Prevalence of various disorders such as obesity and diabetes has led to surge in demand for food products with low sugar content. In addition, growing need for weight management is projected to impact the global market growth of artificial sweeteners positively. Future Market Insights states that the global market of artificial sweeteners is projected to reflect a CAGR of 4.7% over the forecast period, 2017-2026.
Factors Fuelling Growth of the Global Market
Growth of the global artificial sweeteners market are mainly bound by various macro-economic and micro-economic factors. As prevalence of disorders such as obesity and diabetes continue to remain on the rise, food and beverage manufacturers are increasingly focusing on offering food products with low sugar content. In addition, changing consumption and spending patterns of the customers is projected to reflect positively towards demand for the artificial sweeteners globally. As customers are becoming more aware about the health benefitting food products, the leading food and beverage companies are concentrating on producing fat-free and diabetic friendly food products to expand their customer base.
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Sales of artificial sweeteners is projected to remain concentrated in the beverage industry. In order to cater to the increasing demand for fat-free and sugar-free products, the major food and beverage companies are focusing on offering beverage products that have low sugar content such as diet coke. As customers are increasingly following diet plans for weight management, preference for consumption of beverage products with low or no sugar-content is projected to remain high. Preference for healthy, fat-free and sugar-free food products is projected to rev up demand for artificial sweeteners in the global market during the forecast period.
However, various factors is projected to pose significant challenges for growth of the global market growth of artificial sweeteners. Artificial sweeteners is projected to record significant demand during production of aerated drinks such as soft drinks. As customers are becoming more health conscious, preference for healthy beverages such as natural fruit juices is projected to increase. Drop in sales for soft drinks in North America and Europe attributed to changing consumer patterns is projected to inhibit the global market growth of artificial sweeteners positively. Moreover, various artificial sweetener products such as Aspartame, Saccharin and Sucralose have carcinogenic properties, which can affect the customer’s health adversely. Bound to these factors, artificial sweeteners is projected to witness decline in demand over the forecast period.
Sales to Remain High in Food and Beverage Industry
As the need for sweet and low calorie food product is projected to remain high, demand for artificial sweeteners such as aspartame is likely to increase among the food manufacturers. In terms of revenue, the aspartame product type segment is projected to witness the highest growth, recording more than US$ 6,500 Mn by 2026-end. On the other hand, the sucralose product type segment is projected to reflect a healthy CAGR over the forecast period. By end users, the food and beverage segment is projected to register significant revenue growth, representing for a value of over US$ 9,000 Mn by 2017-end. In contrary, the pharmaceuticals end users segment is projected to reflect the fastest growth in the global market of artificial sweeteners throughout 2026.
By 2026-end, the beverage application segment is projected to significant growth in terms of revenue, recording more than US$ 4,000 Mn. On the other hand, the bakery goods application segment is projected to witness a healthy CAGR over the forecast period.
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Market Players
Major players in the global market of artificial sweeteners are Tate & Lyle PLC, MacAndrews & Forbes Incorporated, DuPont, Niutang Chemical Ltd., Ajinomoto Co., Inc., Cargill, Incorporated, Symrise AG, Archer Daniels Midland Company, Associated British Foods PLC, Nestlé S.A., Ingredion Incorporated, Wilmar International Limited, American Sugar Refining, Inc., and Roquette Frères.