Portland, OR -- (SBWire) -- 08/02/2017 --According to a new report published by Allied Market Research, titled, "High-intensity Sweeteners Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017–2023," the global high-intensity sweeteners market was valued at $1,807 million in 2016, and is projected to reach $2,134 million by 2023, growing at a CAGR of 2.3% from 2017 to 2023. The beverages segment accounted for one-third share of the global market in 2016.
High-intensity sweeteners are widely used as an alternative to sugar to enhance and sweeten various food & beverages. Moreover, these compounds are several times sweeter than regular sugar; and hence, are required in lower concentration for sweetening the products. These are used as replacements to sucrose (sugar) due to their overall sweeter taste and low-calorie content.
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The global high-intensity sweeteners market has witnessed significant growth, owing to ongoing developments and new applications in the food industry including dairy products & baked goods. In addition, concerns about health and nutrition among the population are the key drivers of the market. Moreover, stevia extract, a sweetener derived from the leaves of stevia shrub, is widely used by consumers apart from the monk fruit extract. Furthermore, surge in the number of health-conscious consumers especially in the developing economies and increasing incidence of diabetes and obesity have led to change in dietary habits of consumers. Thus, high-intensity sweeteners have replaced sugar as a food additive to prevent these conditions. However, decline in soft drink consumption in North America and Europe regions is expected to hamper the market growth.
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The beverage segment accounted for one-third of the global market share, in terms of volume, in 2016. Furthermore, the demand for beverage industry is dependent on the consumption of high-intensity sweeteners through diet carbonated soft drinks and low-calorie food. Moreover, recent government initiatives in countries like UK, which has imposed sugar tax on sugar-based soft drinks are some of the key driving factors of the market. Furthermore, the use of cyclamate sweetener has increased in diet beverages and food, especially in the developing regions, such as Asia-Pacific and Africa, owing to increasing health awareness among the population.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "High-intensity sweeteners are in high demand due to growing concerns about health, diet, and lifestyles and reduce calorie intake in their diet. Thus, food manufacturers have focused on producing low-calorie food products with similar taste."
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KEY FINDINGS OF THE STUDY
- In terms of value, the acesulfame potassium segment is anticipated to exhibit the growth rate of 2.2% during the forecast period.
- Asia-Pacific is projected to dominate the global market by 2023, registering a CAGR of 3.0%, in terms of value.
- The dietary products segment occupied nearly one-ninth of the global market in 2016.
- India occupied around two-fifths of the Asia-Pacific high-intensity sweeteners market in 2016.
- In terms of value, Brazil is expected to grow at a CAGR of 2.1% from 2017 to 2023.
In 2016, Asia-Pacific accounted for more than half of the global market and is expected to continue this trend in the near future, owing to rapid growth of the food and beverage industry and growing health concerns among the population of China, India, Japan, and other developing countries.
The major companies profiled in the report include Hyet Sweet, Tate and Lyle, Plc., Celanese Corporation, Cumberland Packing Corporation, Merisant, Ajinomoto Co., Inc., Hermes Sweeteners Ltd., JK Sucralose, Inc., Heartland Food Products Group, and Stevia First Corporation.
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