to opt for low or no-calorie sugars in the US. Therefore, the increased consumption of calorie-free and sugar-free foods is driving the saccharin market.
In March 2021, Sugar Corporation, a US-based privately owned agricultural business and the largest producer of sugarcane acquired the business and assets of Imperial Sugar Company for an undisclosed amount. With this acquisition, Imperial Sugar's refinery would produce more while spending less money, leading to considerable efficiencies that would ultimately benefit Sugar Corporation's consumers. Imperial Sugar Company is a US-based producer of powdered sugar.
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Major Key Players of the Market:
Vishnu Chemicals Ltd., JMC Corporation, Sigma-Aldrich Corp, Shanghai Fortune Techgroup CoLtd., Kyung-In Synthetic Corporation, Cumberland Packing Corp, Productos Aditivos SA, Mubychem Group, PMC Specialties Group, Batang Alum Industrie Co, V Chem Trading Ltd., Henan Kaifeng Pingmei Shenma Xinghua Fine Chemical Co Ltd., Salvi Chemicals Industries Ltd., Tianjin Changjie Chemical Co Ltd., Shaanxi Greenbo Biochem Co.Ltd, Silverline Chemicals Ltd., Fortway Chemicals Co. Ltd., DK Pharmachem Pvt Ltd., A.S.Chemopharma Pvt Ltd, Shree Vardayini Chemical Industries Pvt Ltd., Aviditya Chemicals And Pharmaceuticals, TwoLions Zhangjiagang Fine Chemicals Co Ltd., Jiangxi Dongxu Chemical Science And Technology Co Ltd., Foodsweet Co. Ltd., NS Chemicals Private Limited, NS Chemicals Private Limited, Blue Jet Healthcare Pvt. Ltd., Merisant Worldwide Inc, Tianjin North Food Co. Ltd., Suzhou Fine Chemicals Co Ltd, Glentham Life Sciences Limited
Saccharin Market 2024 Key Insights:
• The saccharin market size is expected to see steady growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%.
• The Surge In Saccharin Market Driven By Growing Demand For Calorie-Free And Sugar-Free Foods
• Sugar Corporation Acquired Imperial Sugar Company
• Asia-Pacific was the largest region in the saccharin market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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"Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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