Sugar Substitutes Market Trends, Analysis, Forecast by 2031

Coverage: Sugar Substitutes Market covers analysis By Type (High Intensity Sweeteners, Low Intensity Sweeteners, and High Fructose Corn Syrup) Category (Organic and Conventional) End User Industry (Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals and Others)

Publication Month : Apr 2024

  • Report Code : TIPRE00003978
  • Category : Food and Beverages
  • Status : Upcoming
  • No. of Pages : 150
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Analyst Perspective 

The global sugar substitutes market is expected to register a CAGR of ~5%. Recently, consumers expect products with reduced sugar but have the same taste & textures and fewer calories. The increase in demand for healthy products, Technological advancements, and demand for artificial sugar have been growth-driven factors for the sugar substitute market. The high price of sugar substitutes and issues regarding food contamination are restraining factors for the growth of the sugar substitute market. The market of sugar substitutes is anticipated to grow in the forecasted period owing to factors such as changes in consumer preference, Healthy lifestyles of individuals, and easy availability of sugar substitutes.

Market Overview 

Sugar substitutes are sweeteners used instead of sugar and have the same sweetening properties. Increasing health consciousness among individuals has increased the demand for sugar substitutes. Growing awareness regarding the adverse effects of sugar consumption is driving the growth of the sugar substitutes market. Ongoing research focuses on developing natural sweeteners from plant sources. The market is expected to grow continuously due to innovation in low-calorie, natural, and sustainable sweetening solutions.

Market Drivers

  • Increase in health awareness among individuals

Growing awareness regarding health issues generates the demand for sugar substitutes in the market. Rise in the prevalence of diabetes and insulin resistance, demand for sugar substitutes as a safer option to manage sugar intake. In recent times, low-calorie and less-sugar diets have become a trend, which has led to the growth of the sugar substitutes market.

  • Rise in demand for sugar substitutes in the food processing industry.

The primary reason behind the growth in the sugar substitute market is a change in consumers' attitudes towards consuming sugar alternatives. Many sugar substitutes have a higher property of sweeteners than sugar, so less product is required to have the same sweetness. The demand for convenience food products that have low calories has increased in the market. 

Market segmentation

The global sugar substitutes market is segmented based on type, category, and end-user industry. The global sugar substitute market is segmented based on high-intensity sweeteners, low-intensity sweeteners, and high-fructose corn syrup. The sugar substitutes market is segmented based on category into organic and conventional. The sugar substitute market is segmented based on the end-user industry into food and beverage, cosmetics and personal care, pharmaceuticals, and others.

REGIONAL FRAMEWORK

The report provides a detailed industry overview, which includes qualitative and quantitative information. It gives an overview and forecast of the global sugar substitute market based on several segments. It also provides information on market size and forecast estimates from 2020 to 2031 concerning five major regions: North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The sugar substitutes market by region is also sub-segmented by respective countries and segments. The sugar substitutes market report covers an analysis and forecast of eighteen countries globally and the prevailing trends and opportunities in the region.

The report analyses factors affecting the sugar substitutes market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting the sugar substitutes market in these regions.

World Geography

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MARKET PLAYERS

The reports cover vital organic and inorganic growth strategy developments in the sugar substitute market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies activities observed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for the development of the business and customer base of market players. The market players in the Sugar substitutes market are anticipated to have lucrative growth opportunities with the rising consumer inclination towards natural products in the global market.

The report includes key companies' profiles, SWOT analysis, and sugar substitutes market strategies. The report also focuses on leading market players with information including company profiles, components, and services offered, financial information for the last three years, and critical development in the past five years.

Below is a list of companies engaged in the sugar substitutes market.

  • ADM Company
  • Cargill Incorporated
  • Dupont de Numerous
  • Ajinomoto Co
  • Ingredion Incorporated
  • Celanese Corporation
  • Tata & Lyle
  • JK Sucralose
  • Roquette Frères S.A
  • Kerry Group
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Ajinomoto Co. Inc.
2. Archer Daniels Midland Company
3. Cargill Incorporated
4. E. I. DuPont De Nemours
5. HYET Sweet S.A.S.
6. Ingredion Incorporated
7. JK Sucralose Inc
8. PureCircle
9. Roquette Frères
10. Tate and Lyle PLC,

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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