Increasing preference for consuming sugar-free and low calories food products has led to surge in demand for sweeteners in the food and beverage industry. In addition, growing prevalence of diabetes and obesity is further expected to impact growth of the global novel sweeteners market positively. Persistence Market Research states that the global novel sweeteners market is expected to reflect a CAGR of 5.2% during the forecast period 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global novel sweeteners market is mainly bound to various macro-economic and micro-economic factors. As the preference for sugar free food products among the obese and diabetic patients remains high, manufacturers in the food and beverage industry are increasingly opting for sweetener.
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In order to expand their customer base, the leading food companies are also concentrating on developing sugar free confectionery products such as chewing gums, desserts, and chocolates. In addition, the European Food Safety Authority (EFSA) has cleared range of sweetener products available in the global market. Moreover, the EFSA has also approved the health claims made about various sweetener products related to controlling blood sugar levels and oral health.
According to a recent report of CDC, more than 36.5%, which is over one-third of the adults in the U.S. are obese. Moreover, the CDC report also states that over 100 million of the adults in the U.S. are currently living with pre-diabetes and diabetes. Increasing prevalence of diabetes and obesity globally has led the customers to opt for low-calorie and sugar free products.
Growing prevalence of diabetes and uncontrollable blood sugar levels has led to reduced consumption of sugar products. As the need for consumption of the sugar-based products continues to remain high, manufacturers are increasingly launching artificial sweetener products. As leading food and bakery companies are focusing on offering diabetic products, demand for sweetener products continue to remain high in the food and beverage industry globally.
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On the other hand, various factors will continue to inhibit growth of the global novel sweeteners market significantly. Increasing consumption of sweetener products can cause colitis and lead to severe case of diarrhea. Growing prevalence of colitis and diarrhea due to increasing consumption of sweetener will continue to dip sales of sweetener products globally. In addition, various sweetener products have not been approved by the FDA for launch in the global market. These factors will continue to hinder growth of the global novel sweeteners market during the forecast period.
Sales to Remain High in the Food and Beverage Industry
As manufacturers prefer opting for FDA approved products for manufacturing the sweeteners, demand for stevia extracts are expected to remain high. On the basis of product type, the stevia extracts segment is expected to represent the highest revenue growth, accounting for a value of over US$ 768.9 Mn by the end of 2026. In contrast, the tagatose product type segment is expected to register a robust CAGR during the forecast period.
Based on end users, the food and beverages segment is expected to generate a significant revenue, recording a value of over US$ 528.3 Mn by the end of 2017. On the other hand, the pharmaceuticals end users segment is expected to register the fastest growth in the global market throughout the forecast period.
By application, the beverage segment is expected to represent a robust revenue growth, accounting for a value of over US$ 234.6 Mn by the end of 2026. Further, the sweet spreads application segment is expected to register a significant CAGR during the forecast period.
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Leading market players operating in the global novel sweeteners market include:
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